Board makes important decisions

3 Feb

At the beginning of February, the board made important decisions about the transition to the new pension scheme. In this message, you can read what has been decided and what this means for you in the coming period.

Effective date of new scheme

The board has decided that the new pension scheme will take effect on 1 January 2027. This means that from that date onwards, the same new pension rules will apply to everyone.

Why not sooner?

Unfortunately, an earlier date was not feasible. Appel (our pension administrator) has to adapt the pension administration to the new system. Appel is doing this for several pension funds at the same time, which determines the planning. In addition, we need approval from De Nederlandsche Bank (DNB) before we can transfer the pension scheme. We are still in discussions with DNB about a number of issues. Only when all the lights are green can we actually transfer the pension scheme.

Transfer: your pension will be transferred

On the effective date, your accrued pension will be transferred to the new scheme. This is called “invaren” (transferring). The basic principle is that this should be done in a fair and balanced manner.

Personal forecast letter

Before the transition, you will receive a personal forecast letter. This letter will explain what your pension is expected to look like under the new scheme. The calculations are based on a fixed measurement date, which is determined in advance.

Decision on compensation

The board has also taken a decision on compensation for groups that may be adversely affected by the transition. We believe it is important to be transparent about this. That is why we are communicating not only with people who will receive compensation, but also with those who will not. You will find a separate Q&A about compensation on this website.

Protection of the funding ratio

The board has previously decided to limit the risk of the funding ratio falling sharply towards the transition date. This ensures that sufficient buffers remain in place to enable a balanced transition. For this reason, interest rate hedging has been increased to 100% of the liabilities since 2024. This increased interest rate hedge has greatly reduced the sensitivity of the funding ratio to interest rate fluctuations.

As a next step, the pension fund also purchased a put option in 2024 to limit the risk of a fall in share prices. The advantage of a put option is that the funding ratio continues to benefit when the markets rise. This put option was purchased until the end of 2025, but in September 2025, the term was extended to the end of 2026. This ensures that the funding ratio is less sensitive to large share price declines until the new vesting date.