Overall 2023 was a fairly stable year, an important foundation for the changing future. The Future of Pensions Act is going to change the pension fund and also your pension.

Looking back 2023 was a fairly stable year. Financial markets were calm with interest rates rising. Also high price inflation seems to be behind us. Consequently, the policy coverage ratio increased to 130.5% in 2023.

This stable base is important for the changing future. With the advent of the Future Pensions Act, the pension fund and your pension are going to change in the coming years. The board therefore spent a lot of time in 2023 preparing for this new law. For example, we evaluated the fund and conducted a risk preference survey among participants. The evaluation showed that managing the fund has become more professional and intensive over the years. Therefore it requires more knowledge and, above all, time. In addition, participants indicate that they would like to be able to choose for themselves about the risk they are willing to run and that participants of the IFF Pension Fund stand for solidarity.

Together with IFF, trade unions and Works Council, we are discussing what the new scheme will look like and who will be the executor of the new scheme. In doing so, we are taking into account the results of the risk preference study. The board has an important responsibility to ensure that decisions about the future are balanced and that the interests of employees, former employees and pensioners are put first. But this also includes the interests of IFF.

During 2024, we will take you through the further developments in detail and what exactly this means for you.