The Netherlands’ Hoogovens Pension Fund has received approval from De Nederlandsche Bank (DNB) to switch to the new pension system on 1 January 2027.

The pension fund submitted its entry decision and implementation plan to DNB, with the authority reviewing the financial structure, the effects on various groups of participants, and the balanced consideration of interests.

Hoogovens said the approval marked an important step in its transition to the new pension system.

“In the coming period, we will remain committed to a careful transition to the new pension scheme,” Hoogovens stated.

“In addition, we are informing our participants and pensioners about the new pension scheme and what the changes mean for them.”

Members and pensioners will receive a newsletter about the transition shortly, and an initial calculation of their pension under the new and current pension scheme will be provided in November.

The new pension scheme will take effect from 1 January 2027, when all pensions will transfer to the new scheme and pensions will be accrued and paid out according to the new rules.

In the second quarter of 2027, members and pensioners will receive a final calculation of their pension.

---