In 2025, SSPF focused heavily on preparations for the Future of Pensions Act (Wtp). SSPF board chair Martin ten Brink and General Manager Kenan Yildirim look back on a year in which important steps were taken.
The new pension legislation continued to demand significant attention from SSPF throughout 2025. A great deal of work was done. Martin explains: “In 2025, we held no fewer than 12 board meetings. Normally, we have five or six. We really had to step things up.” Important progress was made, although Martin immediately adds a note of caution. “Whenever we say that a lot has been achieved to ensure a smooth transition, we also have to say that there is still a lot left to do. We are only halfway there.”
From transition plan to implementation plan
Almost everything in 2025 revolved around carefully making formal decisions about the transition to the new pension scheme. In mid-2024, Shell Nederland and the Central Works Council (COR) submitted a transition plan to the SSPF board. This plan describes how the move to the new scheme should take place and how pension assets will be distributed in the future. In 2025, the board assessed whether these plans were sufficiently careful, feasible and balanced to formally accept the assignment.
Martin explains: “We already started this process in 2024 and completed the formal decision-making process in the first half of 2025. This was successfully concluded and resulted in the implementation plan that we submitted to De Nederlandsche Bank at the end of July. At the same time, the communication plan was submitted to the Dutch Authority for the Financial Markets (AFM). That was an important milestone.” Kenan adds: “It was a real challenge to analyse an enormous amount of information and reach careful decisions within a limited timeframe. But all pension fund bodies supported the decision to transition to the new scheme.” Martin continues: “Within a few weeks, the AFM informed us that they had no substantive comments on our communication plan. That gave us confidence as we entered 2026.”
Focus on stability
Although the transition dominated much of the year, risk management also remained a key priority. Martin explains: “Our fund has a high percentage of retirees, which is why we follow a conservative risk profile. This generally results in somewhat lower returns, but our main priority is maintaining a stable and as high as possible funding ratio.” Kenan emphasises the importance of a long-term focus: “We are long-term investors. One annual result matters, but ultimately it is about returns over many years. The most important thing is that we can continue increasing pensions. So far, we have succeeded in doing that every year. We are quite proud of that.”
Communication, CARE and guidance on pension choices
The transition to the new pension scheme requires clear communication and guidance.
Martin: “For many participants, it is new that they will soon be able to make pension choices. That is why we offer every participant the opportunity to request a personal consultation with independent advisory firm Prikkl. The first sessions started last year. Participants are very positive about them and rate this service at 8.9.”
The communication approach is aimed at all participant groups, including those who are less digitally skilled.
Martin: “In addition to a dedicated transition website and newsletters, we have also produced printed leaflets for people we cannot reach digitally. Through Pensioenmaatje, our collaboration with Voeks, the welfare network for former Shell employees, we were able to give additional attention to this initiative and received positive feedback from around 80 older pension beneficiaries. We also organise webinars for employees who are still accruing pension, former employees who no longer accrue pension and pension beneficiaries, informing them about the choices available to them.”
Kenan: “Some webinars attract close to 3,000 participants. We collect and analyse the questions we receive so that we can learn from them and continue supporting participants as effectively as possible.”
A unique moment
Both men look back with satisfaction on a year of intensive work, major steps and strong results. At the same time, they realise that their role is part of a historic process. The pension reform currently taking place in the Netherlands is unprecedented. Kenan says: “It makes it particularly special to experience this process from so close by.” Martin adds: “No other country has dared to take this step. What we are doing together here is truly unique.”