The Dutch pensions regulator De Nederlandsche Bank (DNB) has confirmed that Stichting Pensioenfonds PostNL has complied with a designation order to revise its funding agreement with its sponsoring employer.

In 2022, Pension Fund PostNL reached an agreement with its sponsoring employer, PostNL, and the trade unions on the funding of the scheme for the transition to the new system. They agreed that PostNL would pay €60m for transitional arrangements for early retirement (VUT), pre-pension and life course savings schemes.

Prior to this, it had been agreed that PostNL would pay €80m over five years for the so-called transitional arrangements for VUT, pre-pension and life course savings schemes. Following updated calculations, however, it was determined that less money would be needed (€60m) but in a much shorter period, no later than 1 April 2023.

However, DNB deemed that the revision violated the conditions of section 129 of the Pensions Act and ordered the pension fund to revert to its original agreement with its sponsoring employer.

Following “several verbal and written contacts” where it was determined that the pension fund had no plans to voluntarily amend its agreement with PostNL, DNB issued a designation in December 2023 to the pension fund enforcing PostNL to pay the €20m to Pensioenfonds PostNL.

In defence of its €60m arrangement, the scheme issued a statement in July 2024 that the 10 per cent increase in pensions in January 2023 would not have been possible without this agreement.

“On the total pension pot of €9bn, the €20m represents a 0.2 per cent decrease in assets. But the agreements made it possible to increase pensions in 2023 not by 4 per cent, but by 10 per cent,” it stated at the time.

Despite this, the fund said it had complied with DNB in July, following its 30 June 2024 deadline, and had made new agreements with PostNL and the trade unions. However, it said it is “still convinced” that the original arrangements also complied with the Pensions Act.

“Despite this difference of opinion, the fund has decided not to object to DNB's designation. Such an objection would take a long time and involve high legal costs. This is not in the interest of the fund's members,” Pensioenfonds PostNL previously said.

In an update, DNB has now also confirmed that the pension fund has complied with the designation within the deadline.

“This means that the said approximately €20m is again part of the pension fund's assets,” DNB said.

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