Green light from DNB for the move to the new pension

The board of Pensioenfonds Robeco is pleased to have received word from DNB on 5 November that the pension fund can transfer existing pensions on 1 January 2027. DNB thereby confirms that we have prepared the move to the new pension carefully and that we meet the statutory requirements. That means we have reached another important milestone on the way to the new pension.

Step by step towards the new pension

We are preparing for the move to the new pension scheme step by step, so that your current pension is converted with care. About a year ago, the board of the pension fund accepted the instruction from the social partners to move the current pension across to the new scheme. How we will do that is set out in the implementation plan. The plan received a positive recommendation from the Accountability Body and approval from the Supervisory Board.

Shortly afterwards we sent these plans to De Nederlandsche Bank, the Dutch central bank, and the approval process with DNB began. Over the past few months this led to a number of adjustments to the transition plan and the implementation plan. You can find the latest version of both plans on our website: Implementation plan | Pensioenfonds Robeco

The main adjustments were:

1. Sharpening the board’s objectives for the move to the new pension;
2. Updating all the calculations underlying the decisions, using the funding ratios that have since risen and the most recent financial figures;
3. Changing the order in which the fund’s assets are divided;
4. Changing the way we compensate certain groups of participants for the end of the average premium system.

Sharper objectives

The board has sharpened its objectives for the move to the new pension scheme. It has set out more clearly at what point differences between groups of participants are no longer considered fair. This concerns participants who are better or worse off as a result of the move to the new pension. The board can then take the scope to adjust the division of the pension assets, so that those differences become smaller.

Updating the calculations on which the decisions are based

We have recalculated the expected effects of the move using more recent figures (end of 2025). This gives us a more up-to-date picture of what the move means at the current, higher funding ratios. The UOP capital has also been taken into account more explicitly in assessing fairness.

Changing the order in which the assets are divided

We are dividing the assets in a different order from the one originally intended. First we set aside assets to fill the fund’s reserves and provisions. We then set aside an amount for the compensation for the end of the average premium system (see below). The remaining assets are divided using the standard method prescribed by law. To meet the fairness objectives, the board can redistribute assets after that, but there are statutory limits on this too.

Change to the compensation scale for the end of the average premium system

The compensation remains intended solely for active participants in the basic scheme. Following the new fairness assessment, it has been decided to compensate participants from the age of 35 for the disadvantage caused by the move to the new pension scheme. See the Q&A on compensation at Compensation | Pensioenfonds Robeco.

Revised implementation plan adopted and submitted to DNB

The changes made by the board were put to the Accountability Body for its recommendation and to the Supervisory Board for approval. The Accountability Body again issued a positive recommendation and the Supervisory Board confirmed its earlier decision, after which the new plan was submitted to DNB. On 5 November we then received the formal decision allowing us to transfer existing pensions. You can view the revised implementation plan here.

The preparations continue

The next step is that at the end of November 2026 you will receive a personal calculation in My Pension, giving you a first impression of the pension you can expect under the new scheme. In the meantime we are working hard on the changes to the pension administration that are needed to show everyone’s pension correctly.

We will use the first three months of 2027 to calculate definitively what everyone’s pension looks like as at 1 January. That time is needed because the fund’s financial position (the annual figures) has to be established first, including the funding ratio. Everyone who already receives a pension will receive the same payment as now during this period.

We hope to be able to pay the newly determined pension from April, including a back payment for the first three months of 2027. Everyone who does not yet receive a pension will receive a final personal calculation of their pension under the new rules by June 2027 at the latest.