Pensions Case

The Future Pensions Act: How Projective Group supports the reform of the Dutch pension system

The challenge

  • Clients need help in implementing the new Pension Act accurately, completely, and on time.
  • The entire Dutch pension sector must be transformed by 2028.
  • The road to implementation is long and complex, with many deadlines to meet.
  • There are many interdependencies between stakeholders.


Our approach

  • Depends on the client: the needs of pension funds, asset managers and small or large pension providers can be very different.
  • A common denominator is the project-based approach to define the right objectives and the work to be done.
  • Thanks to our comprehensive understanding of the sector as a whole, we’re able to keep on top of deadlines and anticipate changes in the different entities.


Key results

  • For pension funds: guidance, programme planning, drafting of policy documents.
  • For pension providers: drafting project plans, roadmaps, general support, ensuring IT deliverables are prepared and ready.
  • Most concrete results, based on these roadmaps and policy documents, will follow in the coming months and years.
Date:August 9, 2023

Under the Future of Pensions Act (Wet Toekomst Pensioenen), the pension system in the Netherlands is undergoing an extremely complex reform. Pension funds, asset managers, social partners and pension providers face a daunting task: to get everything done in the right way, at the right time. It’s a long and challenging road ahead to implement this new Pension Act, but don’t worry. We are here to provide guidance, expertise and support.

Transforming the pension system

In the Netherlands, the entire pension legislation is in the midst of a transformation. The Future of Pensions Act (or Wet Toekomst Pensioenen in Dutch) came into force on 1 July 2023. By 1 January 2028, all existing pension schemes will have to be amended. That may seem like there’s plenty of time, but there are many steps to be taken by many different players along the way. And then there’s all the technology that needs to be changed. In short, the transformation of the pension system in the Netherlands is a massive undertaking that requires the support of pension experts. So that’s where we come in.

For more details about the four phases of the Future of Pensions Act, check out this article.

The same, but different

Whether the client is an asset manager, a pension provider or a pension fund, the question that brings them to us is always the same: how can we implement the new Pension Act (Wet Toekomst Pensioenen) in a complete, timely and accurate manner?

Whether the client is an asset manager, a pension provider or a pension fund, the question that brings them to us is always the same: how can we implement the new Pension Act (Wet Toekomst Pensioenen) in a complete, timely and accurate manner?

When you’re embarking on a project this complex, it’s important to know exactly what you need to do and by when. It’s different for every client. Asset managers, for example, have different things to do than pension funds. A pension provider needs to develop a plan to make its processes and systems ready for the transition to the new pension system. They also need to make sure that their clients are informed in good time about what will change for them over the course of this five-year period. So there’s a lot to think about, and it can be tricky at times. For example, explaining to people how much capital they have in the new system is not a task to be taken lightly.

Complex interdependencies

We work with all parties involved in the pension transition, with the exception of the social partners. Whether we are working more on the policy side (e.g. for a pension fund) or on the operational side (e.g. for a pension provider), we always take a project-based approach, where we carefully define the right objectives. The next step is to design a detailed project plan with concrete actions, in order to achieve those objectives.

There is a lot of interdependency in the Dutch pension chain. For the reform of the pension system, this means that multiple projects within different organisations need to be aligned and eventually delivered before 1 January 2028. We can be of great value here, because we are involved in a lot of projects with various clients who represent different stakeholders in the Dutch pension sector. As a result, we have a good understanding of what is required in order to meet the deadlines. We can keep a close eye on these dependencies and manage them appropriately.

This is where our unique strength lies: we’re not just project managers, we have a wide network of experts. Our broad expertise on this complex topic helps our consultants within Projective Group not only work efficiently, but support colleagues as well. We’re like a hive mind.

We’re not just project managers, we have a wide network of experts.

Working together

The new Pension Act contains a lot of new concepts and requirements. When something is unfamiliar, it can be difficult at first to decide how to manage it. Since the Dutch pension market is so saturated, it’s not really possible for a pension fund to change providers. That’s why the social partners, pension funds and pension providers have sought each other’s advice. There’s no competition, so they are free to help each other and collaborate. Projective Group currently provides support to two of the three largest pension providers in the Netherlands. Our consultants can come together to brainstorm, discuss challenges, and find effective solutions.

Just the beginning

If you look at the timetable for implementing the Future of Pensions Act, we’re now at the end of the decision-making process. When the decisions of the pension funds and the social partners are finalised, they will form the factual framework for the pension providers. So far, we’ve been supporting pension funds, drawing up programme plans and drafting policy documents for them. For the pension providers, we’ve created project plans and roadmaps, made sure IT deliverables are ready, and provided general organisational and project support. However, most of the key deliverables won’t be visible for some time.

Want to know more about the Future of Pensions Act? Check out our article ‘The FPA Explained’.

About Projective Group

Established in 2006, Projective Group is a leading Financial Services change specialist. We are recognised within the industry as a complete solutions provider, partnering with clients in Financial Services to provide resolutions that are both holistic and pragmatic.  We have evolved to become a trusted partner for companies that want to thrive and prosper in an ever-changing Financial