Personal note
Dear Reader,
It’s so nice when you can help each other. I grew up on a farm in Rijswijk, North Brabant. My parents had a shop near the farm where they sold apples and pears. I often used to help out there. That was actually just a matter of course. Here in Utrecht where I live now, you see that as well. Together, you look out for each other and the neighbourhood so that it stays safe and clean, for example.
That sense of commitment also typifies the organization of the Pension Fund. This ranges from the Board of Trustees, the Accountability Body, the Supervisory Board and the administrative office to the employer TNO and the TNO Works Council. I greatly appreciate how everyone is going the extra mile – on top of all their regular work – to box and shape the transition to the new regime. There is a very strong drive to do well together for all participants.
I also think that really fits with the drive of TNO people, where scientists are committed to social issues and want to do something good for the society, the people and the environment. And actually, that is precisely what appeals to me about the Pension Fund: the solidarity of the pension scheme.
Because whether you are still working or already retired: we look out for each other. We are also bringing that mindset back into the new scheme. In setting this up, we are looking at establishing a so-called 'solidarity reserve’, for example. This is a buffer that we want to use for when the financial markets take a turn for the worse, to absorb shocks in the level of your pension benefits, making the chance of having to cut benefits very small (and also smaller than in the current pension system). This same solidarity reserve also protects members close to retirement from major shocks in the market. In this way, we are all making great strides together.
Last year, we once again achieved a great deal. In this Special Edition of Life & Pension, we take you through several highlights of 2023. This Special Edition gives an impression of who we are, what we do, how we do it and, above all, summarises our accountability to you as a participant or pensioner. And would you like to know more? If so, be sure to open the annual report published recently.
I hope you'll enjoy reading the magazine!
Nancy Westerlaken Chair of the Board of TNO Pension Fund