Ger Jaarsma, chairman of the Pension Federation, was interviewed for the APG Annual Report 2024. In the conversation he discusses, among other things, the support of members by the federation during the implementation of the Future Pensions Act. "It has been a joint quest."
Was 2024 a hectic year, or was everything pretty much already under way?
“We spent more time supporting our members in implementing the Wtp than we had at first anticipated. When the final text was published, we organized a 'pioneers meeting' with the pension funds that wanted to make the transition quickly. At first, there was a group of about 25 funds that wanted to switch to the new system as of January 1, 2025. They had also already made a lot of preparations. The number of funds that ultimately chose that date shrank to just three over the course of the year. A number of funds felt that the quality of their data was still inadequate. And there were funds who wanted to first improve their ICT. The duty of care takes priority over speed.”
What were some of the big issues in the last phase before the deadline?
“It was really a group effort – we felt our way together: the pension funds, the regulators DNB and AFM, and the Ministry of Social Affairs and Employment. A lot of time went into understanding each other and learning from each other. DNB, for example, kept asking for new calculations, but when the funds presented these, they didn’t lead to a different outcome. DNB mostly wanted to see a clearer trail leading to the outcomes, it turned out. Because ultimately, the board of a pension fund has to be able to properly explain to its participants why certain decisions have been taken. The wonder of it was that we were working on something that was new to all the parties involved.”
Will the pension funds who make the transition at a later date enjoy the fruits of this labor?
"Yes, for sure. And the learning experience continues, even for the funds that have already switched over. Thanks to all the lessons learned, we will be able to change gears and find solutions more quickly going forward. We have to, because in January 2026 pension funds totaling several million participants will be coming on-board. Thus far, there have been two implementing agencies that made the switch with one or two funds: Blue Sky and APG. The other six are already well advanced in their preparations. No doubt new problems will surface. That’s why I hope that the politicians don’t make any more adjustments. Give us the time and the space to implement the new law properly and with due care. Then it'll work."