On July 1, 2027, Avery Dennison Pension Fund is expected to transition to the new pension rules
Your pension is set to undergo significant changes with the introduction of the Future of Pensions Act, which came into effect on July 1, 2023. In recent months, Avery Dennison and the Central Works Council (COR) have held discussions to facilitate the transition to a new pension scheme. The COR has approved this new pension scheme, following which the employer established a transition plan.

The transition plan outlines the agreements regarding the new pension scheme
The transition plan (pdf) (only available in Dutch) describes the key components of the new scheme, including agreements on the choice of contract, the content of the scheme, the premium levels, and the decision to transfer all existing pensions into the new scheme ("invaren"). Additionally, it sets out the objectives for this transfer and explains how the fund's assets will be allocated to individual pension capital. The plan also details how specific groups will be compensated to ensure they experience minimal or no negative consequences from the transition.

The board of the Avery Dennison Pension Fund will carefully review the transition plan and assess whether the proposed changes can be implemented. This will be formalized in an implementation plan. This process requires careful consideration and may take some time. Furthermore, supervisory authorities such as the Dutch Central Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM) must approve the execution of the transition agreements.

Moving forward together to a new pension scheme
What the new scheme means for you personally depends on your individual situation. The pension fund is working on a communication plan to inform all (former) participants and pension beneficiaries clearly and in a timely manner. Soon, the pension fund will launch a dedicated theme page on its website where you can find more information about the new scheme and the further process.