In 2015 reflection on the future was a key factor after all the radical changes which have taken place over the last few years. Due to developments in the financial markets the policy funding ratio fell just below the required level in the first quarter. As a consequence of this a recovery plan was submitted to De Nederlandsche Bank (DNB). There was also a limited reserves shortfall throughout the rest of the year. Nevertheless, the fund was still able to take the decision to index link the pensions of former participants and pension beneficiaries in line with the goal.

The Board has taken 2015 as an opportunity to reflect on the challenges and risks for the fund into the future. The Board remains committed to the implementation of a high-quality pension scheme in the long term. In order to be able to achieve this the Board has flagged up a number of areas requiring special attention with regard to governance, financing, implementation, communication and legislation.

As far as the latter is concerned, the Board is following the Dutch National Pension Dialogue with interest. Potential abolition of the flat-rate premium and transition to an individual system with collective elements could have far-reaching consequences for the pension sector and the SSPF pension scheme.

This and other external developments remain high on the Board’s agenda and require an adequate response. In order to be able to respond for example to new European regulations and the increasing interweaving of group occupational pensions and individual retirement provisions, the Board continues to work on its own suitability, and plays an active role in bringing to light what is in the interests of the fund and its participants.