Towards a comprehensive explanation of the development of occupational pension. The interplay between welfare state legacies, industrial relations, and housing regimes in Belgium and the Netherlands

This article investigates the interplay between social policies, industrial relations, and housing regimes in order to explain the development of occupational pensions. The structure of statutory provisions and industrial relations of the Bismarckian “latecomer” Belgium make it appear a “most likely case” for a successful transition into “mature” multi‐pillarism. The continued importance of outright homeownership in the retirement package turns out to be a key in explaining that such a transition largely failed in Belgium. In the Netherlands, on the other hand, two financial crises have eroded the apparent advantages of securing the second‐tier function of retirement provisions by relying on prefunded occupational plans and a financialized housing regime. The crises provoked a drift away from the “high road” of second‐pillar pensions, and initiated a process that increases the importance of outright homeownership in the retirement package at the expense of generously funded occupational plans.