For SNPS, 2025 was characterised by a strong focus on successfully implementing the transition to the new pension. While investment results remained strong, increasing attention was devoted to preparing for the transition to the new scheme. Chair Tjerk Huysinga and Executive Board Member Kenan Yildirim look back on a year marked by preparation, decision-making and careful implementation.
The transition to the new pension on 1 January 2026 was the central priority for SNPS throughout 2025.
Tjerk: “At the end of 2024, we submitted the implementation plan to De Nederlandsche Bank (DNB) and the communication plan to the Authority for the Financial Markets (AFM). During 2025, both received regulatory approval. The process was thorough and occasionally challenging, particularly where developments at our pension administrator, Achmea Pensioenservices (APS), were concerned.”
Approval by DNB represented an important milestone.
Kenan: “It gave us confidence that we were progressing as planned. From that point onwards, our focus shifted fully towards implementation.” Tjerk emphasises that the process involved much more than a formal approval procedure. Tjerk: “An implementation plan requires extensive analysis and substantiation. You need to demonstrate that decisions have been made carefully, are balanced and can be properly justified.”
Milestones and independent review
The implementation plan was only one of several important milestones. Kenan: “Submitting the communication plan, ensuring a controlled and reliable IT environment and maintaining high data quality were all essential elements. Every component had to fit together and required close attention throughout the year.” APS has announced that it will cease operating as a pension administration provider in 2030. As a result, we will need to identify a new provider in the coming years. The world around us is changing rapidly, and we must continue to look at how we can make better use of our data and further improve the user-friendliness of our participant portals. Ensuring continuity within the Board also remains an important priority. SNPS also commissioned an independent review.
Tjerk: “We deliberately chose to have our plans assessed by an external party. Have we considered everything? Are our assumptions realistic? An independent perspective is extremely valuable.” The outcome was positive. Tjerk: “The review confirmed that we were well prepared and provided additional confidence as implementation progressed.”
Data quality and a fallback scenario
Data quality remained a key priority.
Tjerk: “A transition of this scale is only possible if the underlying data is reliable. Participants may not see that work directly, but it is essential. We were able to demonstrate that our data quality met the required standards.” SNPS also had to respond to delays affecting a new administration platform. Kenan: “When it became clear that APS would not be able to deliver the new AllVida platform on time, we activated our fallback scenario. This involved remaining on the existing MAIA platform while implementing the necessary adjustments required under the new pension legislation.” Tjerk: “At the same time, pension regulations had to be updated, processes had to be redesigned and all changes had to be reviewed by the relevant supervisory authorities. We successfully completed that process. DNB approved the implementation plan and the AFM informed us that it had no substantive comments on the communication plan.”
The additional work resulted in higher costs. Kenan: “Implementation and administration costs increased during 2025. However, this was the result of conscious decisions that we considered necessary to ensure a successful transition.”
Supporting participants in making choices
Supporting participants in making informed choices was another important focus area during 2025. Tjerk: “The new pension scheme gives participants more choices. We believe it is important that people understand those choices and the possible impact they may have on their future pension.” Kenan: “That is why we deliberately invested in additional guidance and support. We want to help participants navigate their options and make decisions that are right for their personal situation.” According to Tjerk, this approach is delivering results. Tjerk: “Over the past year, SNPS received several awards for participant communication. Increased participant engagement and higher appreciation scores also show that our efforts are strengthening confidence in the fund.”
Positive investment results
Despite geopolitical uncertainty and fluctuations in financial markets, investment results remained positive. Tjerk: “2025 was a good investment year in many respects. The various investment modules proved resilient despite geopolitical uncertainty and fluctuating interest rates.”
Participants receiving a variable pension also experienced positive results. Kenan: “Positive and negative results within the CVP are spread over a five-year period. This helps limit fluctuations in pension payments and contributes to a more stable income for pensioners.”
Looking ahead
Although the transition to the new pension has been completed, the work continues. Kenan: “The coming period will remain focused on the execution of the new pension. The first months following implementation are particularly important.” Tjerk: “Periods of significant change require stability, experience and a broad range of expertise within the Board.” Both Board members remain confident about the future. Kenan: “The work is not yet complete, but we look to the future with confidence.”