Nederlands
We speak with Dick Vis, chairman of the board of Astellas Pension Fund, about the year 2022. The year was marked by major events, for both the fund and the world more widely. These had an impact on the fund. We and Dick also take a look ahead at 2023. The pension fund is in the midst of big changes, preparations for which were in full swing in 2022.
Attention to pensions of former and current employees of Astellas
‘In 2022, our attention was focused mainly on the future of pensions. We are responsible for providing former and current employees and retirees of Astellas with a good pension. The interests of our members are paramount. We took a close look at the future of our fund in liaison with our social partners (employer and employee organisations) and the accountability body (VO),’ says Dick.
Costs and the Future of Pensions Act (Wet Toekomst Pensioenen)
‘Operating according to the interests of our members means that that we take the costs into consideration. We might only be a small fund, but the general costs are fairly high. Running your own pension fund also requires organisational strength as well as time. We are on the cusp of a new pension system in the Netherlands, and that means extra work and risks for us as a small fund.’
Positive relationship with the accountability body
‘Cooperation with the accountability body (VO) is excellent, and we have regular exchange about important matters. To prepare for our transition to APF Stap, we had monthly discussions. Discussing the future of the fund is not an everyday event for the members of the VO, so we thought it important to involve them in those discussions extensively. Ultimately, they had to issue their advice, and that’s only possible if you have the right knowledge and information to hand.’
World events
‘At the start of 2022, there was the invasion of Ukraine. It had, and continues to have, a devastating impact on the people there and beyond. The investment market also suffered from the effects of the war, especially when combined with the aftermath of the coronavirus pandemic. Investment values fell, and interests rates shot up. Our fund lost investments, too – something that happened to other pension funds as well.’
Increase in pensions
‘Although investments fell, our funding ratio continued to increase, primarily due to the increased interest rates. This allowed us to raise pensions. In July, we announced a 3.28% increase, with retroactive effect from 1 January 2022. At the end of 2022, we announced another increase of 7.05% from 1 January 2023.
The increases apply to anyone who is accruing a pension with us, has accrued one in the past and has remained with us, and who is already receiving a pension from us. The latter group will already have noticed the difference in their wallets, which is a good thing considering the recent price rises.’
Forecast for 2023
Transition to Stap General Pension Fund
‘In 2022, we extensively discussed the options that we had available to us to continue to provide our members with pensions in the future. We ultimately decided to transition to a General Pension Fund, a decision we took in consultation with social partners and the accountability body (VO). Accrued pension rights and future accrual will remain together. In May 2023, we announced that we would be making the transition to our own group with the Stap General Pension Fund.’
Collective value transfer from Pf Astellas to own group within APF Stap
‘We made clear agreements with APF Stap. One condition for social partners was that our existing Astellas pension scheme would not be subject to any significant changes when transferred. We are now making preparations to transfer all pension agreements from Pf Astellas to APF Stap. The transfer will take place on 1 January 2024, which is an extremely important task that we intend to handle with great care.’
Member representation by stakeholder body
‘When we have our own group within Stap, a stakeholder body will represent the interests of members. This body can be compared to an accountability body, like the one we have now, but with more authority. At the beginning, the stakeholder body will comprise members of the current VO, plus directors. Former and current employees and retirees will then be able to stand for election to the stakeholder body. The Central Works Council can nominate employees as candidates. Elections are held amongst retirees and former employees who stand for election and who meet the profile for the role. That’s the basis on which we will assemble the stakeholder body for our group within Stap in 2024.’
The Future of Pensions Act: new pension scheme
‘What our new pension scheme will look like within the Future of Pensions Act (Wet Toekomst Pensioenen) is yet to be seen. It will be determined by the social partners once the transition to APF Stap is complete. The board of APF Stap will then take care of it. They will also make sure that you are kept up to date on all developments. The stakeholder body will continue to monitor developments critically, and must approve the transfer of pensions to the new system.’
We will keep you up to date: feel free to ask any questions
‘We are currently working on a communication plan to keep you up to date on all steps relating to your pension. Related news is published on a special page on our website. Keeping you properly informed about the transition is extremely important to us.’
If you have any questions, please feel free to contact us.