We’re getting a new pension scheme

The government introduced new pension rules on 1 July 2023. Your pension scheme will change as a result of these new rules. The Board of Trustees has carefully assessed the agreements in the transition plan between KLM and the unions. After all, it is crucial that the agreements are understandable, feasible and balanced for all participants, and that the pension scheme can be run at an acceptable cost. The Board of Trustees is pleased to conclude that we can accept these agreements. We have incorporated them into what is referred to as an implementation plan. This plan outlines how we are preparing for the launch of the new pension scheme.

The key changes at a glance

• KLM and the unions have opted for a solidarity pension scheme. The emphasis in the solidarity pension scheme is on collective investing and shared risk-taking. 
• All accrued pensions will be transferred to the new pension scheme and converted into personal pension assets. 
• The personal pension assets are converted into a lifetime pension on your retirement date. Unless you choose to retire early, your retirement date is the same date as that on which your state pension (AOW) starts.
• Your partner’s pension is still split into a part you accrue* each year and potentially a voluntary insurance policy over the period until you retire. You will no longer accrue a partner’s pension soon, but it will be fully insured. This insurance will start automatically if you have a partner when the new scheme starts. You will then still have the option to voluntarily insure additional partner’s pension.
• We ensure that we take less investment risk for you as you get older. 
• If you are accruing pension on 1 January 2026 and aged 35 or over, you will receive compensation for a change in the premium system in the form of a one-off additional deposit in your personal pension assets.
• On 1 January 2026, the pension fund will add up all personal pension assets and compare that to the fund’s total assets. If any money is left over, it will be distributed among all participants according to certain rules. Whether there are surplus assets, and how much, depends on the funding ratio on 1 January 2026. The funding ratio must then be at least 111% to be able to form mandatory reserves and provisions and provide the aforementioned compensation. Above 111%, is ‘surplus’ money. Currently, the funding ratio is well above 130%.

*This does not apply to KHS, where no partner's pension accrues under the current scheme. 

Key changes specifically for those already receiving a pension

• As your pension will move with the financial markets, it may increase or decrease as a result. The fund will set your pension amount once a year. Whether your pension increases or decreases depends on factors such as the financial markets, including the return on investments and interest rates.  
• The pension may decrease, for example, if investments underperform in a given year. To limit reductions, we form a collective reserve. If investments underpreform, we use this so-called solidarity reserve to supplement pensions in payment under certain conditions. From the solidarity reserve, benefits can be topped up to a maximum of half of inflation. 
• Besides the collective reserve, we will also spread returns over three years. We try in this way to prevent significant fluctuations in your pension. 

What about KHS and KFA?

KLM Health Services (KHS) and KLM Flight Academy (KFA) will also have a new pension scheme. KLM Flight Academy (KFA) now follows KLM’s pension scheme and has agreed with the Works Council to also implement the agreements in KLM's transition plan. KLM Health Services (KHS) has agreed with the employee representation to follow KLM's pension scheme. From 1 January 2026, there will therefore be one pension scheme for both KLM and KHS and KFA. The changes required by the new law and the agreements reached in the employment conditions negotiations between KLM and the unions apply to KHS in almost all respects. 

We will keep you informed

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