Nancy Westerlaken, Chair of the Board of TNO Pension Fund
Pensions: now and in the future
TNO Pension Fund by your side Your pension is your future. In light of this, it is important that you know how we administered the pension scheme last year. Where are we now? And are we ready for the future? Check out the 2022 image report for details on how the Pension Fund has fared. We’ve listed the highlights for you.
And what does the Supervisory Board think?
You might wonder why that’s important. Let’s explain. The Supervisory Board’s job is to oversee how the Pension Fund operates. It is responsible for internal supervision. Every year, the Supervisory Board reports on this in a separate section of the annual report.
Read its verdict Following a thorough assessment, the Supervisory Board, consisting of Theo Camps, Mila Hoekstra, and Jac. Kragt, indicated its overall view to be that TNO Pension Fund is well administered and managed. It also goes into more detail on a number of specific points.
2022: a year of considerable change 2022 was a year of considerable change, including in regulation and governance. This requires our attention and alertness. Changes on the Board also require a connection to different member groups and their evolving needs and preferences. Communication from the Pension Fund to its members is therefore particularly important.
Preparations for the new pension scheme Change will also come with the Future Pension Act. There is a huge amount of preparation to do for the new pension system, but this is well underway. Clear communication is extremely important here, too, in all the developments surrounding the introduction of the new pension scheme.
Management of TNO Pension Fund assets Another important issue is asset management. This involves high costs, which can be explained, but proper accountability remains important. This particularly concerns the explanation of the cost-return-risk pyramid. These three aspects need to be balanced. The knowledge and expertise of the expert committee and the administrative office especially must be and remain high.
If you would like more information, you can read the Supervisory Board’s opinion of the annual report on page 92.
We think it’s important to know how satisfied you are about your pension scheme. We are not just a pension scheme. TNO Pension Fund is a foundation and runs the pension scheme for TNO and all affiliated employers. We are there for all employees of those organizations, the pension beneficiaries, and former colleagues who still have their accrued pension at TNO Pension Fund. The Board represents the interests of all stakeholders.
Life & Pension, March 2022, ‘Your opinion matters’