Progress on the Wtp

29 Jan

For over a year now, the social partners and the pension fund have been working on the transition to the new pension system. They are working hard on the details of the pension scheme and how it can be implemented. The transition plan and the administrative implementation are taking shape. Time for an update.

Social partners and pension funds each have their own responsibilities in this process. The social partners are working out the pension agreement and considering whether it is a good idea to transfer the pension already accrued to the new pension scheme. All of this will be laid down in a transition plan. The transition plan is expected to be finalised in the coming months. The association of pensioners and the association of former participants, which is currently being established, will also be consulted during this process. The transition plan will be submitted to the supervisory authority, DNB.

Balanced consideration of interests is important

The pension fund is already preparing for the implementation of the pension scheme. As is well known, a project has been set up for this purpose. The care required in this process means that the accountability body and the supervisory board of the pension fund must be closely involved. They have the right to advise on or approve important aspects. It is important to strike a balance between the various interests involved.

Individual capital invested via lifecycles

Within this project, we are currently working hard on developing the pension scheme so that it can be implemented. This includes the more insurance-related aspects of the pension scheme, as well as the investment policy. In the phase leading up to retirement, individual capital will be invested via so-called lifecycles. In the payout phase, investments will again be made collectively, and here too, a good balance between return and risk will be sought. The project is based on the results of the risk preference survey conducted last year.

Administrative implementation via Appel

The preparation of the administrative implementation is, of course, also part of the project. In this context, the data quality of the administration at Achmea Pension Services and ABN AMRO Pension Services is being investigated. Because the pension fund has chosen to switch to Appel as its administrator, the implementation is mainly being carried out in collaboration with them. The transition of the pension administration from Achmea Pensioenservices to Appel in the coming period will result in an extra intensive period prior to the transition to the new pension system. We have previously informed you why we consider this transition necessary.

Implementation plan for transition on 1 January 2026

Ultimately, the implementation plan will set out how the pension fund will be in control during the period leading up to the transition to the new pension contract, the transfer of the pensions already accrued, and the period in which the new pension scheme will be implemented. This plan and the accompanying communication plan will be sent to the supervisory authorities, DNB and AFM respectively, for approval. This is expected to take place in the summer. We assume that the transition to the new pension system will take place on 1 January 2026.