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.. And the pensions were transferred to Aegon on July 1, 2025.
Since 1 July 2025, your accrued pension has been transferred to Aegon Life Insurance, a subsidiary of a.s.r.. This means you now have a direct pension entitlement with Aegon. This entitlement is equal to the pension you accrued with SPS. It is a guaranteed pension that cannot be reduced by Aegon. SPS will continue to administer the pension scheme for the time being, but on behalf of Aegon. We expect to transfer the pension administration to Aegon on 1 November 2025. From that moment on, you can contact Aegon with all your pension questions.
From 1 January 2026, your pension will be increased each year in line with European price inflation (HICPxT). These annual increases are guaranteed. All supplements are unconditional. In addition, the transition will make it possible to increase your pension by an estimated 1.8% in the interim. These and other more limited changes are set out in the Addenda to the pension regulations. You can find these documents under the heading “Documents”.
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..
As of 1 January 2026, we will move to a full (100%) guaranteed (unconditional) supplement based on the increase in European prices, the so-called HICPxT. Each year, your pension (entitlements) will be increased by 100% of the percentage by which this HICPxT has risen over the period from October of the previous calendar year to October of the preceding calendar year. The increase as of 1 January 2026 is therefore based on the development of European prices over the period from October 2024 to October 2025.
HICP is a harmonised consumer price index used to measure price increases within the European Union. It is a standardised way of tracking price changes for goods and services, allowing countries within the EU to be compared effectively.
The ‘xT’ in HICPxT stands for excluding tobacco. Tobacco is excluded because it is often subject to tax changes and policy measures that can significantly affect its price. This could distort the more general price increases.
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.
Since 1 July 2025, your accrued pension has been transferred to Aegon, which means you now have a direct pension entitlement with Aegon. This entitlement is equal to the pension you accrued with SPS. However, a number of changes have been made, including with regard to the annual increase. These changes can be found in the latest Addenda to the pension regulations. You can find these documents under the heading “Regulations”. The pension regulations, in combination with these Addenda, form the pension regulations that Aegon must comply with.
All pensions will be transferred to Aegon, including the partner pension to be paid out or the partner pension that has been accrued. You will also see the amount of the partner pension on the Stop-UPO (Uniform Pension Overview) that you will receive from us. The same amounts will also be shown on the Start-UPO that you will receive from Aegon.
The transition to the insurer means that the catch-up supplements will lapse.
In the past, the Staples Pension Fund has not always been able to increase pensions in full. There have been many years when only a partial increase in pensions was possible because the pension fund's financial position was not strong enough to allow a full increase. The amount of the supplement was determined annually by the board and depended not only on the financial position of the fund, but also on statutory rules. A supplement could only be granted if it was future-proof. This means that the financial position of the pension fund was such that the supplement percentage to be granted was also expected to be payable in the future. If the policy coverage ratio was lower than 110%, no supplement could be granted at all.
In a year with a partial increase, a so-called catch-up supplement arose. These catch-up supplements could still be granted by the board if there was financial scope to do so. There was no entitlement to these catch-up supplements, but if the board saw scope for granting them, it was allowed to do so. For example, a (limited) catch-up supplement was also granted in 2019 and 2022.
From November 2025 onwards, participants will receive their benefits from Aegon (via TKP). After 1 November, you can also contact Aegon with any questions you may have.
The payment you receive from Aegon in November 2025 will be exactly the same as the payment you receive from the Staples Pension Fund in October 2025. In December 2025, you will receive a higher payment due to the interim increase of 1.8% and a back payment of this increase for the period from 1 July to 1 December 2025.
Only small pensions may be surrendered under certain conditions. In 2025, this will apply to pensions below €613.52 gross per year.
From 1 July, Aegon will bear all risks. Should the insurer achieve a higher or lower return than expected, this will be at Aegon's expense.
Aegon is a pension insurer that falls under the Financial Supervision Act (Wft). This means that it must have a licence from the AFM or DNB to offer pension products. It must comply with conduct supervision (AFM) and prudential supervision (DNB) and must adhere to rules on transparency, duty of care, provision of information and quality of advice, among other things.
De Nederlandsche Bank (DNB) supervises the financial health of insurers such as Aegon. Among other things, DNB monitors solvency (the extent to which an insurer can meet its obligations). Aegon's solvency ratio is high, standing at 194% at the end of 2024. The Solvency II ratio of a.s.r. was 203% as at 30 June 2025.
Should problems arise at Aegon/a.s.r., DNB can have this insurer taken over by another party, transfer the portfolio to another insurer or insurers, and/or intervene through legal proceedings to protect policyholders.
In the unlikely event that Aegon or a.s.r. does go bankrupt, you will become a preferential creditor, which means that you will have priority in terms of payment. This does not mean that your entire pension will ultimately be paid out. You may lose part of your pension. In previous exceptional cases where insurers have gone bankrupt, policyholders lost 10-20% of their capital.
Yes, your documents stored in the SPS portal will remain available after the transition. They will also remain available in your personal pension portal at Aegon after the transition.
In your Start-UPO, which you will receive from Aegon, you will also find an invitation to log in to Aegon's personal pension portal. You can log in securely and easily with your DigiD. If you do not have a DigiD, you can request a username and password from Aegon's customer service department.
No later than six months before your retirement date, you will receive a letter from Aegon about your upcoming retirement. This letter will explain the options available to you for making your pension more flexible.
Aegon does not provide personal advice about your retirement. If you have questions about which option best suits your personal situation, consult a financial advisor. They will help you make the best choices.
Until 1 November 2025, you can contact the SPS pension desk. They will ensure that you retire on the desired date. Is that date after 1 November? Then SPS will transfer this to Aegon and your first pension payment will be made via Aegon.
The asset manager of Aegon Life Insurance is ASR Asset Management (AVB). As Aegon, we follow AVB's investment policy. Want to know more? Click on this link to read more about AVB's investment policy: https://asrvermogensbeheer.nl/verantwoord-beleggen/ons-beleid