We Dutch like to pride ourselves in our pension funds.
“The best in the world,” our politicos holler. We may not have the money printing machine the Norwegians have with their oil reserves, but we still have the highest pay-outs in the world, not to mention that the combined funds have 800 billion euros in the bank.
A mere smoke screen, business magazine Management Team warns. It lists 10 myths that the partners of the polder model like to spread, and counters with its own worrisome truths:
- Seventy percent of the built up reserve will be paid out in the next 20 years.
- You only get back what you put in if you started paying when you were 20.
- Expect to receive at best only 35% of your last earned salary if you start paying into a pension fund now.
- There is 800 billion euro in the bank, but that is a shortage of 240 billion euro.
- Re-indexed pensions are payed from premium hikes, not from investment yields.
The pension funds claim that ‘on average’ they are healthy, but Management Team points out that they calculate an unexpected average. Instead of looking at the total coverage, they add up the coverage percentages of all the small, healthy funds with those of the huge unhealthy funds.
Oddly enough, our pension reserve could be used under European rules to calculate a lower national debt, but instead the current government prefers not to do that. The Eamelje.net blogger thinks this is so that its constituent partners can keep fear mongering, as fear begets power.

As of late, many journalists have turned finding out how badly privacy is protected by government institutions into a kind of sport.
Anika Brandsma (17) from the Netherlands built this automated Lego robolab by combining the Lego Friends’ Olivia’s invention workshop set with Lego Mindstorms NXT.
NRC reports that the 
Dutch judges are five times more likely to send a criminal to jail if the suspect has a foreign appearance, researchers from Leiden University found out.
In a glorious display of bullying, barratry and plain old pettiness, the Dutch justice department has decided to take a littering case to the Supreme Court.
Starting today 24oranges.nl has a mobile version of its website.