Interview Gijs Vermeulen - board member Pension Fund

'Clear communication about pensions increasingly important'

One of our board members, Gijs Vermeulen, has recently joined our communications committee. Therefore, he has signed up for one of the so-called 'round-table discussions' of the AFM, the Authority for the Financial Markets. The AFM supervises the financial markets, including pension funds. During the round-table discussions, the AFM discusses the guidelines that pension funds must adhere to in terms of communication about the transition to the new pension rules.

Gijs, what did you notice during the round-table discussion at the AFM?
'Look, the AFM provides pension funds with guidelines: what should your communication comply with? How we communicate with our participants about the new pension rules is outlined in our communication plan. And there lies a tension. Because the plan is also intended to give the AFM insight into how we approach it.

The AFM wants us to communicate as transparently as possible about the transition to the new rules. That means we have to provide a lot of information. And that is, of course, good. But on the other hand, you could also say: with full transparency, everything is invisible. If you give people too much information, it becomes unclear.'

'With full transparency, everything is invisible.'

'But I found it good to be at the round-table discussion. Then you know what is going on. And you need each other. Because ultimately, you all have the same goal: you want to communicate as effectively as possible about the transition to the new pension rules. Clear communication about pensions has always been very important. But with the new rules, it is becoming even more important. And the people who are building up their pension with us mainly want to know: what changes for me?'

What exactly changes for the participants of Pensioenfonds Recreatie?
'At the moment, nothing yet. Something will only change once the new pension scheme of Pensioenfonds Recreatie comes into effect. We wanted the new scheme to start from 1 January 2025. But that is now a year later: 1 January 2026.

Currently, we still have a scheme with agreements about the amount of your pension. Although we cannot always meet the expectations about this. In the new scheme, we agree on how much money you as an employee and employer contribute to the pension. With that, you build up capital, a pension pot. Such a pension scheme is called a premium scheme.

Every month, your pension pot grows through the contributions you and your employer pay. And through returns on investments. From your pension pot, we later pay your pension monthly. The amount of your pension is not fixed in advance. However, you can better see how much money you and your employer contribute and how this amount grows.

Every year, we make an estimate of the pension you can expect later. If the economy goes well, your pension can increase faster. But your pension can also decrease if the economy worsens.'

'From your pension pot, we later pay your pension monthly.'

'By the way, not everything changes; quite a lot remains the same. We continue to invest collectively, and you will still build up a pension through your employer. And you will receive a pension for as long as you live. Furthermore, you will receive AOW from the government in addition to your pension. That all remains the same.'

The new pension scheme is starting a year later, why is that?
'For the transition to the new pension rules, a lot needs to be done. And we find it very important that this transition is carried out very carefully. All data must be correct, and a new automation system is being introduced. More time is needed to do this properly. That is why we have decided to start the new pension scheme a year later.

And in the meantime, we are working hard! Because we now have more time, but as mentioned: there is a lot to do. Therefore, we will continue with the preparations for the transition to the new rules in the coming period, so that we have everything ready by 1 January 2026.'

Plenty to do then, do you also have time to relax?
'Yes, certainly, in my spare time I sing in a choir in Den Bosch. And I go on long-distance walks across Europe. I am also organisationally involved with the choir, but singing remains the most fun!'

Source: Pensioenfonds Recreatie