Concerns over the transition to the new Dutch pension system have persisted, as Aon warned that the current schedules are "ambitious", with particular worries raised over the challenges facing administrators.

In its latest update, Aon noted that many pension funds are moving their transition dates, with 78 funds having recently adjusted their previously set transition dates.

However, this is mostly delaying the transition date, as of the funds that were scheduled to transition on 1 January 2026, 44 have had to postpone their transition.

This is perhaps unsurprising, as Aon noted that the process with De Nederlandsche Bank (DNB) is intensive, and the balancing issue, in particular, is proving complex, with recently published Q&As resulting in additional calculations for the funds.

In addition to the intensive process with DNB, Aon said that there are also concerns among administrators, particularly given the timeframes involved.

"It's getting really exciting for administrators now," Aon Nederland director wealth, Frank Driessen, said.

"Only a few schemes have transitioned, and many funds have planned the transition in the coming months. The challenge for administrators is to be ready in time. We believe the schedules are ambitious."

And Aon warned that whilst administrators are accustomed to handling the administration, this is a process that also requires different skills.

More niche concerns surrounding the transition were also highlighted, as Aon noted concerns around the test that will be applied for those employers that have a pension plan that is exempt from the industry-wide pension fund.

Whilst the initial idea was to simply look at the premium, Aon explained that there has recently been debate around the proposed approach.

In particular, Aon said that there is a "difficult squeeze", as while investment policies must suit the participants, achieving equivalent results requires a riskier policy, which can prove complicated.

"It's undesirable that this isn't yet clear," Driessen said. "We advocate for the test to be transparent and easy to implement. Otherwise, a situation will arise that makes it virtually impossible for many employers to obtain exemption."

In particular, Aon warned that company pension funds are already making great strides, arguing that it would be "unacceptable" if all this work were for nothing and they were ultimately forced to join an industry-wide pension fund.

However, broader updates on the Dutch pension industry appear positive, as Aon revealed that the average funding ratio of Dutch pension funds rose to 126 per cent in August 2025, after equity returns, combined with a slight increase in interest rates, led to an increase in the funding ratio.

In addition to this, the indicative policy funding ratio, based on the average funding ratio over the past twelve months, stabilized at 119 per cent in August.

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