The supervisory authority, De Nederlandsche Bank (DNB), has approved the transfer of all pensions of all our participants to De Nationale APF. We call this a collective value transfer (CWO).
What stays the same?
Your pension remains unchanged and will be transferred to De Nationale APF
Your pension will be transferred to our dedicated group within De Nationale APF. De Nationale APF will maintain the same pension scheme as we currently have. The financial policy will also remain unchanged, and the funding ratio at the time of transfer will stay at the same level (read more about our funding ratio). So, nothing will change for your personal pension situation. Your pension will be transferred in one go and with great care.
Are you currently incapacitated for work and entitled to non-contributory pension accrual? In that case, NN CDC pays the contribution for this. This will soon be taken over by De Nationale APF.
No financial changes
The amount of pension you currently have with NN CDC will remain exactly the same at De Nationale APF. This is because your pension scheme will stay the same.
Are you already receiving a pension? You will receive this pension from January 2026 directly from De Nationale APF.
No changes in service
De Nationale APF uses the same pension administrator (AZL) as NN CDC. As a result, the service you receive will remain just as you are used to.
What will change?
Dedicated group for NN CDC
De Nationale APF includes multiple employers, each with their own pension scheme. These schemes are divided into separate groups. NN CDC will have its own dedicated group, without other employers. This means our assets will be kept separate from those of other employers and pension schemes.
However, general matters are shared across all groups. For example, the board is centrally organized. This helps reduce complexity and costs.
Accountability body at NN CDC becomes Stakeholder body at De Nationale APF
The Stakeholder Body (BO) represents employees, pension beneficiaries, employer NN, and trade unions. Its members — including current board members — have been nominated by social partners, the Central Works Council (COR), and the NN Accountability Body. The BO has advisory or approval rights on important decisions.
Indexation 2026
NN CDC will determine the increase of your pension in 2026
The amount of the indexation will be announced in January. It will already be included in your final pension statement from NN CDC. The same amounts will also appear on your first pension statement from De Nationale APF.
If you are already receiving a pension, you will not receive the increased pension until May or June 2026. At that time, you will also receive a retroactive payment from January. Until then, your pension will remain the same as the amount in December 2025.
What’s next?
- In January, we will inform you about the increase of your pension in 2026.
- In the first quarter of 2026 De Nationale APF will send you a welcome letter. This letter will contain all the information about your new pension provider — for example, where and how to contact them, and how to view your pension accrual online, just like you could with our pension fund. Until then, you can reach us using the familiar contact details at the bottom of this letter.
- In the second quarter of 2026, you will receive your final pension statement including the 2026 indexation (final Uniform Pension Overview [UPO]).
- If you are already receiving a pension, you will also receive in the second quarter of 2026, your increased pension with a back payment from January.
- After that, De Nationale APF will send you in the third quarter of 2026 your first pension statement (start UPO). The pension amounts on the final UPO and the start UPO will be exactly the same.
After these steps, the CWO will be completed. Your pension will then have been transferred to De Nationale APF. After that, the pension scheme will be converted to the new pension rules. De Nationale APF will provide you with further information about this. The intended date for the transition to the new pension scheme is July 1, 2027.
Why De Nationale APF?
De Nationale APF is a general pension fund that includes multiple employers from various sectors. Its scale allows for more efficient and cost-effective administration. Policy participation through the Stakeholder Body is well-organized at De Nationale APF.
By transferring to a dedicated group, the NN CDC pension scheme is separated from the schemes of other employers. De Nationale APF was willing to adopt both the pension scheme and the service provision on a one-to-one basis. This ensures that your pension can be transferred without any changes.
With the transfer to De Nationale APF, we have found a future-proof solution for your pension. De Nationale APF uses the same service provider, which means the costs and risks of the transfer are relatively limited. Moreover, the culture and people at De Nationale APF are a good match for NN.
For NN CDC, it is also important that De Nationale APF will implement the new pension scheme under the Future of Pensions Act (Wet toekomst pensioenen – Wtp). The agreements made regarding the new scheme will remain unchanged, and the intended start date is still July 1, 2027. This has been agreed upon with the social partners and NN CDC. The Stakeholder Body will oversee the transition to the new pension scheme. De Nationale APF will inform you about what will change and what will remain the same.
Who is involved in the decision to carry out the CWO to De Nationale APF?
This CWO is the result of thorough research into all available alternatives. Our Supervisory Board and Accountability Body were involved in this process and have approved the decision. The employer and trade unions (social partners) also participated in the evaluation and support the choice for De Nationale APF.
Following this, the proposed transfer was submitted to De Nederlandsche Bank, the supervisory authority for pension funds, for review. DNB granted permission for the CWO to De Nationale APF.
What do the chairperson of NN CDC and De Nationale APF say about it?
Quality of service guaranteed
NN CDC Pensioenfonds has been a fully closed pension fund since 1 May 2023, and has approximately 13,000 participants and an invested capital of around 1 billion euros. Derick le Roux, chair of NN CDC Pensioenfonds: “After a thorough analysis we have chosen to place the accrued pensions with De Nationale APF as from 1 January 2026. De Nationale APF was the best suitable solution for NN CDC. By choosing an own circle within De Nationale APF, in combination with the trusted implementation by AZL, the quality of the service will remain guaranteed. Both now and in the new pension system.”
