double interview
What does it take to run a pension fund in a year of regulatory changes, IT renewal and investment uncertainty? Kenan Yildirim and Madeleine den Ouden share their experience of a year full of collaboration, coordination and careful decision-making.
“A key milestone for our fund”
Kenan: “Submitting the implementation plan to De Nederlandsche Bank (DNB) on 30 December 2024 was a key milestone. It’s a concrete step towards the future of our pensions, detailing how we plan to transition to the new pension system on 1 January 2026.” Madeleine: “It wasn’t easy. Everyone involved worked extremely hard to get the plan ready before year-end.”
Real collaboration among stakeholders
“To achieve results like this implementation plan, you need all stakeholders to stay engaged,” says Madeleine. “At key moments, everyone needs to deliver—whether it’s the board, the Accountability Body, key function holders or our partners at Achmea Pensioenservices. The entire consortium has to work together, align efforts, listen and respond. It takes a lot of coordination and teamwork.” Kenan: “All bodies worked constructively together, which is how we managed to hit our shared deadline.”: “All bodies worked constructively together, which is how we managed to hit our shared deadline.”
Staying focused on the real risks
Madeleine: “Preparing for the Future Pensions Act (Wtp) took a lot of time and energy in 2024. We had to submit a large number of documents to DNB, follow various administrative procedures, and so on. The challenge was to stay focused on the actual risks involved in the transition. As non-executive board members, we also have a supervisory role within the board — asking questions like: Is the governance in order? Are risks being properly balanced? It was a year of careful reflection, ongoing dialogue, and staying alert.”
Communicating with participants
“Communication with participants was another strategic priority in 2024,” says Madeleine. “And we’ve taken an innovative approach. The Shell funds won several communication awards this year, including the Pensioen Pro Communication Award, the title of ‘Pension Fund of the Year 2024’, and the PensioenWegwijzer Audience Award from Wijzer in Geldzaken for our Own it platform. We’re very proud of that. We also launched the CARE programme last year — Comfort and Retirement Ease — to guide participants step by step through the transition to the new pension scheme.”
IT crisis simulation completed
There was also a strong focus on IT and cybersecurity in 2024. Kenan: “To test the resilience of our systems in the event of a disruption or crisis, we conducted a simulation with several of our partners. The digital ecosystem of SNPS was put to the test. For example: who takes which role if the system goes down?” Madeleine: “It became clear that we have a strong foundation and that everyone knew their role and responsibilities.”
Exploring the potential of AI
In 2024, the SNPS board also took first steps toward exploring the use of artificial intelligence. Kenan: “We want to start experimenting on a small scale with the possibilities AI can offer our fund. We didn’t implement anything yet, but it’s a natural fit for a young and innovative pension fund like SNPS to explore the opportunities this technology may bring.”
Quarterly ESG forum
ESG (Environmental, Social and Governance) remained a key topic in 2024. Madeleine: “We held quarterly ESG forums at SNPS. One focus area was how we use data to evaluate ESG performance — for instance, assessing companies we invest in. These data analyses are now partially standardised, which allows us to monitor companies more effectively.” Kenan: “ESG is also more deeply embedded in our investment strategy.”
Preparing for a new chair
As of 1 March 2025, SNPS has a new chairman: Tjerk Huijsinga. Kenan: “The preparations for this took place in 2024. Tjerk spent more than 35 years at Shell. His last role ended in June 2024, when he served as Executive Vice President Investor Relations. He brings a wealth of experience and is a pleasure to work with. We’re looking forward to his leadership. At the same time, I want to thank Martin ten Brink for his outstanding work as SNPS chairman. Fortunately, Martin will continue as chairman of Shell’s other pension fund, SSPF.”
Kenan holds a degree in business economics, is a certified chartered controller, and completed his EMBA at INSEAD. Since 1999, he has held various financial roles within Shell, including Finance Director Shell South Africa and VP Finance Group Service Companies, where he led major transformation programmes. In 2018, he was appointed General Manager of Shell Pensioenbureau Nederland and executive board member of SNPS.
After completing her studies at Tilburg University, Madeleine worked for several years as an auditor at PwC. In 2014, she joined Shell, where she held various roles in Financial Accounting, Reporting, and Business Finance. Following earlier experience in the Accountability Body, she was appointed as a non-executive board member of SNPS in 2023.
