Change to how we divide the fund’s assets:more employees will receive compensation

In the move to the new pension scheme we will divide our fund’s assets among all members. We have changed the way we do this, in consultation with the social partners. A larger group of employees will receive compensation, and we will divide the rest of our buffer using the standard method set out in law. For you, the outcomes will remain broadly similar to what we had in mind before.

Why is DNB involved?

To be allowed to transfer existing pensions, we need approval from De Nederlandsche Bank, the Dutch central bank. Transferring existing pensions means we move the pension you have already built up into the new scheme. DNB looks closely at whether the assets are being divided fairly: does it work out far better for one group than for another? There are legal guidelines for this that every pension fund wanting to make the transfer has to meet. Based on DNB’s feedback, we have adjusted our plans on one point: the order in which we divide the buffer.

Compensation first, then the rest of the buffer

Under the current scheme, everyone pays the same contribution for the same pension build-up. This is known as the average premium system. It is being scrapped, and that leaves some employees worse off. They have spent years contributing to the pension build-up of older colleagues, but will no longer benefit from that themselves.

That group will receive compensation, and it is now larger than originally planned. The amount needed for this, around 2.4% of our funding ratio, is set aside first. Only then do we divide what is left of the buffer among all members: active members, former members and pensioners.

For that division we use the standard method, a calculation method laid down in law. On top of that we make a limited redistribution between age groups, so that the outcomes are fair for everyone.

What does this mean for you?

We are in a good financial position. Our funding ratio is high, and that makes it possible for everyone to share in the buffer. That starting point has not changed. What has changed is the way we divide the buffer. For most members, the expected outcomes will remain broadly similar to the earlier plan. After the transition you will receive a second calculation letter, setting out exactly what the change means for your personal situation.

What happens next?

The change requires an addendum to the social partners’ transition plan. We will also amend our own implementation plan. The Accountability Body and the Supervisory Board then have to approve that plan. As a final step, DNB issues a formal decision, after which we can make the transfer. That route takes time, but we expect 1 January 2027 to remain achievable.