Three plans for transitioning to the new pension scheme
Following approval by the Central Works Council (CWC), Avery Dennison is expected to switch to a flexible contribution scheme on 1 July 2027. The transition to the new pension scheme is described in three plans: the Transition Plan, the Implementation Plan and the Communication Plan.
The Transition Plan describes agreements made on the new pension scheme
Avery Dennison and the CWC (together the social partners) have made agreements on the new pension scheme. These agreements are documented in the Transition Plan. The plan includes the choice of the flexible contribution scheme, the content of the scheme, the level of the contributions, and the choice to transfer all current pensions to the new pension scheme (conversion). Finally, the Transition Plan also describes how the transition to the new pension rules under the Future Pensions Act will be implemented. The aim is to ensure that the transition is balanced for all age groups.
The board of the Avery Dennison Pension Fund is carefully studying the Transition Plan and assessing whether it can implement the proposed pension scheme. The Avery Dennison Pension Fund will outline this in the Implementation Plan. This process requires detailed considerations and may take some time. In addition, supervisory authorities such as DNB and AFM will need to approve the implementation of the transition agreements.
(Only available in dutch)
We have a summary of the Transition Plan available (only available in Dutch)
The Implementation Plan describes how the transition to the new pension scheme will be carried out The Avery Dennison Pension Fund is creating an Implementation Plan for carrying out the new pension scheme. This plan will outline how the fund is preparing for the introduction of the new scheme. The plan also contains information about IT adjustments, data quality and conversion of accrued pension entitlements and pension rights of (former) participants and pension beneficiaries. The Implementation Plan will be submitted to the Dutch Central Bank (DNB). As soon as the Implementation Plan is ready, we will publish it here.
The Communication Plan describes how we will inform and guide current and former participants and pension beneficiaries
We aim to provide all current and former participants and pension beneficiaries with clear and timely information about the new pension scheme. We will explain in detail what will remain the same, what will change and what this will mean once the transition agreements are finalised. This is described in the Communication Pan. The plan will be submitted to the AFM.
As soon as the Communication Plan is ready, we will publish a summary of it here.