Dutch pensions regulator De Nederlandsche Bank (DNB) has ordered Pension Fund PostNL to revise an agreement it had on funding 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 has since ordered PostNL to pay the €20m to Pension Fund PostNL as it stated that the lesser amount was a breach of pension law.

In defence of its €60m arrangement, the scheme said in a statement 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.

Despite this, the fund said it has complied with DNB and made new agreements with PostNL and the trade unions.

“The regulator DNB thinks that the agreement on the €20m does not comply with the pension law. Therefore, DNB says the fund is in violation and must reverse the agreement around the €20m.

“The pension fund, trade unions and employers have now reached new agreements, fulfilling DNB's order. The new agreements also meet the desire of all concerned to achieve a good and fair transition to the new pension scheme for all participants and pensioners,” the fund stated.

European Pensions has contacted DNB and Pension Fund PostNL for further comment. DNB said it could not comment on individual schemes and Pension Fund PostNL is yet to respond.

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