4 weeks Ago
The Pension Funds Transfer and Management Concerns
The pension reserves were transferred from Optas to Aegon with minimal explanation to the workers. Aegon, after receiving approval from DNB, took over management of the pension funds, but this move raised significant concerns. Schoonderwoerd, who had been a participant in the pension fund, discovered the transfer through an ad in a Dutch newspaper, which assured workers that the conditions would remain unchanged. This led to a closer examination of the situation, revealing that Aegon had begun redirecting reserves that were initially meant for pension increases.
The pension fund's history goes back to the 1990s when the Pensioenfonds voor de Vervoer- en Havenbedrijven had a well-funded pool. However, as port jobs declined, the fund was depleted through early retirement and other measures. In 1996, Optas took over management, and the pension payouts became stagnant, despite accumulated reserves. Aegon acquired Optas in 2007 for 1.5 billion euros, and the workers began fearing that pension increases would not be honored.
Legal Actions and Calls for Reform
In 2018, it became clear that Aegon was trying to access a 2.4 billion euro reserve meant for pension increases, which raised further alarm. Schoonderwoerd initiated legal proceedings, but DNB dismissed her concerns, stating that she lacked legal standing. Several court cases followed, with a 2019 ruling criticizing DNB for its lack of transparency in the merger process. In 2023, a court ruling confirmed that DNB had failed in its responsibility to protect the workers' interests.
Schoonderwoerd is now pushing for the merger to be declared invalid and for Aegon to return the reserves to the workers. She is also advocating for changes to pension laws to ensure better oversight of pension funds by the DNB. She has warned that the current pension system is at risk, stressing that the situation must be addressed urgently to restore public trust in the pension system and in DNB's ability to oversee such funds.
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