The Staples Pension Fund is what is known as a closed fund. No new employees have been registered by the employer with the fund since 1 January 2015, and with effect from 1 July 2018 all scheme members will accrue pension in a defined contribution scheme with a different pension provider. The pension accrued until 1 July 2018 will remain with the pension fund.
Future of Pension Fund Staples within the Future pensions act.
The future of the fund is one of the most important issues facing the fund. As in previous years, the future of our pension fund receives special attention and developments are closely monitored. Since July 1, 2023, the Future of Pensions Act has been in effect. In the sector, employers, trade unions or works councils and pension administrators are discussing how to adapt pension plans to the new law. They are also looking at whether and how existing pensions can be converted to the new pension plan. We call this incorporation. For all funds, any new pension plan must be implemented by January 1, 2028.
The board of Stichting Pensioenfonds Staples has decided not to sail the pensions into a new pension scheme under the Future Pensions Act. For our members and pensioners, therefore, nothing will change.
From various perspectives we have investigated whether sailing in is in the interest of the participants. This does not appear to be the case. The reasons for not implementing the decision have been discussed with our Accountability Body and with our regulator, the Dutch Central Bank. You can read more about this decision here.
Since July 1, 2018, Staples Pension Fund has been a closed pension fund in which no more contributions are paid for further pension accrual, and in which the employer no longer plays an active role since the end of 2021. When making future choices, the pension fund's board is focused on what is most beneficial for the pension fund's participants. In doing so, we also consider the vulnerability of our fund, based on the rules drawn up by De Nederlandsche Bank for this purpose. For now, in the opinion of the board, the independent continuation of our pension fund with the current pension scheme is the best option.
Since July 1, 2018, Staples Pension Fund has been a closed pension fund in which no more contributions are paid for further pension accrual, and in which the employer no longer plays an active role since the end of 2021. When making future choices, the pension fund's board is focused on what is most beneficial for the pension fund's participants. In doing so, we also consider the vulnerability of our fund, based on the rules drawn up by De Nederlandsche Bank for this purpose. For the time being, the board feels that the best option is for our pension fund to continue on an independent basis with its current pension scheme. However, based on current cost developments and opportunities to switch to a different form of administration, we aim to liquidate our fund and transfer to another pension administrator (e.g. an insurer) by 2029 at the latest.
What does this mean for your pension at the moment?
Nothing about the pension plan is changing at this time. We will continue to administer your pension and retirement benefits according to the current plan. We will, of course, keep you informed of developments.