EU reform: Dutch resistance to benchmarking
Dutch officials and pension stakeholders are pushing back against elements of the EU’s pension reform agenda, particularly proposals to introduce EU-wide returns benchmarking, which they fear could disrupt the Netherlands’ established system.
The Dutch finance minister has warned Brussels that the broader EU pension overhaul must not disturb the functioning of the Dutch system, which is currently undergoing a major transition under the Future Pensions Act. The Netherlands considers its funded, collectively organised second pillar a success story and is wary of reforms that could inadvertently weaken it. The minister called for proportionality and respect for national specificities as Brussels advances its review.
Sustainability: funds push ahead despite backlash
Dutch pension funds are demonstrating a willingness to maintain or increase their sustainability commitments despite criticism from some quarters of the investment community.
According to industry figures, a number of pension funds are lifting their green ambitions in areas like impact investing and ESG integration, underscoring resilience in sustainable strategies even as debates continue about investment priorities.
Pension risk transfer and the insurance market
Activity in pension risk transfer and reinsurance markets remains robust. ASR Nederland has completed a significant longevity swap reinsurance agreement worth around €1.3bn with Pacific Life Re, covering parts of defined benefit liabilities that are being insured as part of pension buy-out arrangements.
Additionally, the closed company pension fund of former Dutch insurer Delta Lloyd has agreed a full buyout with Zwitserleven, securing annual increases of 100% of EU inflation and a substantial catch-up of past indexation arrears. The scheme, which managed more than €3bn for over 12,000 members at the end of September 2025, announced the transaction on its website, describing the deal as a “wonderful way to say goodbye to our trusted Delta Lloyd Pension Fund”.
The moves come amid broader reinsurance market interest in the Dutch risk transfer space, where longevity swaps and buyout facilitation tools are becoming a standard part of institutional risk management as the sector deals with the aftermath of pension reform and liability shifts.
Items to note:
- IPE’s Transition Conference & Awards 2026 will take place on 22 April at The Hague.
Venilia Amorim
IPE News Editor
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