Outline project plan
Project group works on plan with timelines
To ensure that the introduction of the new pension contract runs smoothly, a project group is actively working on a project plan with timelines. These timelines have been determined in close cooperation with the social partners. After all, the starting point of the project is the determination of the new pension scheme that must be implemented by our fund.
It is a project in which many parties are involved and many things have to be sorted out. Everyone is working tirelessly, both on the side of the employer and Works Council and on the side of the pension fund. Before we can actually switch to the new pension system, our plan also needs approval from the regulator DNB.
The most important milestones in a nutshell.
- Conduct of participant survey (Q2-Q3 2023). This includes questions about the risk preference of participants. In other words, how much risk is the participant willing to take with its investments. This is important information for the final development of the pension scheme and the investment policy.
- Appeal Rights Association of Pensioners and Association of Former Employees (Q2 2024). This will give both pensioners and former employees an opportunity to submit their views to the social partners. And otherwise, this gives social partners an opportunity to submit their views to the two associations.
- Submission of transition plan to DNB by social partners (Juli 1. 2023). This includes, among other things, the structure of the new pension scheme with calculations and an explanation of why there is a balanced whole.
- Submission of the Implementation Plan to DNB by the fund (November 1. 2024). This includes how the fund will implement the transition to the new system in a controlled manner. This includes, for example, the pension entitlements and rights already accrued.
- Submission Communication Plan to AFM (November 1. 2024). This includes what communication there will be before, during and after the transition to the new system.
- Transition to the new pension system (January 1. 2026).
As is true for any project, there are many dependencies that could cause timelines to be different. The board, employer and Works Council stand for a controlled process in which the outcome is most important.