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On 1 July 2023, the new pension law (Future Pensions Act) came into effect. As a result, almost all pension funds in the Netherlands are switching to a new pension scheme. Forward is one of them. (Progress, the other part of the Unilever Pension Fund, will not transition to a new scheme.)

Why are the pension rules in the Netherlands changing?
The Netherlands has ranked among the top 3 best pension systems in the world for years. It may therefore seem illogical that new pension rules are being introduced. However, these changes are necessary to keep the system strong for the future. Thanks in part to the announced changes, the Netherlands once again ranks number 1 on Mercer’s international list this year.

What improvements do the new pension rules bring?

1. The new rules are better aligned with today’s labour market compared to the rules created in the mid-20th century. For example, they take into account that people now change jobs more frequently.
2. In the new scheme, employees can clearly see how much they contribute to their pension and how their personal pension capital develops.
3. Under the new rules, pensions can be increased sooner than before when the economy and investments perform well. However, this also means pensions may be reduced sooner if necessary.

• The pension you’ve accrued with Forward in the past will be transferred to the new Forward scheme (including accrued partner pension). In Dutch, this is called ‘invaren’.
   
• On 1 January 2027, all accrued pension entitlements in Forward will be converted into a single monetary amount, which is your personal pension capital. 
   
• After converting to personal pension capitals, the required reserves will be filled. After that, a surplus remains. That is the current ‘buffer’. A part of this buffer will be distributed among the pension capitals of all participants according to set rules. As a former employee, you will also receive an additional amount.

More details about the above points can be found in the Transition Plan (only in Dutch). You can also read there, for example, how the pensions of pensioners will be protected in the new scheme.

Pension with Progress
If you were employed by Unilever before 1 April 2015, you also accrued pension with Progress. The rules for the Progress pension will not change. One advantage of this is that this part of the Unilever Pension cannot be reduced in a possible future situation of bad financial circumstances. Such agreements are no longer possible under the new pension scheme (and do not apply to either the old or the new scheme of Forward).

• You will have a personal pension capital. You will see exactly what the investment returns on your capital are.
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• Your pension capital will fluctuate more with the economy and investment results. As a result, your pension capital may increase earlier, but it can also decrease earlier.
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• Rules for partner and orphan pensions after death will change.
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• You share risks (e.g., investment, longevity) and returns on investments with your former colleagues.
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• You cannot make personal investment choices. However, you can periodically indicate your risk preference in a survey.
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• You will receive pension for life—even if you live very long.
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• Upon retirement, you’ll have several options to tailor your pension to your needs. For example, you can choose to start your pension earlier than your official retirement age (which at this moment is 68 years).
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• Since you left Unilever, you can either leave your pension with us or transfer it to a new pension provider. 
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