What does the Accountability Council think?

In 2025, several changes occurred in the composition of the AC. As of 1 January 2025, Ineke Pranger joined the AC on behalf of the constituency of pensioners of Bergen op Zoom. On 4 April 2025, the term of office of the two members representing active participants expired. Herman Polderman and René Witjes decided not to stand for re-election and ended their membership of the AC. Raymond van Eijndhoven and Bas Kroes were appointed to fill these vacant positions. Raymond van Eijndhoven was elected based on elections among the participants. Bas Kroes was the sole candidate and was appointed on that basis.

Summary opinion

The Accountability Council's opinion on the 2025 financial year is positive.

The AC notes that the Board's agenda in 2025 was largely determined by the further elaboration of the transition to the new pension contract under the Wtp. This extensive and complex file rightly received full board priority. The AC establishes that the Board has taken important steps in this context towards concluding the transition process and the final transition decision (invaarbesluit).

Throughout this process, the AC was involved in a timely and substantive manner and was able to observe that decision-making took place on the basis of careful analyses and with due regard for the interests of all participant groups, including the approach to indexation backlogs. At the beginning of 2026, using its enhanced right of advice, the AC issued a unanimously positive advice on the proposed transition decision. This advice forms an important benchmark in assessing the policy pursued in 2025.

In addition to the Wtp transition, the AC maintained its focus on Information Technology (IT) and cyber resilience, balanced consideration of interests, execution costs, and communication towards participants. The AC notes that the Board structurally kept these topics on the agenda and actively steered them.

Overall, the AC concludes that in 2025, a year characterized by an exceptionally extensive and complex transition, the Board fulfilled its responsibilities diligently and that business operations were managed in a controlled and ethical manner.

Advice issued

In 2025, the AC issued several advisory opinions. The AC issued a positive advisory opinion on the profile for a member of the Supervisory Board, with the recommendation to explicitly emphasize experience with change processes in the profile, given the phase the fund is currently in. In addition, the AC issued a positive advisory opinion on the update of the Remuneration Policy and on the Communication Policy Plan.

These advisory opinions fit within the role of the AC to contribute to careful decision-making, good governance, and transparent communication from the perspective of the stakeholders.

Key priorities of the AC in 2026

The key priorities of the AC established in previous years will remain fully in force in 2026. The Wtp transition, IT and cyber resilience, balanced decision-making, and communication with participants will also form the core of the AC's supervisory agenda in 2026.

For the Wtp transition, the focus will shift to the final assessment of balanced treatment on the actual transition date and to the careful completion of the implementation. Timely and understandable communication with participants, taking into account different target groups and actionable perspectives, will also receive explicit attention in 2026.

In addition, the AC will continue to pay attention to IT systems and cyber resilience in 2026, given the importance of a stable and reliable execution around the transition.

SABIC recently announced that agreements have been signed for the sale of two European divisions. Within its responsibilities, the AC will closely monitor the potential impact of these developments on the pension fund in 2026.

In conclusion

The transition to the new pension system requires a major effort from everyone involved with SPF. The AC notes that the Board addressed this challenge in 2025 with dedication, expertise, and care, and expects this approach to continue in 2026.

The timely involvement of the AC, openness in decision-making, and constructive cooperation between the various bodies contribute to the confidence that the Board will continue to represent the interests of all groups of participants in a balanced manner in the coming phase.

The full text of the AC's opinion and the SPF Board's response to it can be found in the complete annual report on the SPF website under Downloads.