The Netherlands' pensions industry, the second-biggest in Europe, is coming to terms with its most far-reaching overhaul in years. On Friday, the country's top business leaders, union chiefs and government announced a new accord that may have big implications for the way that the Dutch invest their €800bn of pensions savings.

The reforms' two chief features are a gradual rise in the pensions age to 67, and the end of all centrally-enforced guarantees, implicit or explicit, on the pensions that people receive.