Personal note
Dear Reader,
We look back on 2025, a particularly busy year. The theme of the annual report, ‘Resilience for Change’, is certainly fitting in this context. Hats off to the Executive Office, the Board, and everyone who has worked so hard with such dedication. The work was intense, and 'De Nederlandsche Bank’ kept firing off questions regarding the assessment of the implementation plans. Looking back on my early days as a Board member of TNO Pension Fund in 2015, I also remember busy periods with extra workshops and sessions. But those days pale in comparison to the workload of recent times.
How are we going to keep this up? By keeping our ultimate goal in mind, staying positive and not letting ourselves be overwhelmed by the amount of work. As chair, it is also my responsibility to keep us steady and calm. I personally experienced just how important it is to keep looking ahead when I had trouble with my shoulder a few years ago. I was out for a long time, but I knew it would all work out eventually, even if that took a tremendous effort. The same applies to all the preparations for the transition to the new system.
In 2025, we were also focusing on the transition, in addition to our day-to-day work at the Fund: after all, the shop does not close during this renovation. Thanks to a strong network of advisers and a structured approach, we remained focused on what we had to do. It was not a standard process as I know it from my work at TNO. It was tougher and more intense. Furthermore, this concerns the income of people who are retiring now and in the future. As the Board and the Fund, we bear a great responsibility. This is a major source of motivation for the Board and the Executive Office; we want to ensure a smooth transition to the new pension scheme.
A big thank you also goes to the Board, the Executive Office, the Supervisory Board and the Accountability Body. A lot of work had to be done, and I saw full commitment to Resilience and Flexibility. The thorough approach and high level of expertise applied to this implementation ensured high confidence in the transition to the new pension scheme.
After 1 July, the drop in intensity will take some getting used to for me, although there will undoubtedly be plenty to do. The Communications department will zoom in more on our performance as a fund. I expect to have a little more personal time. I look forward to reading, exploring the city or enjoy creating abstract paintings rather than plonking on the sofa late at night. I also hope to have enough time for another hobby too: as the self-appointed ‘berry chief’, I still enjoy looking after the raspberries and blackberries on the farm where I grew up. That means making jam and looking after sales in the farm shop.
Would I do another transition programme like that again? Absolutely. I am not someone to just look after the shop. I love making change, enabling innovation. I see the past few years, including 2025, with the preparations for the new pension system, as a really enjoyable time. It was about changes that matter, it has been very meaningful.
This annual report highlights the key events of 2025. It gives an impression of who we are, what we do and, above all, it summarises our accountability to you as a participant. Would you like to know more? Then please feel free to open the annual report.
Finally, I’d like to give you one more tip: take the time to find out more about your pension, because it’s so important, and it is actually interesting. What would you like to look back on later? What life do you want when you are looking back on all this? This Special gives you some guidance in this respect.
I hope you'll enjoy reading the magazine!
Nancy Westerlaken Chair of the Board of TNO Pension Fund