The number of Dutch pension funds that are preparing to switch to the new pension system by the end of 2025 has fallen to 14, according to a survey by De Nederlandsche Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM).

It showed that seven pension funds had submitted their transition plans to DNB, while a further three expected to transition to the new system in early 2025.

A further four pension funds are planning to make the switch by mid-2025, bringing the total to 14.

This represents a decline in the number of pension funds expecting to transition by the end of 2025 as, six months ago, 25 pension funds stated they were planning to switch to the new system by then.

The majority (74) of Dutch pension funds are aiming to switch to the new system in 2026, while the number of funds planning to transition in 2027 has more than doubled compared to six months ago, from 21 to 44.

The deadline to switch to the new pension system is 1 January 2028, with five pension funds aiming for this date.

According to DNB and the AFM, around 20 per cent of pension funds plan to close as an independent fund during the transition period.

Commenting on the findings, Pensions Federation chair, Ger Jaarsma, said: "Our current view is that approximately 11 pension funds will switch to the new system on 1 January 2025. A few more pension funds will be added later in the year.

"Pension funds, together with social partners and administrative organisations, are now and in the coming years making choices about adjusting the pension schemes, making a balanced transition to the new scheme, building and setting up new IT systems, communication and guidance for participants in making pension choices. We do this together.

“In addition to pension funds, there is the close involvement of government, pension providers, regulators. We also experience that they are looking at useful and efficient methods of supervision we understand each other well. This way we are in this process together.

“Carefulness comes before speed. Pension funds are all different, each board and the social partners must continually look at how their schemes will last into the future, how they treat the different groups in a balanced way.”

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