On January 1, two of the fund clients APG works for, PWRI and PPF APG, switched to the renewed pension system. A crucial milestone in the biggest and most complex transition in the pension world. With two of the three funds being the first in the Netherlands to make the switch, APG played a pioneering role in the sector. We spoke with Carmen Römer-Theunissen, the overall program manager of the transition, about the approach, challenges and accomplishments.
When Carmen Römer-Theunissen started her job as program leader on April 1, 2022, she knew that the transition would be extensive. But she did not anticipate that the Pension of the Future program would grow into an organization of over 600 people. “My assignment was clear: move from thinking to doing and turn the plans into actions. We had to scale up and get to work while legislation was still being drafted. There was simply no time to wait for the final version of the law; if we had, we never would have made it,” she says.
So, the mega-project was launched, which included building a new IT landscape, identifying data quality and regulations, and creating a plan to best communicate with employers and participants. All this was done in close cooperation with pension funds, regulators and other stakeholders.
It was a strategic decision to start with PWRI and PPF APG. “We wanted to start with two funds that contain all aspects of the Wtp (Future of Pensions Act): one fund with external asset management and one fund with asset management at APG. In addition, we use both administration systems for these funds. This allowed us to learn and optimize our approach for the bigger and more complex transitions to come.”
A transition according to plan
The transition of the first two funds was smooth beyond expectations. Römer attributes this to the intensive preparation and tremendous commitment of the team. “We created extremely detailed roadmaps, worked out processes down to the finest details, and involved the people with the most in-house knowledge in the implementation. That really paid off,” Römer says. “In fact, at some points, we were even ahead of schedule. That is certainly unique in an operation of this size.”
But Römer feels it was really the people who accomplished the transition so successfully. “I am incredibly proud of the commitment of our employees.
This was not a ‘nine to five’ project, but an operation that people worked on over many weekends and evenings to make it happen. No one questioned whether something was their job or not; everyone felt shared responsibility. That mentality shows APG at its best.”
In addition to achieving internal triumphs, APG received many positive reactions from the industry. “Our other pension funds, such as bpfBOUW and ABP, also looked on with interest and saw that we have laid a solid foundation. That gives people a lot of confidence for the next transitions.”
Challenges and learning points
That does not mean there were no challenges. For example, numerous systems had to be developed and linked to existing systems. One obstacle to this was dependence on external suppliers. “For some IT suppliers, APG is only a small customer, so they did not always have a sense of urgency. Just before the transition, something went wrong with one such supplier, and we didn't get the cooperation we needed. In the end, we came up with a good solution ourselves so that the transition could still go ahead.”
The many sign-off moments at the funds also created tension. “Sometimes we still had to approach people on Sunday afternoon to sign off so we could continue. On Sundays, not everyone is necessarily accessible, of course. That demanded a lot of flexibility from everyone involved, and that is something we are going to coordinate better in advance in the coming years.”
Cooperation with regulators DNB and AFM was instructive. “They too began a process they had never gone through before. It could have been faster and smoother, but we learned a lot from it. We evaluated together how things could be done better in the future. Supervisors also need to scale up: from three funds in 2025 to over 60 in 2026 and many more after that. That retrospective helps them with the huge job ahead of them.”
Funds showing courage
One specific challenge was the time when funds had to decide to send transition statements. “At that time, there was not 100 percent certainty about the transition succeeding. It took real courage on the part of PWRI and PPF APG. For the funds that will transition in 2026, this will be even more challenging because they will have to make this decision even earlier, with even less certainty. The DNB’s decision will not yet be in place and the tests and trial migrations will not yet all have been completed.
This is precisely why it is good that the transition of the first two funds has gone ahead. In this way, the funds that have yet to follow have also been able to gain valuable experience. At the same time, a tension arises between the requirements of regulators and practicality. “The gap between those requirements and what is achievable for us worries me. In 2026, three funds have to transition, with larger volumes and more complexity. As a result, the transition statements must be sent earlier than last year, or we will not be able to inform all participants in time. This means that decision-making will have to happen even earlier and there is less room for last-minute adjustments. This requires even more courage from the funds as well as close cooperation, in order to tackle this responsibly.”
A look ahead
In addition, APG is already looking ahead to 2027, when ABP, among others, will transition. “With such a large fund, the alignment process takes longer and communication with participants has to start even earlier. This requires close direction and cooperation.”
Römer emphasizes that the experience with the first transitions is a great asset. “We have shown that it can be done. But every transition remains unique and requires customization. We are facing a huge challenge, but we now know we can do it. Together we are going to make the next stages of the Wtp transition a success.”