BpfBOUW, SPW, and Pensioenfonds Schoonmaak transitioned to the renewed pension system on January 1. The process is on track—thanks in part to applying the lessons learned from Wave ’26 during the preparation phase. In the coming weeks, efforts will continue to ensure the funds are fully integrated into the new system.
With the migration of these three APG fund clients, a total of 1.4 million participants moved to the new system—a much larger operation than last year’s transition of 200,000 participants from PPF APG and PWRI. Still, experience from that first wave proved crucial for a smooth transition, says Wim Koeleman, Director of Future Pensions: "We carefully prepared this transition together with the funds. Ultimately, they had to make a weighty and well-considered decision to migrate. To guide them, we leveraged the experience gained with PWRI and PPF. That resulted in better playbooks and a calmer preparation process. Thanks to this, the funds received approval from DNB much earlier."
A Massive Undertaking
The funds made all decisions on time, and APG teams have already completed the first step: transferring participant data to the new administration system, Festina. But the work isn’t finished yet. In the coming weeks, efforts will focus on ensuring a controlled landing in the new system, including converting collective reserves into individual participant assets. So far, the process is going very well, Koeleman notes:
" This weekend, step 1 of the transition process was successfully completed. It’s a careful process without major incidents or setbacks. Data checks and migration calculations are going smoothly."
That’s not a given, he emphasizes: "I want to sincerely thank all colleagues who contributed—and continue to contribute—to the January 1 transition. It’s a massive job involving many people with different perspectives and expertise. The go-live period lasts several months, so we’re not done yet. But we’re in a very strong position!"
One Setback
Looking back at last year, there was really only one clear setback: creating the transition communications turned out to be far more complex and time-consuming than expected. Koeleman explains: "Participants receive a personalized forecast of the financial impact of the migration. The requirements for that overview increased last year. That customization is extremely challenging, given the many different segments and situations among 1.4 million participants across three pension funds."
The New Norm
January 1, 2026 marks a major milestone in the system reform: more than half of all pension participants in the Netherlands have now moved to the new system. For APG, it’s also a milestone: five of eight pension funds have transitioned. Koeleman: "The WTP is increasingly becoming the norm in our daily practice."
Alongside migrating these three funds on January 1, 2026, APG is already working on the next steps: ABP and PFAB by January 1, 2027, and SPMS no later than January 1, 2028.