2025 was a special year for the fund because it was the final year in which the old pension rules applied. The fund was also busy preparing for the transition to the new rules. On 1 January 2026, the fund’s assets were distributed across all the members. We went from a single big pot to a personal pension pot for everyone. That transition, and everything it involved, made 2025 unlike any other year. ‘It was an intensely busy year,’ says Erik Magel. Erik has been a member of the Pension Council since 2022, representing members who are building up pension entitlements. Normally, the Pension Council reviews the board’s decisions after the fact. This time was different because, with the transition to the new pension rules, the Pension Council has been given increased advisory powers. ‘We needed a better understanding of the new rules, which was why we undertook a training programme,‘ says Martijn Mobach, the chairman of the Pension Council and representative of the employers.

Fair distribution

The defining issue of 2025 was the distribution of the fund’s assets. Erik: ‘That had to be done in an equitable manner, so as to be fair for all the members. It was therefore a complicated task, including because it was not until after 1 January that we could really see how the distribution worked out. For example, my own final amount turned out to be different to my preliminary calculation.’ Martijn: ‘We paid particular attention to people who wanted to retire just before or after 1 January. They received additional guidance from the fund. One of the members of the Pension Council did not receive an information letter, even though he was about to retire. It then turned out that further investigation was required for one particular group, so that the fund wasn’t yet able to send them the letter. But the fund resolved the matter effectively.’

New rules

Erik and Martijn look back on 2025 with a sense of satisfaction. Erik: ‘It was certainly pretty busy, but that also made it interesting. The cooperation between the Executive Board, the Supervisory Board, and the Administrative Office went very well. And it’s marvellous to have been involved in something on such a scale.’ Martijn: ‘I remember a comment made by our member Ab Poldervaart – a seafarer through and through, who really understood about pensions. Ab was 81 and in poor health. During one of the meetings, he remarked: ‘Martijn, I’m very glad to be involved in this. I’m a strong supporter of the new pension system.’ That gave me a lot of hope and inspiration. When someone like Ab says that… Unfortunately, he didn’t live to see the transition; he died 6 months before it took effect.‘ ←