Your new pension scheme explained

Why a new pension scheme?

The rules for pensions in the Netherlands have changed. A new law has been created for this purpose: the Future Pensions Act (Wtp). All pension funds in the Netherlands must comply with this law. That is why your pension arrangements are also changing. Not because the pension fund decided to do so, but because it is mandatory.

What does the Future Pensions Act say?

The law was introduced because the old pension system was no longer suited to how we live and work today. People change jobs more often, work more part-time or start working later in life. And on average, we are living longer. The new law states that pensions must be clearer, more personalised and better able to adapt to the economy. The new system ensures this.

All pension funds must switch

The government has stipulated that all pension funds must have made the switch by 1 January 2027 at the latest. Our pension fund will already have done so in the second half of 2026. We are preparing everything thoroughly to ensure a smooth transition.

The pension fund implements the agreements

The new scheme was not devised by the pension fund. The agreements were made by Robeco (employer) and it’s works council. The pension fund is implementing those agreements. We are doing so step by step, carefully and clearly. We explain what is changing, what that means for you, and provide proper guidance during the transition.

The main similarities and differences

The new pension scheme works differently in a number of ways than you are used to. At the same time, many things remain the same. Here you can see at a glance what remains the same and what is changing.

There are also familiar elements in the new scheme. You will continue to accrue pension through your work. And when you stop working, you will receive a monthly pension. Your partner or children will also continue to receive a pension if you die. You don’t have to figure everything out yourself — the pension fund will guide you through the process.

• You will continue to accrue pension through your work
• You will receive your pension as normal when you stop working
• You can still retire earlier or later
• After your retirement date, we will continue to invest collectively, sharing the main risks and maintaining the prospect of a pension with purchasing power
• We adjust all pension payments annually by the same percentage, depending on the collective return
• Your partner or children will still receive a pension
• You will receive help in making choices

What changes during the transition?

However, there are also clear differences. Under the new scheme, you will receive personal pension capital: your own pension pot. This makes your pension more personal. And you will soon be able to see more clearly how much you have accrued. Because it depends on investment returns, your pension will fluctuate in line with the economy. The amount of your pension will therefore no longer be fixed in advance.

• You will receive personal pension assets (your own pension pot)
• Your pension pot will grow with returns and (as long as you are employed) with contributions from you and your employer
• Before retirement, investments for younger participants will be riskier than for older participants
• On your retirement date, you will use your pension pot to purchase a pension, the amount of which is not determined in advance
• The pension fund maintains fewer buffers. Pensions are increased after transfer, but will then be reduced sooner in the event of disappointing returns
• In the event of death, your surviving dependants will still receive a pension, but the amount will depend on your salary at the time of death (and no longer on the number of years you were employed by Robeco)

What happens to the accrued pension?

Until now, you have accrued pension under the old scheme. What will happen to this when we switch to the new system? That pension will remain yours. We will explain what will happen to it when we switch to the flexible contribution scheme.

Your accrued pension will be transferred

The pension you have accrued up to the transition in 2026 will be transferred to the new scheme. It will not disappear. The pension fund will convert your accrued pension into personal pension capital. We will do this carefully, in accordance with clear legal rules.

From accrued pension to your own pension pot

Under the new scheme, you will work with personal pension capital: a pot of money that is invested on your behalf. Your accrued pension will be converted into an amount that we will add to that pot. From that moment on, you will continue to accrue pension under the new system.

How do we calculate that?

The pension fund considers the following:

• how much pension you have accrued,
• how long you would continue to receive it,
• and what that pension is worth on the market today.

We combine these into a single amount. We call this your starting capital in the new scheme. This conversion is also known as ‘invaren’.

We do this with great care

The government has strict rules for this conversion. Everything must be done fairly and equitably. De Nederlandsche Bank (the Dutch central bank) also monitors the process. The pension fund may only switch if it is clear that this can be done responsibly. You will receive a personal letter from us in advance with an estimate of your new pension.

Have you already retired?

Even then, something will change. Of course, you will continue to receive your pension every month. Pensions will even be increased upon transfer. However, after that, the annual adjustment will become more dependent on the investment returns achieved. By spreading the returns over three years and maintaining a (small) buffer, we try to limit the risk of large (downward) adjustments. The adjustment will be the same for all pensioners.

What do you notice about this?

You do not need to take any action yourself. You will automatically receive a personal letter with an estimate of your pension under the new scheme. This will happen before we switch over. Keep an eye on your post or your Message Box so that you do not miss anything.

What does this mean for pensioners?

Even if you are already retired, there will be some changes. But don’t worry: your pension benefits will remain secure and the transition to the new pension scheme will be handled with care.

In the new pension system, we work with personal pension assets. This applies in particular to people who are still accruing pension. Are you already retired? Then you will not receive a pension pot, but will continue to receive a benefit – as you are accustomed to. However, there is one important difference. If the pension fund decides to transfer the accrued pension to the new scheme, we refer to this as “invaren” (transferring). Your benefits will also be transferred to the new system.

What changes with ‘invaren’?

Your accrued pension will be transferred to the new scheme and your benefits will continue as normal. Your pension will be increased upon transfer. However, your monthly pension amount may then fluctuate slightly more in line with the economy. This means that it may increase more quickly when investments are performing well, but may also decrease slightly in the event of setbacks. The pension fund is taking measures to limit major fluctuations. Security and stability remain important, especially for pensioners. Under the new scheme, you will retain the same rights and your interests will continue to be represented in the fund’s decision-making process.

Why choose invaren?

Invaren ensures that all pensions – including those of pensioners – move in line with the economy. Are investments performing well? Then your pension may increase faster than under the current system. At present, this is often difficult, even if the fund has sufficient capital.

What can you expect?

The pension fund will inform you well in advance exactly what the transition means for you. You will receive a personal overview stating your current pension, what it will be under the new scheme and how this amount was calculated. You do not need to take any action yourself. However, we will keep you well informed in the coming period by means of letters and our website.

Who determines the new rules?

The new pension scheme did not come about overnight. The employer (Robeco) and the Works Council — also known as social partners — have made agreements together. These agreements have been laid down in a transition plan. The pension fund will implement this scheme in due course. How the pension fund will do this is laid down in the implementation plan.

The new scheme comes from consultation

In the Netherlands, social partners make agreements about pensions. These are representatives of employers and employees in a sector or within a company. Together, they have determined what the new scheme should look like.

Pension fund implements the agreements

The pension fund does not create the pension itself. The fund implements the agreements made by social partners. We do this in a careful and fair manner. Everything must comply with government regulations and be beneficial to participants.

Transition plan: all choices recorded

The agreements made by the social partners are set out in an official document: the transition plan. It states:

• why the flexible contribution scheme was chosen;
• how the accrued pension is transferred (‘invaren’);
• which contribution and accrual rules apply;
• how risks are shared;
• how participants are protected against adverse effects.

This plan was adopted on 23 September 2024.

A balanced transition for everyone

When drawing up the scheme, all groups were taken into account: people who are currently accruing pension rights, pensioners and people who used to work at Robeco. Social partners have calculated that the transition is fairly distributed. On average, no one should be worse off. And even in the event of economic setbacks, clear limits have been set to limit any decline.

Flexible premium scheme is most suitable

The employer, Works Council and pension fund believe that the ‘flexible contribution scheme’ option is the best fit for Robeco’s current and former employees. Under this option, during the accrual phase, you can choose how to invest your pension assets across different life cycles. Nevertheless, there are still sufficient elements in which we share risks, such as the risk of living longer or shorter lives.