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 1 July 2023, the Future of Pensions Act has been in force. In the sector, employers, trade unions or works councils and pension providers are discussing how to adapt pension schemes to the new law. They are also looking at whether and how existing pensions can be converted to the new pension scheme. We call this ‘embedding’. For all funds, any new pension scheme must be in place by 1 January 2028 at the latest.
The board of Stichting Pensioenfonds Staples has decided not to sail the pensions into a new pension scheme under the Future Pensions Act. So for our members and pensioners, nothing will change.
From various angles, it has been investigated whether sailing in is in the interest of the members. This appears not to be the case. The considerations for not folding in have been discussed with our Accountability Body and with our regulator, De Nederlandsche Bank.
When making future choices, the pension fund board's focus is on what is most beneficial for the pension fund's members. In doing so, we also consider the vulnerability of our fund, based on the rules set out by De Nederlandsche Bank for this purpose.On Aug. 9, the board decided to begin an exploration of a possible switch to an insurer, after a number of other forms of implementation were found to be less attractive. Over the past period, it has met with several insurers for this purpose. The board recently made a decision to dissolve the Staples Pension Fund (SPS). In doing so, the intention is indeed to transfer the pensions to an insurer.
The board asked the Accountability Body (VO) for its advice. The VO gave a positive advice for the transfer to an insurer. The board then reported the intention to De Nederlandsche Bank (DNB), including an extensive file with a justification of the intention. On June 2, DNB issued a so-called declaration of no objection. The board has now also selected an insurer: Aegon Levensverzekering, a subsidiary of a.s.r..
In 2024, the board examined extensively whether a transfer to another pension administrator would offer a better prospect of continuing to increase your pension in the future. After careful investigation, the board concluded that transferring to an insurer would be the best solution. The Accountability Body was involved and advised positively on this step.
The board decides to liquidate Stichting Pensioenfonds Staples and transfer the collective value to an insurer on the basis of Section 84 of the Pensions Act, subject to the conditions precedent that DNB does not impose a prohibition and that a minimum supplement of the Eurozone HICPxT can be purchased at the time of the transfer.
DNB gave its approval on June 2, 2025. The board has now also selected an insurer: Aegon Levensverzekering, a subsidiary of a.s.r. (hereinafter referred to as Aegon). SPS is now formally in liquidation.
Staples Pension Fund will be dissolved after its transfer to the insurer. The regulator, De Nederlandsche Bank, controls the strict procedure for dissolving a pension fund. Naturally, we follow this procedure.
The fund continues to exist until all its (pension) obligations have been settled and the fund has received a letter from DNB indicating that supervision has ended. Then the pension fund can permanently deregister after all other obligations have been fulfilled at the Chamber of Commerce.
The settlement will then take at least six months, but it can also take up to a year. You don't notice much of this. This is a task for the board.
Insurers can keep costs per participant lower because they handle the administration for many more participants at the same time.
The board has now selected an insurer. The pensions will be transferred to Aegon Levensverzekering, daughter of a.s.r..
Until now, we had a conditional supplement, which depended on the coverage ratio and the (strict) supplement rules that apply to pension funds, as a result of which pensions could not be increased in full in recent years. These increases were based on price increases in the Netherlands. As of January 1, 2026, we will move to a full (100%) guaranteed (unconditional) supplement based on European price increases.
However, a maximum has been agreed: if European prices rise by more than 20%, the increase will be limited to 20%. If prices fall and European price developments are negative, you will not receive an increase, but neither will you receive a reduction. However, this reduction will be offset by future increases in the European price index.
In addition, the transition will probably also make it possible to increase your pension by 1.8% in the interim.
Your pension will be transferred to Aegon Levensverzekering (a 100% subsidiary of ASR Nederland). Your pension benefit will increase by 1.8% in the interim and then annually in line with European Inflation (HICPxT) on 1 January of each year.
The pensions will be increased annually on 1 January, for the first time on 1 January 2026.
You will soon receive what is known as a stop-UBS from Stichting Pensioenfonds Staples in liquidation. You will then receive a UBS from the insurer. Aegon Levensverzekering also issues an overview of your accrued pension entitlements and the increase (indexation) each year.
The increases applied by the insurer follow European prices. These prices differ slightly from price increases in the Netherlands. Prices usually rise, but there may also be a price decrease in a given year. In that case, there will be no increase and the price decrease will be offset against the next increase.
The increase in pensions will change from a conditional increase based on the Dutch price index (CPI derived) to an unconditional increase based on the European price index (Eurozone HICPxT). Over the past 10 years, your pensions have increased by an average of approximately 70% of the price increases. As of January 1, 2026, we will move to a fully (100%) guaranteed (unconditional) supplement based on European price increases.
With Dutch insurers you can only buy an increase based on European price increases. These are generally quite similar to Dutch price increases, but there can be differences. Both upward and downward.
