Pensioenfonds PGB welcomes more than 30,000 employees, former employees and pensioners from the travel sector on 1 January 2021. Pensioenfonds PGB is pleased with their arrival and will be sending out the first welcome communication from the end of December and the beginning of January. The current pension fund, Reiswerk Pensioenen, will be discontinued after the transition. Social partners from the travel sector and Reiswerk Pensioenen have already agreed this with Pensioenfonds PGB.
Transition has been approved
The transition required the approval of the regulatory the Dutch Central Bank (DNB) and the Ministry of Social Affairs and Employment. The procedures with these bodies have now been completed. Both the Dutch Central Bank and the Ministry of Social Affairs and Employment have given their approval.
Why did the travel sector switch to another pension provider?
The main reasons for the switch are the better pension prospects for participants in the travel sector at Pensioenfonds PGB and the relatively high administration costs at the smaller pension fund Reiswerk Pensioenen. Employees in the travel sector will accrue more pension with Pensioenfonds PGB in the future.
More clout through growth
“Pensioenfonds PGB is pleased with the arrival of the new participants”, says chairman of the board Jochem Dijckmeester. “From next year, we are ready to help these new participants with all their pension matters. By broadening the pension fund we have created more clout in recent years in investing the pension assets of our participants and in investing in our services and administration. This benefits both the new and our existing participants.”
Unfortunately, we need to reduce the pensions of the Travel sector
Reiswerk Pensioenen’s financial position is not as good as that of Pensioenfonds PGB. In order to make the switch possible, a reduction of the accrued and payable pensions in the travel sector is unfortunately necessary. This is because the current participants of Pensioenfonds PGB should not suffer any disadvantage as a result of the switch. If Reiswerk Pensioenen continued to exist, a reduction of the pensions in the travel sector would also have been necessary at some point. Both pension beneficiaries and participants will receive a letter from Reiswerk Pensioenen about the reduction in December and January respectively.
Pensioenfonds PGB will send a welcome message
Participants, pensioners and employers will receive a personal message from Pensioenfonds PGB to welcome them and give them information about what the switch means for them.