The conclusion of the Supervisory Board

The task of the council is determined by the legal framework and the articles of association and the regulations of the fund. The council oversees adequate risk management and balanced consideration of interests by the board and assists the board with advice.

The board operates in a complex environment, which requires a major effort to manage the strategic, policy agenda of the board. After all, in addition to implementing the Wtp, vision, strategy and governance are elements that affect the future position of the fund and, in the opinion of the council, are highly interrelated. The board ensured that there was continuity of management in the absence of the chairman and kept the council well informed about this.

SUPERVISION (THEMES) 2025

The council uses the Pension Funds Code as a starting point for its supervision. In addition to the aforementioned statutory minimum tasks, the council will in any case focus on the following spearheads in 2025:

Future of Pensions Act (Wtp)

• How does the board prepare the fund for a controlled and ethical transition to the new pension system?
• How does the board ensure that the Wtp communication is complete, timely, correct and balanced for all pensioners and entitlement holders?

Digital Operational Resilience Act (DORA)

• How does the board ensure that the fund complies with the new DORA requirements for digital resilience?

Cost control

• How does the board ensure efficient, effective and transparent cost management?

Strategy post Wtp

• How does the board shape a future-oriented strategy for the fund after the Wtp implementation?

RECOMMENDATIONS

Based on findings in the calendar year 2025, the council makes the following recommendations for 2026:

• Establish one integral steering framework for the Wtp transition and the implementation at DPS with clear milestones, go/no-go moments, escalation points and fallback scenarios.
• Strengthen control over the outsourcing chain by periodically reporting on progress, risks, dependencies and the 'assurance' required to determine that the execution is ready for the transition in a timely and controlled manner.
• Establish a coherent communication approach in 2026 for both the remaining Wtp transition and the period thereafter, and safeguard testing for clarity, balance, comprehensibility and effectiveness within it.
• Strengthen the strategy process with sufficient capacity and expertise, finalize the post-Wtp fund strategy in 2026 and translate this into a recalibrated governance model, appropriate staffing (with attention to the diversity of the composition of the fund bodies) and a concrete implementation agenda.
• Ensure that signals, advice and opinions from the Supervisory Board, key function holders and other fund bodies are discussed by the board in a timely manner, explicitly weighed and demonstrably followed up.
• Strengthen the future agility of the fund by continuing to invest in digital resilience, AI framework setting, expertise, countervailing power and diversity in the composition of the board and other fund bodies.

KEY PRIORITIES 2026

In addition to its statutory minimum tasks, the Supervisory Board will focus on the following key priorities in 2026:

Future of Pensions Act (Wtp)

• Timely, correct, complete and balanced Wtp communication
• Timely, controlled & sound transition of the pension systems for the implementation of the SPR scheme (grip on the outsourcing chain)
• Project-based follow-up approach for coordination with DNB, social partners and fund bodies
• Implementation of investment strategy

Communication

• post-Wtp communication strategy
• Further development of participant-oriented choice guidance

IT/Cybersecurity

• IT risk management and operational resilience
• Grip on outsourcing chains and assurance of suppliers

Cost control

• Efficient, effective and transparent cost management as a board policy instrument

Post-Wtp strategy

• Align post-Wtp fund strategy with stakeholders
• Recalibrate governance model (including staffing)
• Operationalize fund strategy with a clear 'Plan-Do-Check-Act' cycle

The full text of the findings and recommendations of the Supervisory Board and the response of the board of Pensioenfonds PDN to them can be found in the full annual report.