BPL Pensioen, the Dutch pension fund for those in the agriculture and green sector, has received approval from De Nederlandsche Bank (DNB) to transfer accrued pension entitlements to the new Dutch pension system.

The fund confirmed that it had received the transfer decision from the Dutch regulator, marking a significant milestone in its transition to the new pension system.

To secure approval, BPL Pensioen had to demonstrate that the transition would be carried out in a careful, balanced, and controlled manner.

This followed an extensive process with DNB over several years, during which the potential implications of the transition for current and former employees, as well as employers, were examined.

BPL Pensioen chair on behalf of employers, Eric Douma, welcomed the decision, describing it as an important step towards implementing the new arrangements.

"This is an important milestone on the road to the new pension scheme," he said.

"Together with social partners and our implementation partners, we have worked carefully towards this for years.

"In doing so, we have laid the foundation for a pension scheme that suits our participants and is ready for the future."

Despite receiving regulatory approval, BPL Pensioen emphasised that further preparations would be required before the transition could take place, including final checks and testing.

The fund also highlighted the importance of member communication throughout the process, following a series of participant meetings held across the Netherlands.

BPL Pensioen chair on behalf of employees, Gerard Riemen, added: "With this decision, we are taking an important step, but our work is not yet finished.

"During the participant meetings held throughout the country, we spoke with many participants.

"Their questions and comments showed once again how important it is to clearly explain what is changing and what remains the same."

Riemen confirmed that members would soon receive provisional calculations outlining the expected impact of the new arrangements on their individual pensions.

"And even after that, we will continue to guide participants through the transition step by step."

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