Several Dutch pension schemes have set out their plans for indexation for 2024, with some schemes opting not to increase pensions.

The indexation of Dutch pension funds is a contentious issue as most funds did not increase pensions between 2008-2022. As a result, the Dutch MEP, Antonius Manders, recently asked the European Commission to investigate Dutch compliance with European regulation on indexation. He believes the lack of indexation of mandatory pension schemes is a breach of EU law.


This year, however, several funds have already made announcements on their plans. Pensioenfonds Vervoer has said it will increase pensions by 7.55 per cent as of 1 January 2024, the highest increase of those announced to date.

“This is the maximum increase we can give this year based on our scheme. This increase of 7.55 per cent is based on wage developments in the collective labour agreements of the various transport sectors from 2 July 2022 to 1 July 2023,” the fund stated.

Pensions at Pensioenfonds Detailhandel will also be increased by 3.3 per cent, which it said was possible because it has “sufficient financial reserves”. Furthermore, Pensioenfonds PGB will increase pensions by 5.2 per cent. Its chairman of the board, Jochem Dijckmeester, said he was pleased the pension fund can increase pensions for the third year in a row.

“When the board took this decision, we balanced the interests of all participants of Pensioenfonds PGB, young and old, and looked to the future. We also took the transition to the new pension in 2027 into account. An increase should benefit everyone who accrues or receives a pension with us, now and in the future,” he explained.

In addition, PME Pensioenfonds will increase the pensions of all participants by 3.26 per cent. Added to previous increases, PME has increased pensions by 11 per cent in a year and a half.

PME executive board chair, Eric Uijen, said: “Being able to increase three times in a row, after fourteen years of standstill, is very nice. At the same time, I realise that these increases do not compensate for the entire inflation over that period. Moreover, there is a big difference between the calculated inflation and what the people at the till feel.

“PME has always tried to do the maximum possible without taking unnecessary risks. This means that we can increase by 3.26 per cent before 2024 – inflation rate for July 2022-July 2023. It is hard to see how the global economy will develop in the coming years.”

However, the board of bpfBOUW has decided not to increase pensions, which it acknowledged will be “disappointing” for members. However, it noted that pensions did increase by 14.52 per cent in January 2023.

The board of pension fund, SNS REAAL, has also announced that it will not be increasing pensions as of 1 January 2024.

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