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Third Pillar Pension Administration
The Dutch pension system consists of three parts, alsoreferred to as the three pillars.
- The first pillar is the state pension under the General Old Age Pensions Act (AOW).
- The second pillar is the pension that employees are required to build up through their employer.
- The third pillar consists of voluntary individual income provisions to fill a pension gap, to retire early or just to increase your pension. The third pillar is formed by individual pension products via a tax-efficient account.
For financial institutions like (independent) asset managers, who provide third pillar pension products and services, AFS offers blocked savings account, custody and payout including additional tax calculations. A RAV always needs an offset account with a European bank with an IBAN. The RAV can only be used in a closed system only for investment-related activities.