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In late September and early October, PDN, DSM, and labor unions conducted a joint survey among all PDN members. The survey asked about members’ preferences regarding certain elements of the future pension scheme, which is also known as the ‘new pension system’. The results of the survey will help social partners (the employer and labor unions) to make choices in relation to the new pension system. We would like to thank everyone who completed the survey. The high response rate shows that you think this is an important topic.

Over 3,600 active members (employees at DSM and its affiliated companies, which were part of DSM in the past), deferred members (former employees but not yet retired), and pensioners completed the questionnaire. This means that about 20% of all members completed the survey. This is a very high number compared with other funds, and it is also a representative proportion of all members.

Outline of the results from the survey:

• There is a consistent picture. The two groups of active members (at DSM and at affiliated companies, which were part of DSM in the past), pensioners, and deferred members have largely similar preferences. There are limited differences between age and income cohorts.
• Active members, pensioners, and deferred members trust PDN, feel welcome and secure, and are particularly satisfied with the information that they receive from PDN about their pensions. Younger members are more distant from PDN.
• The trust they have in PDN and the trust they say they have in the new pension system are poles apart. It is unclear what the new system will mean for PDN members and pensioners, and respondents have little trust that this transition will be beneficial for them.
• A fixed benefit pension scheme is preferred by all groups, and a majority would prefer a share in the joint PDN pension pot (rather than an individual pot). These elements are also felt to be the most important in a new pension scheme.
• Preferences as to who should set the investment policy (PDN or each member themselves) and whether the fund should maintain a buffer are fairly evenly divided. However, members think that these elements are less important in a new scheme.

This information provides the social partners with a clear picture of the views and preferences of PDN’s members. The social partners must now take the results from the survey and apply them to create an appropriate future pension scheme.

As ever, PDN will use the PDN website, PDN Magazine, and its regular newsletter to keep members, pensioners, and deferred members updated on developments regarding the new pension contract.

Click here for more information about the new pension contract or click on the button on PDN’s website.