Transition plan: the basis for the transition to your new pension scheme

As an employer, you are required to prepare a transition plan, which forms the basis for the transition to the new pension scheme. This transition plan should include all choices with the pros and cons, considerations and calculations showing effects of the transition (where needed by age bracket). You are responsible for the timely and complete delivery of the transition plan.

This plan must be ready by 1 October 2027, if you choose to change your pension scheme at the last possible moment (1 January 2028). If you choose to keep your current defined contribution scheme with a contribution that increases with age, you are not obliged to deliver a transition plan, but this still is advisable in order to comply with your obligation to inform your employees of the changes made to your pension scheme.

To help you, a transition plan template is available that you can use as a basis for your own transition plan.

Do you have a pension scheme with an insurer or premium pension institution? The transition plan template can be found here.