First Dutch fund gets green light to switch to new pension system on January 1
The Beroepspensioenfonds Loodsen is the first pension fund to get the green light from De Nederlandsche Bank (DNB) to switch to the new pension system on 1 January 2025, the pension fund for pilots announced.
In the new system, pension funds’ large pot will be divided into personal pension pots, and the amount in that pot will be more dependent on the development of the financial markets. The DNB must first assess and approve a pension fund’s plans, to ensure that the pot is fairly distributed among the various participants, before the fund can switch to the new system. All Dutch pension funds must make the switch by 2028.
“Although we are extremely proud of reaching this milestone, we realize that there is still a lot of work to be done in the coming period,’ the Loodsen pension fund wrote. All participants and pensioners will receive a letter at the end of November with the initial estimate of the size of their pension pot. The fund stressed that the amount could be higher or lower on January 1 because of fluctuations in the financial markets.
According to NOS, two other pension funds could also make the switch next year - the fund for APG employees and the Pension Fund Work and (Re)integration. A spokesperson for the DNB told the broadcaster that they have not yet received approval, but are in the final phase.
