The Netherlands’ Hoogovens Pension Fund has developed its transition plan into an implementation plan to switch to the new pension system.

The plan, which was developed in consultation with social partners, confirmed the pension fund’s commitment to transition to the new pension system on 1 January 2027.

The new pension scheme will apply to those who have accrued a pension with Hoogovens in the past, pensioners, and ex-partners, as well as active participants.

In its implementation plan, Hoogovens outlined how it will manage the switch to the new pension scheme, including how it planned to ensure that accrued pensions were transferred to the system in a ‘fair manner’.

The plan was submitted to De Nederlandsche Bank (DNB) on 28 August, and the supervisory authority is assessing whether it complies with the statutory framework.

If DNB determines the plan meets its requirements, Hoogovens Pension Fund can transition to the new pension scheme on 1 January.

“Just before the transition to the new pension scheme, everyone will receive a personal overview showing what the new scheme means,” Hoogovens said.

"We compare the expected pension amounts in the current and new pension schemes. This is an initial estimate; the amounts are calculated based on provisional figures.

“The final amounts may differ significantly from the provisional figures, as the financial position of the pension fund as of January 1, 2027, determines the final amounts.

“We are aiming for a transition on January 1, 2027. On that date, the current pension scheme will end and the new one will take effect. The new pension scheme will apply to everyone.”

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