DNB approves transition to new pension scheme

The SPF Board is delighted to announce that, on 26 October 2026, SPF received notification from DNB that it has approved the transition to the new pension scheme effective 1 January 2027. DNB thus confirms that the transition to the new pension scheme has been prepared with due care and that it complies with statutory requirements. This means that another key milestone on the way towards the new pension scheme has been reached.

Step by step towards the new pension scheme

We are preparing ourselves step by step for the transition to the new pension scheme, so that your current pension can be transferred smoothly to the new scheme.

On 30 January 2026, the SPF Board accepted a mandate from the social partners to transfer the current pension scheme to the new pension scheme. The Board first obtained advice from the Accountability Council and received approval from the Supervisory Board.

On 5 February 2026, SPF submitted its plans to De Nederlandsche Bank (DNB) and began intensive consultations with DNB. This has led to a number of adjustments to the transition and implementation plans in recent months. The latest version of both plans is available on our website.

The key developments were as follows:

1. Refinement of the Board’s objectives for the transition to the new pension scheme;
2. Update of all calculations on which the decisions are based, taking into account the higher funding levels and the most recent financial figures;
3. Adjustment of the contribution compensation scale.

Refinement of objectives

During consultations with DNB, the Board further refined the objectives for the transition to the new pension scheme. One consequence of this is that the Board wishes to have the flexibility to adjust the allocation of pension assets if, as a result of the transition to the new pension scheme, the differences in the advantages and disadvantages of the transition across member groups become too pronounced.

Update of calculations on which the decision-making is based

In part at the request of DNB, SPF recalculated the expected effects of the transition using the most recent (year-end 2025) figures. This provides a more up-to-date overview of the implications of the transition to the new pension scheme for members, given the currently higher funding levels.

Adjustment of contribution compensation scale
For employees in particular, this latter point represents the most significant change. The social partners decided to ensure that the scale aligns even more closely with the compensation required for employees to prevent them from being disadvantaged by the transition to the new pension scheme.

This concerns the following two adjustments:

1. SPF will eliminate the maximum limit on the cost of contribution compensation. In the previous plan this limit was set at 3.5% of the funding level.
2. The level of contribution compensation in the future will also depend on the market interest rate. That is why SPF can only determine how much contribution compensation is required after the transition to the new pension scheme.

Click here for additional information about contribution compensation and view the changes to the transition plan.

Revised implementation plan adopted and submitted to DNB

The adjustments made by the Board were submitted to the Accountability Council for advice and to the Supervisory Board for approval. The Accountability Council issued a favourable recommendation and the Supervisory Board passed a resolution approving the plan, following which the new plan was submitted to DNB, which issued a favourable transition decision.

You can view the revised implementation plan here.

SPF’s preparations are continuing

The next step is that at the end of November 2026, you will receive a personalised calculation with a first glance at your expected pension under the new scheme. Meanwhile, SPF continues to work hard on the changes to the pension administration system that are needed to ensure everyone’s pension is accurately reflected in the future.

SPF uses the first three months of 2027 to work out the final calculation for everyone’s pension with effect from 1 January. This time is needed because the fund’s financial position (the annually receiving (increased by a supplement where applicable).

We then hope to be able to pay out the newly determined payment, including a back payment covering the first three months, starting in April.

By the end of June 2027, everyone not yet receiving a pension will receive a final, personalised pension calculation in accordance with the new rules.