The government concluded a Pension Accord with the social partners (employers' organisations and trade unions) in the summer of 2020. In the new pension system, pension funds will no longer make promises to their members about the amount of benefits they intend to pay out in the future. Instead, it is contribution-based and everyone will build up their personal share of pension assets. The pension funds keep records of these personal pension assets. The actuarial interest rate is no longer needed to determine how much reserves a pension fund needs to hold. Of course, financial market developments will still have an impact on the build-up of people's pensions in the new system: it is the returns on invested pension assets that determine the eventual amount of pension benefits that can be paid out.