The activities of the Board are monitored by the Supervisory Board. The Supervisory Board monitors for example the policy, adequate risk management and a well-balanced evaluation of interests. The Supervisory Board consists of three members.

Composition

Effective Board performance, internal supervision and accountability are essential for good pension fund management.

The SB appreciates the commitment and dedication with which the Board managed the preparations for the transition to the new scheme in line with the Future Pensions Act over the past year. Important steps have been taken in establishing a balanced framework, risk appetite and decisions about data quality. With respect to the latter topic, a partial assessment has been requested from DNB. The final adoption of the Transition Plan by the social partners has been delayed, which means that the moment of transition is also likely to be postponed. In the coming year, the Board will continue to focus on the Future Pensions Act decision-making process and the further preparations for this.

As well as the focus on the Future Pensions Act, important steps were also taken in 2024 with respect to socially responsible investing, controlling IT risks, the fund’s interpretation of the 2024 Pension Fund Code and monitoring DPS with a constructively critical eye as an independent pension administrator.

The Supervisory Board once again concluded that the decision-making process is both careful and balances the various interests involved.

In this context, the SB recommends that in 2025 the Board: 

1. Proceeds in 2025 with the SWOT analysis previously recommended by the SB in response to the fund’s mission, vision and core beliefs, which were reviewed in 2024. The Board should also explore SPF’s strategic options after the transition.
2. Evaluates the structure and operation of the various key functions and reviews them if necessary.
   a. Focuses on the important role of the key functions in the Future Pensions Act process, particularly the deployment of the Internal Audit Key Function.
   b. Examines how the structure and working methods of the Risk Management key function holders and implementers can generate more value for the quality of the Board’s decision-making.
3. Continues to align the ESG policy with member preferences, in light of societal developments.
4. Makes explicit use of the balance framework in the decision on the transition to the new system in the context of the Future Pensions Act and, when justifying other decisions under the Future Pensions Act, focuses as far as possible on balance aspects.
5. Prioritises in the coming period the careful formulation, implementation, monitoring and, where necessary, any necessary adjustments to the communication policy both as part of the implementation plan and for the period after the transition.
6. Ensures adequate quality control of the transition template and implementation plan.
7. Continues to focus on ensuring sufficient capacity at DPS.
8. In consultation with DPS and the other external service providers, develops a well-defined target operating model that is endorsed by all involved external service providers and that the Board can use to agree further SLAs with these parties.
9. Develops a vision on the future service concept (after the Future Pensions Act) including the costs associated with that concept. This will help the Board when discussing future services and costs with external service providers.
   
   The full text of the Supervisory Board’s findings and recommendations and the response of SPF’s Board can be read in SPF’s annual report (PDF in Dutch only).