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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. 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.
    
2. 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.
    
3. In the new scheme, employees can clearly see how much they contribute to their pension and how their personal pension capital develops.
    

• Your Forward pension will be transferred to the new Forward scheme In Dutch, this is called ‘invaren’.
   
• 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 pensioner, you will also receive an additional amount.
   
• From 1 January 2027, your pension will be more closely linked to the economy. Your pension may then be increased earlier than is currently the case, but any reduction may also occur earlier.

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
Do you also receive pension from 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).
 

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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• You’ll receive pension for life—even if you live very long.
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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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