In 2025, Pensioenfonds PDN will continue to focus on the implementation of the Future Pensions Act. One of the most important steps in this process is preparing the acceptance of the contract (including the transition decision), which marks the transition to the new pension system.
The Accountability Council will also concentrate on preparing recommendations relating to the transition decision. The AC will assess whether the Board has carefully considered the interests of all stakeholders in its decision-making and whether the decision is in line with the fund’s objectives. The Supervisory Board will play a crucial role in this by assessing and approving the transition decision. Their approval is an important milestone in the transition process, as it represents the formal consent of the supervisory body.
The ultimate goal of these efforts is to submit a transition decision for approval by De Nederlandsche Bank (DNB). This approval is the final step in the process and will enable the formal transition to the new pension system. This is how Pensioenfonds PDN is preparing for a future-proof pension scheme for all its members.
In 2025, communication about the transition to the new pension scheme will be a key focus. A Future Pensions Act communication campaign plan has been drawn up to this end.
Important priorities in this plan are:
The implementation of this plan covers the period after the transition plan has been presented to Pensioenfonds PDN and will continue until approximately six months after the transition date.
Another priority for the Board in 2025 is to design an ESG risk framework for the effective identification, assessment and management of ESG risks within our investment portfolio. We will also review our commitment to impact bonds and make adjustments where necessary to strengthen our targets in this area. The Board will continue to deepen the framework for sustainability and pay specific attention to relevant themes and investigate how we can further enhance our processes relating to sustainable investment.
The increasing use of and dependence on IT for financial services is accompanied by a growing risk of cybercrime. On the initiative of the European Commission, DORA came into force on 17 January 2025; European laws and regulations to improve Digital Operational Resilience in the financial sector. Information security & Cybersecurity is a key priority for Pensioenfonds PDN and administrator DPS and has been managed for several years using a comprehensive IT security framework that complies with the DNB Good Practice Information Security guidelines. In 2024, PDN conducted a self-assessment in the context of the DORA directive. A FIT/GAP analysis established that many DORA requirements are covered by existing IT controls, not least due to the focus in recent years on compliance with Good Practice Information Security. DORA does, however, have other accents and refined standards. Actions were derived from the gap analysis to ensure timely compliance with DORA, with a particular focus on the effectiveness of the control measures. A period of six months applies to demonstrate the effectiveness of the control measures. In the first half of 2025, the fund will take further measures to close the identified gaps so that it can demonstrate not only the establishment and existence but also the effectiveness of the control measures.
In 2025, PDN will continue developing the fund’s vision and strategy for the future. PDN assesses developments in the market for pensions in the Netherlands and in the pension sector in particular, and partly based on this, PDN determines which role and position the fund can have in the transition to the new pension scheme. The starting point will continue to be offering high-quality services to members and affiliated companies, and providing a good and sustainable pension. However, technology innovation and product developments are accelerating. It is important for PDN, in close collaboration with our administrator DPS, to respond in a timely way to ensure that its services remain relevant.
The world is currently facing various geopolitical uncertainties that can have financial consequences. Known issues include the war between Ukraine and Russia, the war in Gaza, tensions between Taiwan and China and the result of the elections in the US. Not only the humanitarian consequences but also the potential economic consequences raise concerns for the pension fund. Any further escalation of such conflicts could negatively impact the economy in various ways. All kinds of investments could be affected if there is a major conflict, which is why the fund is increasing its focus on maintaining a sufficient spread of invested assets (diversification).