The Wtp transition: Lessons learned from Bas van Ooijen (Pensioenfonds Horeca & Catering)
This special was originally written in Dutch. This is an English translation.
Bas van Ooijen, Head of Investment Management at Pensioenfonds Horeca & Catering, made the switch to the new pension system on 1 January 2026. He shared his experiences with Financial Investigator.
By Esther Waal
How did the transition go?
‘The transition to the new pension scheme was an intensive process, of which the ‘asset transition’ was only one part. The starting point for that asset transition was the establishment of an age-dependent investment policy that matches the risk appetite of the participants. A transition investment policy was then drawn up to make a controlled transition from the old investment mix to the intended investment mix. It was a long period of careful preparation. After all, the actual liquidity on financial markets around the time of the transition was uncertain. We were able to shape the asset transition in favourable market conditions with good liquidity. This meant that the asset transition went well for us.’
Why was January 2026 chosen as the date for the transition?
‘The transition date was ultimately the result of consultations between social partners, the fund board and the implementing body. Once again, the asset transition was only one part of the process. Obviously, the financial situation has an impact on the transition. We were able to make the switch from an excellent financial starting position: a coverage ratio of 155%. A very good moment for the transition to the new scheme.’
Were any adjustments to the portfolio necessary?
‘Yes, definitely. The investment mix in the new pension scheme has a slightly different composition. The biggest adjustments were needed in the investments that contribute to managing interest rate risk. We opted for a slightly different distribution across investment categories. In addition, as a result of the age-dependent allocation of guaranteed returns and the chosen allocation rules, a lower degree of interest rate hedging is required.’
The most significant adjustments were required in the investments that contribute to managing interest rate risk, where we opted for a slightly different allocation across investment categories.
To what extent will the portfolio change in the new situation?
‘We were able to implement most of the changes around the time of the transition. Changes in the less liquid investment categories will be further developed in the coming period. Under the new pension scheme, for example, we are investing slightly more in Dutch mortgages. This is a change that will take a little longer to implement. We do not foresee any major changes at this time.’
What are the most important points of attention now after the transition?
‘Actually, the most important point of attention is the implementation of the new scheme. There is more interaction between pension administration, investment administration and asset management. We pursue an age-dependent investment policy in which the returns are allocated to our participants’ personal pension assets via allocation rules. This exchange of data between the various departments has, of course, been well prepared. After the transition, the time has come to actually do it. We are also preparing the transition communication to all participants, in which we will show them in the second quarter what the transition has actually meant for them.’
What is the most important lesson for parties that are yet to make the transition?
‘Start your preparations in good time. When working out the details, keep an eye on different scenarios and discuss changes and new working methods thoroughly with all parties involved. Ensure you have a recognisable and sufficiently detailed roadmap and good cooperation with short lines of communication between all disciplines involved in the transition.’
Read the original special in Financial Investigator magazine
