Ban on value transfer for pension fund Trespa due to a disproportionate balance of interests

DNB wishes to state that at present time, a new decision on a proposed collective value transfer has been notified to DNB by the board of Trespa. In February 2025, DNB has informed Trespa that it would not make use of its power to prohibit that transfer. Trespa may therefore proceed with that collective value transfer.

Winding up of pension fund 

Trespa’s board has taken the decision to wind up the pension fund. A pension fund that is wound up is obliged to transfer all pension liabilities to another pension provider (a collective value transfer). This other pension provider may be an insurer or a pension fund. In the beginning of 2024, Trespa’s board opted to transfer all pension liabilities to an insurer. The pension fund must pay a purchase price to the insurer for this transfer of pension liabilities.  

Unilaterally to the benefit of older pension members

The total pension assets of the pension fund exceed this purchase price. Trespa’s board decided that the remaining pension assets would be used to purchase indexation coverage from the insurer. The insurer offered the pension fund a choice between a one-off indexation, a fixed annual indexation or a combination of both. Trespa’s board opted for a one-off indexation of 13.52% and a fixed annual indexation of 0.56%. The Trespa board’s choice primarily and unilaterally benefits older pension members (over 40-50 years old), the youngest pension members would however gain 0%.

No balanced consideration of interests 

Trespa’s board is required by law to take balanced decisions. Pursuant to Section 105(2) of the Pensions Act (Pensioenwet), this means that the interests of all pension members should be equally represented in the decision-making by Trespa’s board. DNB found that Trespa's board in its decision did not sufficiently demonstrate that this was a balanced decision.  

Conclusion: value transfer prohibited

Based on the above, DNB has prohibited this first collective notification of value transfer. 

Read the full ban on value transfer below (in Dutch), excluding confidential information. For further information, please contact DNB’s Information Desk at telephone number 0800 - 020 1068 (free of charge) or +31 20 524 9111 (if calling from abroad).