The Netherlands’ ABP has received approval from De Nederlandsche Bank (DNB) to proceed with its transition to the new Dutch pension system on 1 January 2027.

The approval allows the Dutch civil service pension fund to transfer the accrued pension rights of all members who are building up or receiving an ABP pension into its new pension scheme under the Future Pensions Act (Wtp).

ABP executive board member for pensions, Yolanda Verdonk-Van Lokven, said DNB's approval was "an important milestone" in the transition to the renewed pension scheme after several years of preparation involving many parties.

“We still have almost six months before the transition takes place. We will continue to work closely with employer organisations and trade unions (the social partners) and the Accountability Body (VO). We are also monitoring developments to ensure a careful transition,” she added.

ABP said DNB reviewed the transition documentation submitted by the fund, including whether the transfer would be fair for participants.

The fund's current funding ratio stood at 126.6 per cent on 31 May. ABP said the amount available for allocation when it transitions to the new scheme will depend on its financial position on 1 January 2027.

“A healthy financial position provides a good starting point for the transition to the renewed pension scheme on 1 January 2027. One thing is certain: the renewed pension scheme is coming into view for all our participants,” Verdonk-Van Lokven said.

ABP will begin sending provisional pension overviews to members at the end of July, with all participants expected to receive them before 30 November. Final pension overviews will be issued during 2027 after the transition has been completed.

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