Dutch pension fund Pensioenfonds PGB has received approval from De Nederlandsche Bank (DNB) to transfer existing pensions into the Netherlands' new pension system, ahead of its planned transition on 1 January 2027.

The approval marks a significant milestone for the fund, allowing it to prepare to transfer members' existing pension entitlements to the new arrangements.

However, Pensioenfonds PGB confirmed that further work was required to ensure a smooth transition, with a final assessment to be carried out shortly before the planned implementation date to determine whether the transfer could proceed in a "controlled and careful manner."

Pensioenfonds PGB board chair, Hans Veltkamp, welcomed the decision, describing it as an important step for the fund and its members.

Veltkamp attributed the progress to cooperation among the fund, its pension administration organisation, PGB Pensioendiensten, the Supervisory Board, the Accountability Body, the Association of Pensioners, and social partners representing about 450 affiliated employers.

"Our cooperation with DNB has also been constructive and positive," he continued.

"Participants, employers and other stakeholders can count on a smooth transition to the new pension scheme. We are proud of what we have achieved together and look to the future with confidence."

As part of the preparations, Pensioenfonds PGB confirmed that members transitioning to the new arrangements would receive an initial pension overview in the coming period.

The statements will include estimates of members' pension amounts under the new rules, indicating how the reforms could affect their retirement benefits.

The fund said it would continue working to meet the remaining requirements ahead of its planned January 2027 transition.

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