The year 2024 was a fairly stable one in which the board was particularly busy with the future of IFF Pension Fund. Because of the Future of Pensions Act, choices had to be made about the future design of IFF's pension plans. This changes the future accrual of your pension for you.

Financially it was a stable year. The financial markets were relatively calm in 2024. The funding ratio continued to increase from 130.7% to 130.9%. This good funding ratio allowed the board to grant an increase of 2.34% as of January 1, 2025, which was 91% of price inflation (based on the consumer price index of October 1, 2024).

Due to the new pension act, choices had to be made about the future design of IFF's pension plans. In late 2023, IFF informed the IFF Pension Fund Board that it did not want the future plan to be administered by IFF Pension Fund. In addition, the IFF Pension Fund board determined that independent survival was not feasible.

Following this decision, the process began to explore future options. The interests of participants and their accrued pensions were central to this process. The conclusion was that a transfer of the current scheme to 'Algemeen Pensioenfonds Stap' is the best choice. Hereby, the current pension scheme of the IFF Pension Fund will be continued unchanged through a collective value transfer as of October 1, 2025. Thereafter, the IFF Pension Fund will ‘go into liquidation’ and cease to exist after an impressive history of over 80 years.