The new pension law, the Future of Pensions Act, is a reality. After the House of Representatives, the Senate also approved the law on May 31. The law will take effect on July 1, 2023. Nothing will change for your pension at that time, by the way. It is now up to IBM and Kyndryl, together with the respective Works Councils, to determine in which areas the pension plans will be adjusted. This decision must be made by January 1, 2025, but the parties are trying to achieve this earlier in 2024. SPIN is supporting the parties in this effort. The agreed changes must then be implemented no later than Jan. 1, 2028.
We were, of course, already preparing for the new law and we are going to take further steps in this together with IBM, Kyndryl, COR/OR and GBC. We will keep you informed of further developments.
Do you have questions about the new pension system? You can find more information here