The (accrued) pensions will be transferred to Aegon. This means that Aegon will now be responsible for the administration of your pension and all related communications. They will also pay out your pension . When the time comes, Aegon will send you more information in a welcome letter.
You will receive a letter from Aegon about your upcoming retirement no later than 6 months before your retirement date. This letter will explain the options you have for making your pension more flexible.
The board has decided to dissolve the fund and has requested permission from DNB to do so. After an extensive investigation, DNB has issued a statement of no objection. All pension entitlements and rights will be transferred to an insurer in accordance with Article 84 of the Pensions Act. It is not possible to object to this transfer on an individual basis.
The insurer is not allowed to charge costs or reduce your pension by these costs. The insurer is only allowed to charge costs for payments to a foreign bank account. This is also the case in the current situation.
The insurer is obliged to act in accordance with the pension regulations agreed with the insurer. The insurer is supervised by De Nederlandse Bank (the Dutch central bank).
No, after the final transfer to the insurer, Stichting Pensioenfonds Staples in liquidation, will no longer be involved and will be dissolved, or liquidated, in 2025/2026.
Yes, at the time of transfer, the coverage ratio indicates how much capital we have in cash relative to the fund's liabilities. The higher our coverage ratio, the more resources are available to purchase this indexation percentage. However, it is not only the available resources that play a role, but also the interest rate and inflation expectations. At the insurer, the increase based on the European price index is no longer related to the coverage ratio. In your existing pension agreement, the coverage ratio was important for the increase in pensions. Under the agreement concluded with the insurer, pensions are guaranteed to increase in line with price rises in Europe, according to the official Eurozone HICPxT index.
The indexation percentage cannot be derived directly from the current coverage ratio. The pension fund's coverage ratio reflects the fund's assets in relation to its nominal liabilities. This means that future price increases are not taken into account. The real coverage ratio, which does take future price increases into account, is lower than the current coverage ratio. In addition, the level of interest rates and inflation expectations also play a role at the time of transition.
Since it became clear that the liquidation of the pension fund could proceed, all investments have been sold and we no longer run any interest rate or investment risks. Since the agreement with Aegon was signed, there is also no longer any inflation risk. However, the auditor will still have to check the final participant database on the transfer date (the current estimated percentage is based on a provisional participant database). Before we can definitively dissolve the fund, a liquidation report must also be drawn up, which will also be checked by the auditor. Furthermore, the fund still has money available for the further settlement of the pension fund. As soon as the fund can be definitively dissolved, all remaining funds for the benefit of our participants can be transferred to the insurer and the interim increase can be determined and settled exactly.
Staples is bankrupt and has no ties to the pension fund. The pension fund is an independent entity. Shareholders of Staples cannot dispose of assets or entitlements managed by the fund in any way.
Aegon Levensverzekering’s asset manager is ASR Vermogensbeheer (AVB). In all its investments, AVB takes account of people and the environment. More information is available here.
Aegon Levensverzekering N.V. is a Dutch public limited company engaged in life insurance, pensions and asset management. The company has its registered office in The Hague and is registered in the commercial register under number 27095315. Aegon Levensverzekering has been a wholly-owned subsidiary of a.s.r. Nederland N.V. since September 2023.
Aegon Levensverzekering (a subsidiary of ASR Nederland) is one of the largest insurers in the Netherlands. We focus solely on the Dutch market. Taking over accrued pensions from liquidating pension funds is a strategic priority for us. Click here for more information.
Now that the pension fund is being dissolved, we are transferring all pensions accrued in the pension fund to Aegon Levensverzekering, a subsidiary of a.s.r..
The board regularly conducts a comprehensive future analysis, and the outcome of this analysis has so far been that the fund could continue on its current footing until 2029 at the latest. Based on the latest information and developments in the financial markets, the board now believes that a transition to an insurer would be best for our participants in the short term. This is also supported by the positive opinion of the Accountability Body.
We will regularly inform our participants about further developments regarding the future of our fund. Our website always contains the latest news. Furthermore, we inform you through our digital newsletter. Do you not yet receive this newsletter? Then provide us with your e-mail address in MyStaplesPension and sign up.
The SPS board has agreed with Aegon that participants will receive an annual supplement equal to the full (100%) European inflation rate (HICPxT). The annual increase in pensions by this percentage is part of the agreements made and will be included in Aegon's records. If you have any questions about the percentage in the future, Aegon will of course answer them.
The supervisory authority for Aegon Levensverzekering N.V. is the Dutch Authority for the Financial Markets (AFM) and the Dutch Central Bank (DNB).
If Aegon Life Insurance, a subsidiary of a.s.r., changes ownership in the future, the agreements made with SPS will remain in full force. These will not change.
Over the past two years, Aegon Leven’s reported solvency ratio has comfortably exceeded the management target of 160% in all quarters.
Aegon Leven N.V.’s Solvency II ratio under a.s.r. was 194% at the end of 2024. a.s.r.'s Solvency II ratio was 198% at the end of 2024.