We examine the reduction of the year on year probability of a pension cut by using the solidarity reserve in the new Dutch pension contract. We find that the use of the solidarity reserve leads to a significant reduction in the probability of a pension cut. The significance of the reduction is determined by the available capital in the solidarity reserve to soothe shocks. Once the available capital in the solidarity reserve to soothe additional shocks reaches the zero-bound, the probability of a pension reduction does not differ from that of a regular variable annuity. Finally, a drop in the maximum contribution from the solidarity reserve to pensioners, may lead to large reductions in pension income.