Code Pensioenfondsen weer actueel

The Pension Federation and the Labor Foundation have revised the Pension Fund Code, which will come into effect on 1 January 2024, with pension funds expected to implement the norms by 31 December 2024, and report on their actions in the 2024 annual report.
Pension funds, being financial institutions with a social purpose related to pension benefits, are expected to balance financial considerations with their social mission in their governance.
The Pension Fund Code was first published in 2014 with the goal of improving the quality of pension fund governance. The code covers various themes, including caring for stakeholders‘ pensions, effective governance, supervision, accountability, and the effective functioning of fund bodies. It also addresses the importance of diversity, inclusion, and learning capability within pension fund teams.
The Code serves as a crucial tool for the self-regulation of pension funds and needed updating to align with rapid societal changes, such as diversity, inclusion, and the increasing focus on sustainability.
To further promote diversity and inclusion in in the pension sector, a special task force on diversity and inclusion will be established. The revised code emphasizes the importance of diverse teams for effective pension fund governance.
The updated code requires boards to report their efforts throughout the year to enhance diversity and inclusion, fostering self-reflection, explanation, and increased diversity among fund boards.
Other changes in the revised code include increased attention to vision, mission, and strategy in response to societal developments, as well as clear choices in sustainability and investment policies. The code also focuses on choice guidance for participants.
The key principle of the code is that pension funds should transparently demonstrate how their decisions align with stakeholders‘ interests, especially during the transition to a new pension system.
Pension funds play a role in ensuring both current and future pensions by investing funds. The code emphasizes the provision of clear information on investment choices, considering long-term effects on people and the environment, and taking into account participant preferences.