On 21 November 2023, the decision of the Dutch Minister for Poverty Policy, Participation and Pensions (Minister voor Armoedebeleid, Participatie en Pensioenen) to adopt the revised Code of Dutch Pension Funds (Code Pensioenfondsen) was published in the Government Gazette (only available in Dutch).
The Pension Fund Code contains standards for good pension fund management. The Code is legally embedded in the Pensions Act (Pensioenwet) and the Decree Implementation Pension Act and Act on Obligatory Occupational Pension Scheme (Besluit uitvoering Pensioenwet en Wet verplichte beroepspensienregeling). Pension funds are required by law to apply the standards of the Code or to provide a reasoned explanation of which standards they do not (fully) apply and why, and to include this explanation in their annual report.
The aim of the revision of the Code of the Dutch Pension Funds is to keep up with the developments in society and to address three topics in particular: (1) stakeholder focus; (2), sustainability; and (3) diversity and inclusion.
The revised Code of the Dutch Pension Funds will enter into force on 1 January 2024.