2013 was an eventful year with various special projects. The Pension Fund was closed to new employees in July 2013, for example. The target retirement age was raised from 65 to 67 as of 1 January 2014. And the Pension Fund commenced preparations for the adjustment of the organisational structure (governance), which has become necessary in view of the fact that the Dutch Pension Fund Governance Reinforcement Act will enter into force on 1 July 2014.
The only constant appears to be change, and that is cause for concern. Particularly the speed at which one change follows another, resulting in a substantial increase in pressure on pension funds. This makes it very difficult for participants to realise sound financial planning for later in life.
The Board acknowledges that the country's strength and vitality have incurred considerable damage, and that the tide needs to be turned. This demands political courage and a clear vision for the future of the Netherlands, which must at any rate include investment in education and innovation, among other things. But also the continued involvement of the pension funds sector in trade and industry in the Netherlands. As in 2013, SSPF will also consider investment proposals that contribute to this in 2014, for which the point of departure remains a healthy balance between risk and return.
More adjustments will have to be made to the pension scheme in 2014, among other things as the results of changes to the fiscal framework (Witteveenkader) and the new Financial Assessment Framework (Financieel Toetsingskader, FTK).