The voice of the VO
During the year, the Accountability Body (VO) advises and assesses the Board. For the VO, 2025 was no ordinary year. It was a year of major decisions – decisions that might normally come along once every twenty years, but which were now on the table simultaneously. Daphne Urlings (NMi), a VO member for eight years, and Arthur Vromans (TNO), an observer since October 2025, look back together on that intense but ultimately hopeful year.
Who are the members of the Accountability Body?
First of all, it is good to know that the VO comprises of nine members: three on behalf of the employees, three on behalf of the pension beneficiaries and three on behalf of the employer. Each and every one of them are employees and pensioners who, in addition to their jobs or pensions, are committed to looking after the interests of all TNO Pension Fund participants. Daphne is a VO member and works at NMi (formerly part of TNO Bedrijven), one of the member organisations of TNO Pension Fund. Daphne has served as the VO Secretary since 1 July 2025.
As a number of VO members left the organisation before the end of their term last year, there are currently a number of observers at the VO. Waiting for the next election on 1 July 2026 would have taken too long with multiple vacancies. This way, the observers can join in the meetings with the VO before being granted their voting rights. Arthur is one of these observers.
2025: debate and emotions flaring up
For Daphne, 2025 was without a doubt the most intense time in her eight years as a member of the VO. It was the year of turning the plans into reality, and the VO received a Request for Advice on the proposed implementation decree for the Future Pensions Act. This included, amongst other things, the Transition Plan and the objectives, ambitions and methodology for the new pension scheme.
This entailed complexity in terms of content while discussions and emotions flared up. "The decisions we had to make regarding the new pension scheme are the most consequential ones of the last twenty years," says Daphne. “Whereas the VO had almost always been able to make decisions unanimously, that was no longer the case.” It had never happened before that a decision had not been reached unanimously. Some members of the Executive Committee did not serve their full term, partly because it was such an intense year in which the differences in interests became particularly apparent.
A conversation about a turbulent year, confidence in the Fund and what a pension really means.
The Fund’s resilience
"TNO Pension Fund is in good shape. We have enough to share some out, which does make things easier," says Arthur enthusiastically. Daphne explains that there is a surplus that can be distributed on a one-off basis during the transition to the new pension scheme. That’s good news, and it’s also good for the Fund’s resilience. However, the distribution process is complex and is hard to explain in a nutshell.
This is compounded by the indexation backlog, which is the sum of all missed indexations over recent years. The indexation shortfall is currently around 10 per cent, but unfortunately it can no longer be compensated. “With the launch of the new pension scheme, we are, as it were, starting with a clean slate,” says Arthur. “You can also rest assured that the new pension scheme will be based on the same standards and values, and will aim to ensure fairness for absolutely everyone,” adds Daphne.
Brief outlook
This is the year of implementation of the new pension scheme. De Nederlandsche Bank has given the go-ahead. The focus is now on implementation. “It is, however, just as busy as last year, even at this stage. We have two systems in one year," Arthur emphasises. Resilience really matters. How do we deal with the changes around us, from changes in global politics to changes closer to home? Flexibility remains essential, but it is clear that Arthur and Daphne are certainly confident.
"One day a week, you work to earn your pension"
When asked what Daphne and Arthur would like to share with their readers, several suggestions are put forward. First of all, Daphne emphasises that you can rest assured that the TNO Pension Fund is very prudent and is not an aggressive investor. “However, under the new pension system, more responsibility is shifted towards the participants,” adds Arthur. In the past, you could be more or less certain of what you would receive later on; the employer could even be required by law to make additional payments if things went wrong. In the new situation, an agreement is reached on how much is to be invested. What you will receive later depends on the performance of the investments. “That makes taking part in the Pension Fund’s surveys all the more important.
Investment choices, from defensive shares to sustainable projects, from bonds to private equity, will soon have a direct impact on participants’ individual pensions,” Arthur emphasises. “Pensions are an extremely important issue,” Daphne also points out. “One day a week, you work to earn your pension: 20% of your gross wages. That is a huge amount. That shows you just how important this theme is. Unfortunately, few people are aware of this.”
What does pension mean for Arthur and Daphne?
Daphne has been actively involved in accrual of her pension since the start of her career. If possible, Daphne would like to phase out her work gradually, pass on her knowledge and then go on a long trip to a sunny country. It puts her mind at ease to know that everything is sorted out properly.
Arthur was brought up to believe that it is important to make proper arrangements for your pension. “I saw first-hand what can go wrong: people who are forced to carry on working after reaching retirement age because they did not accrue enough pension.” Furthermore, Arthur takes a down-to-earth, realistic view of his future. He loves skiing and would love to spend the whole winter sports season on the slopes, but he’s also seen how those around him started their retirement with grand plans, only to find that they turned out to be busier than they had expected. You might think you have time, but there are so many other factors, such as family care responsibilities, that start to take precedence, leaving you with very little time. “The reality of retirement is more complex than you might initially think, but the basics simply have to be right. And that is absolutely the case for TNO Pension Fund.”
Task of the VO
The VO’s task is to assess whether balanced consideration of interests formed the basis of the Board’s decisions and proposed decisions. In other words, whether the interests of all stakeholders have been taken into account. It is a responsible job. People at a distance from the Fund scrutinize the decisions made by the Board. The interests of young members, older participants, former participants and pensioners are considered, and the extent to which it is balanced is considered with due care.
The opinion of the Accountability Body
The Accountability Body’s opinion on 2025 is set out on page 97 of the annual report (in Dutch).