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 Delta Lloyd scheme closed to new accruals in 2019 after the takeover of the insurer by NN Group.
Following a September 2024 decision by social partners not to convert defined benefit accruals into defined contribution capital under the Dutch pension reform, the board assessed its long-term options.
These included a transfer to a pooled pension vehicle (APF), continuing as a closed defined benefit fund, or fully insuring accrued rights via a buyout.
Focus
In January, the fund said it was “focusing on the possibility of collective value transfer to an insurer”, without naming a counterparty.
NN Group did not submit an offer, citing potential volatility in its solvency ratio.
Zwitserleven, a subsidiary of Athora, ultimately presented the strongest proposal.
The insurer has been one of the most active players in the Dutch buyout market over the past two years, completing transactions with several company pension schemes, including those of Yara, Pensura, Nedlloyd, Trespa, BP, AT&T and Campina.
Security
The transfer of all pensions and accrued rights is expected to be completed by the summer.
According to the board, “we have already made agreements with Zwitserleven that give us certainty about the annual 100% increase in European inflation. So we no longer run the risk in the coming months that we will not achieve that goal due to changes in circumstances”.
Once the transfer is finalised, indexation arrears built up over previous years will be “largely” restored through a one-off increase.
The precise level of this structural uplift is expected to be confirmed in the coming months.
This article was first published on Pensioen Pro, IPE’s Dutch sister publication. It was translated and adapted for IPE by Tjibbe Hoekstra.
