Despite the pandemic, the year 2021 turned out to be a very good year for us. Under difficult circumstances, we managed to bring in a very good return of almost 10%, and with a policy funding ratio exceeding 125% we are also out of recovery. DNB wants us to have at least 123%, so we are now well above that. The monthly funding ratio is even above 130%. This actually happened much faster than we could have dreamed in March 2020 when the pandemic in Europe reached full intensity and financial markets plunged. Last year, we were able to offer partial indexation and now we can again promise full indexation as of 1 January 2022, being 75% of the price index and no higher than the wage index. This totals 1.75%.
The difficult circumstances have not prevented the fund and the administrators, TKP and Blue Sky Group (BSG), from working fully and successfully on the transition from TKP to BSG.
The transition is set to take place on 1 January 2022, as planned. As of that date, all members’ rights will be administered by BSG instead of TKP. We are doing everything we can to ensure that members are affected as little as possible by this development. But the last mile is the longest, of course. Due to the transition, some checks may still be required and the pension planner will not be available immediately from 1 January, but we assume that this will not take more than a few weeks. The website provides up-to-date information and tells you what to do if the planner is not available. I would like to thank Helmy Bakermans in particular, but also the BSG and TKP teams for their massive efforts and this enormous achievement.
Finally, a few words about the pension agreement. All funds and employees in the Netherlands are looking forward to this, and Mars Pensioenfonds is no exception. We are in regular consultation with the company and exchange ideas about this. The Pension Board has already organised several knowledge sessions based on draft legislation to understand exactly what will happen. However, the final wording of the act still has to be submitted to the House of Representatives and that is not expected before the end of 2022. If legislation is subsequently approved in the House of Representatives and then in the Senate some time in 2023, decisions will have to be made, based on proposals from the company that we will, as always, review constructively.
Members may assume that the board will do so armed with the relevant and correct know-how and supported by our actuarial and legal advisers, and with the customary balancing of interests in mind.
A good financial position will help us enormously in that transition, which is still relatively far away.
For now, I wish you all a Merry Christmas and all the best for 2022!
William van Ettinger
Chairman of Mars Pensioenfonds
