Interview chairman Martin ten Brink and executive board member Eveline Smeets

double interview

SNPS continues to move forward with preparations for the new pension system. Chairman Martin ten Brink and executive board member Eveline Smeets reflect on a successful year that saw strong investment results and high participant satisfaction.

On 30 December 2024, SNPS submitted its implementation plan for the transition to the new scheme to De Nederlandsche Bank (Dutch Central Bank, DNB). “That was a real milestone,” says Martin. “The final quarter of the year was all about preparing this plan. The Accountability Body gave positive advice on both the communication plan and the decision to transition, which enabled the board to take a final decision on the implementation plan. In March 2025, the confirmed that the communication plan complies with all legal requirements and does not need further revision. We expect a positive response from DNB. After all, SNPS already operates under the rules of the new pension legislation.”

Meeting DNB requirements
SNPS already largely operates in line with the new pension regulations. Eveline: “Technically speaking, there’s no real ‘transition’ in our case. Participants’ existing capital will simply be carried over into the new scheme, and their investment options will remain the same. That means nothing changes to the pension they’ve already accrued. Still, under DNB’s definition, we are required to formally transfer these pensions. So yes, that means a lot of additional — sometimes unnecessary — administrative work. It can be frustrating. But there’s no real alternative.”

Strong investment results
In 2024, SNPS delivered solid returns across all three investment portfolios: Return, Interest and Matching. Eveline: “The Return portfolio achieved a return of 16% in 2024. The Interest portfolio returned 4%, and the Matching portfolio -5%. The Matching portfolio is designed to hedge interest rate risk and is linked to our long-term liabilities. The system worked as intended. So yes, 2024 was a strong investment year for SNPS.”

More risk and return for retirees
In 2023, SNPS optimised its Return, Interest and Matching portfolios. Eveline: “This lowered the overall risk in the portfolios without reducing the potential for positive returns. As a result, in 2024, we were able to take slightly more investment risk for participants receiving pension benefits — aiming for higher returns to support future pension increases. This led to a return of 9% on investments for participants receiving pension benefits in 2024. Whether this positive result leads to an increase in 2025 depends on the individual participant. Results in the payout phase are spread over a five-year horizon.”

Participants rate us 8.4 out of 10
Participants once again expressed confidence in SNPS in 2024. Martin: “We received a score of 8.4 out of 10. That’s a strong result, especially considering the uncertainty around the pension system changes. Participants are satisfied with how we operate and with the level of service we provide. We’re proud of that.”

CARE: guiding participants step by step
As part of our participant-first approach, SNPS continued to develop the CARE-programme in 2024. CARE stands for Comfort and Retirement Ease. Martin: “After Shell Netherlands and the Central Works Council (COR) submitted the transition plan on 1 July, we immediately launched CARE. This programme helps participants prepare for their new pension step by step — through emails, webinars, in-person events and, where needed, personalised financial advice. We’ve partnered with Prikkl, an independent advisory firm with extensive experience in supporting participants through these decisions.”

New chair
2024 marked the final year of Martin ten Brink’s chairmanship at SNPS. On 1 March 2025, he passed the baton to Tjerk Huijsinga. Martin will continue in his role as chairman of SSPF. Under his leadership, SNPS achieved strong progress and positive investment results. The board thanks Martin for his dedication and looks forward to his ongoing contributions at SSPF. Martin: “I wish Tjerk every success in his new role. SNPS is well-positioned for the new pension system, and I’m confident that Tjerk will lead the fund to even greater heights.”

About Tjerk Huijsinga
Tjerk Huijsinga was appointed independent chairman of SNPS as of 1 March 2025, succeeding Martin ten Brink. He brings over 35 years of experience at Shell, most recently serving as Executive Vice President Investor Relations until June 2024. Tjerk also chaired the Supervisory Board of Shell Nederland B.V. in The Hague for nearly three years. His strategic insight and broad financial expertise will be of great value to SNPS.