Stichting Pensioenfonds voor Fysiotherapeuten (SPF), the Dutch pension fund for physiotherapists, has transitioned to a flexible contribution scheme (FPR), becoming the first scheme to complete the switch to this type of scheme.

Members received their first payments from the new scheme at the end of October, after the switch was completed on 1 October 2025, following approval from the regulator, De Nederlandsche Bank (DNB).

The scheme is working with its providers, Achmea Pension Services and Achmea Investment Management, on a “controlled and phased implementation” of this FPR.

Although the initial stages have been completed to allow for payments from the new scheme, it is expected that the transition will be fully completed by mid-2026, with “necessary processes and functionalities” for participants released in phases.

For example, a member portal will be created, enabling them to choose a form of variable payment or opt to switch. Once the transition is fully complete, there will be aftercare and checks by certified parties to ensure the correct collection, payment and investment of contributions under the new scheme.

SPF stressed that the transition is not about a single date but instead about “carefully designing a transition for a responsible transition”.

SPF foundation chair, Ben de Berg, said the transition has required “perseverance and resilience”, but “through our collective strength we have demonstrated what is possible”.

“This reinforces our conviction that we are on the right track. As a pension fund, we can be proud of this new pension scheme for our members and pensioners, while at the same time remaining alert to the issues that still lie ahead,” he added.

Achmea Investment Management Executive Board chair, Maureen Schlejen, explained that investment changes were made in phases as part of the transition to the new scheme.

“The reduction of the interest rate hedge to the hedge percentage in the FPR was implemented in phases in September, taking market liquidity into account. The adjustments to asset allocation and currency hedging were implemented on 30 September based on the target portfolio,” she said.

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