Dutch pension fund PME has received approval from De Nederlandsche Bank (DNB) to transfer the existing pensions of all its members to the new pension scheme.

It said the transfer order represented an important milestone in its preparations to transition to the new pension system from 1 January 2027.

Social partners, the PME board, the accountability body, and implementation partners TKP and MN have worked together over several years to get the scheme ready for transfer.

DNB has reviewed the submitted documents, including the financial structure, the financial effects on various member cohorts, and the balanced consideration of interests.

Following the transfer decision, the supervisory authority has confirmed that PME can proceed with the transition to the new pension scheme.

The pension fund noted that the work is not finished and, in the coming months, it will continue to manage the controlled implementation of the new regulations.

It added that, together with implementing organisations TKP and MN, processes and systems are being thoroughly tested and simulated.

Between October and November, all PME members will receive a phased overview containing a personal, provisional estimate of their expected pension under the new scheme.

The final outcomes for participants will be determined based on the pension fund's financial position at the end of the year.

"Receiving the transfer decision is an important milestone,” said PME executive board chair, Alae Laghrich.

“Over the past few years, we have worked intensively on this together with social partners, the accountability body, and our implementing organisations TKP and MN to structure this carefully and in a balanced manner.

“Naturally, DNB is closely monitoring the financial structure and the financial effects for all generations.

“The coming months will focus on final system tests, transfer simulations, and clear communication with our participants and employers.

“In this way, we are working towards a careful transition to the new pension scheme as of 1 January 2027."

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