During the Fin&Tonic event on 25 September, the pension sector came together: pension fund board members, administrators, regulators and asset managers. The atmosphere was open, with plenty of room for honest conversations. The theme of the evening was “a conversation with the regulator.”
Speakers such as Jochem Dijckmeester and Maarten Heikoop (DNB), Anne de Groot and Francesca Cardia (AFM), and Fieke van der Lecq (Government Commissioner) shared their vision, challenges and expectations. Walter Mutsaers (Rail & OV), Wim Koeleman (APG) and Twan van Erp (Achmea Investment Management) also contributed their perspectives from practice.
In this article, we briefly outline the key insights that emerged during the evening.
1. Robust does not have to mean perfect
At the start of the evening, it became clear that the regulators are not aiming for flawless files, but for files that are sufficiently robust to implement the transition responsibly. The emphasis is on diligence. This perspective creates space and shows that cooperation between the sector and regulators is evolving towards a more open and constructive dialogue.
2. Learning together is essential
Both DNB and AFM stressed that this transition is a joint learning process. Pension funds, administrators and regulators are moving closer together. DNB spoke openly about the shift in their supervisory approach: from mainly formal, retrospective assessments to earlier collaboration and signalling. This change is crucial to effectively guide the upcoming wave of funds.
3. Member communication requires balance
An important theme was member communication. How can funds provide information that is understandable, feels personal, and remains feasible within tight timelines and systems?
AFM emphasised that there is freedom in form and sequence, as long as choices are well substantiated. There is still plenty of room for improvement, and since funds know their participants best, they play a key role.
4. Building trust takes time
A question from the audience about participants who “do not want to transfer” touched on a sensitive issue. Distrust does not disappear with one letter or webinar. Both the sector and regulators stressed that this is a multi-year process in which clear communication and careful action must go hand in hand. The central message: work together, speak with one voice and keep the human side of this system change in view.
The evening made clear that the transition is not only about systems and regulation, but above all about collaboration, communication and trust. The openness between the sector and regulators is promising: if this approach continues, the sector can move forward with confidence into the next phase of the pension transition and the period after the Wtp.
Watch the after movie of Fin&Tonic 2025 to get a feel for the atmosphere and key moments:
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