Netherlands' De Nederlandsche Bank (DNB) published an explanation of its 30 July 2024 decision to prohibit Stichting Pensioenfonds Trespa in liquidation from carrying out a proposed collective value transfer, on the basis that the board had not shown a balanced consideration of the interests of all pension members. The release also notes that a revised transfer has since been notified and that DNB decided in February 2025 not to prohibit it, allowing Trespa to proceed. Trespa decided to wind up the fund, which requires transferring all pension liabilities to another pension provider, and initially selected an insurer. With total assets exceeding the purchase price payable to the insurer, the board planned to use the surplus to buy indexation coverage, choosing a 13.52% one-off indexation and a fixed annual indexation of 0.56%, an outcome that primarily benefited older members (over 40-50 years old) while the youngest members would receive 0%. DNB found the fund did not sufficiently demonstrate that this approach met the statutory requirement for balanced decision-making under Section 105(2) of the Pensions Act. After the prohibition of the first notified transfer, Trespa submitted a new collective value transfer proposal, which DNB indicated in February 2025 it would not block using its prohibition power.
De Nederlandsche Bank 2025-03-31
Netherlands' De Nederlandsche Bank explains ban on Trespa pension fund value transfer and clears revised transfer to proceed
De Nederlandsche Bank (DNB) prohibited Stichting Pensioenfonds Trespa from executing a collective value transfer due to an imbalanced consideration of pension members' interests. The initial plan favored older members with a 13.52% one-off indexation and a 0.56% annual indexation, leaving younger members with no benefit. A revised transfer proposal was later submitted and not prohibited by DNB in February 2025, allowing Trespa to proceed.