What is the difference between the Wtp and the old pension system?

Three main differences:

• From benefit to contribution. The old system often fixed a benefit; the new one puts the contribution central and your pension depends on returns.
• Personal pot. Every participant builds their own pension capital, instead of entitlements in a shared pot.
• Flat premium. One contribution percentage for all ages; the age-dependent scale disappears.

The system becomes more transparent, but the participant carries more investment risk. Also read the drawbacks of the new pension system.