Smooth transfer
Margreet Teunissen, chair of De Nationale APF: “We are proud that NN CDC Pensioenfonds has chosen De Nationale APF. Together with the board of NN CDC we will realize a smooth transfer for all participants. We offer the participants a high-quality service. Personal and future-oriented; we bring it all together.”
About De Nationale APF
De Nationale APF is a general pension fund (in Dutch: Algemeen pensioenfonds, APF is the abbreviation) with an independent joint board and an independent governance structure. Since 2016 the pension fund has a license from the supervising authority De Nederlandsche Bank. AZL (part of NN Groep) and Goldman Sachs Asset Management (GSAM) are affiliated as strategic partners to De Nationale APF. De Nationale APF currently implements the pension schemes of 8 clients, with an invested capital of approximately 3.8 billion euros. As of 1 January 2026 Stichting Pensioenfonds Cargill will transfer to De Nationale APF bringing the invested capital to approximately 5 billion euros. With NN CDC Pensioenfonds joining, the invested capital will grow to approximately 6 billion euros and the number of participants to approximately 51,500.
What is Algemeen Pensioenfonds (APF)?
An APF is a general pension fund (in Dutch: Algemeen pensioenfonds, APF is the abbreviation) that implements one or more pension schemes. An APF offers two options. A pension fund can place its capital separately from the capital of other pension schemes. Or it can place it with the joint capital. If it is separately placed, the pension fund has an ‘own circle’. In a joint circle the capital and the risks are shared with others. An APF offers economies of scale, professional implementation and flexibility in the organization of pension circles.
NN CDC will opt for an own circle. That way, our pension capital is separately placed from the capital of other pension funds. An own circle offers more control by means of a stakeholders’ body.
Why does my pension fund transfer to an APF?
We have been a fully closed pension fund since 1 May 2023. This means that you do not accrue pension with us anymore. You and your employer do not pay us contribution for your pension anymore. So there is no longer income from there. The pension fund is too small to survive independently. That is why we opt for an alternative and sustainable pension solution.
We believe the best solution is to transfer our capital from the pension fund to an Algemeen pensioenfonds (APF). For this purpose NN CDC Pensioenfonds opted for De Nationale APF. This means that your pension with NN CDC Pensioenfonds will also be moved there. Other solutions are less attractive for several different reasons.
What will change for me as a participant?
In principle, nothing financially will change in your pension. Your pension scheme will remain the same. What is new, is that the De Nationale APF will implement the pension scheme later on. From that moment on, you will receive communication from the APF. AZL will remain the trusted administrator of the pension scheme.
Will the pensions also be transferred to the new pension?
The pensions will not yet be transferred to the new rules for pension. The pensions will first be moved to De Nationale APF in one go. This is a collective value transfer. At a later stage the accrued pensions will be moved to the new rules for pension. This will be on 1 January 2028 at the latest. We agreed with De Nationale APF that they will implement the new pension scheme the same way as NN CDC would have done.
Is my pension safe with an APF?
Yes. De Nationale APF is under the supervision of the Dutch Central Bank (De Nederlandsche Bank (DNB)) and the Netherlands Authority for the Financial Markets Autoriteit Financiële Markten (AFM)). De Nationale APF has to comply with the same strict rules as other pension funds.
Can I object against the transfer?
No, this is not possible. This is the decision of NN CDC. NN CDC extensively studied all alternatives. We consulted with our Supervisory Board, our Accountability Body, and the employer NN. The request for advice and the request for approval were sent to these internal supervisors mid August. Subsequently DNB, as external supervisor of pension funds, will evaluate the transfer. This will also include the evaluation of the communication about the transfer by AFM.
What will happen with my pension?
Your pension will be moved to De Nationale APF. It will be placed in an own circle within the APF in order for your entitlements to remain separate from other schemes. If you already receive pension from us, then you will continue to receive your pension as you are used to now. In the course of time De Nationale APF will take over the communication and the payment of your pension. You will be informed timely about this.
Why is our fund not transferring to Pensioenfonds ING?
This is partly related to the financial position of our pension fund. Our financial position is healthy. But our funding ratio is lower than the funding ratio of Pensioenfonds ING. If we transfer to Pensioenfonds ING before the introduction of the new rules for pension, it will be disadvantageous for our pensions. Currently, the funding ratios are gradually converging. However, there are other factors that influence the decision as well. For example, both funds have different participant bases, which means different policy choices have to be made, both now and in the future.
It is not an option either to first implement the new pension rules ourselves and then transfer to the ING Pension Fund. That would require us to continue operating as a fund for several more years. That is not desirable, because we are already too small to continue independently for a longer period of time. It also means that it will generate high costs.
Why is our fund not transferring to BeFrank?
We want to offer a total solution for everyone. If we would transfer to BeFrank, there would be a problem with our current participants who are now receiving pension. BeFrank is unable to take over the payment of the current pensions. So another pension provider would have to take over those payments. We have found that this would mainly be disadvantageous for participants who are currently receiving a pension and who have a lower pension. That is something we do not want — we are and will remain united in solidarity.
Where can I direct my questions?
Until January 1, 2026
phone: Pension Desk 088–116 2421
email: pensioenloket@nncdcpensioen.nl
After January 1, 2026
phone: De Nationale APF 088 – 116 3063
email: denationaleapf@azl.eu
