About PDN

Stichting Pensioenfonds DSM Nederland (PDN)

Stichting Pensioenfonds DSM Nederland [The DSM Nederland Pension Fund] (PDN) manages the pensions of all companies affiliated to DSM Nederland B.V.

The Board
PDN is an independent organization managed by a board, which independently determines how the pension fund operates. 

PDN's Board is made up of the following members:

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The Supervisory Board
The Supervisory Board supervises the Board, assessing for example whether the procedures and processes of the fund are in order, how the fund is managed and how the Board deals with the longer-term risks of the fund. The Supervisory Board is made up of three members.
 
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The Accountability Council (AC)
The Accountability Council (AC) is tasked with evaluating the actions of the Board and providing advice on a number of key areas. The Council is made up of eight members.

PDN's Accountability Council is made up of the following members:

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Click here for more information on the Accountability Council.

In the brochure ‘Pension Fund DSM Nederland’ on this page you will find more information about PDN’s mission, the board, the Supervisory Board and the Accountability Council.


Committees
The Board has set up the following committees:

Committees

Core duties

Investment Committee

  • advising the Board about strategic investment policies
  • a monitoring and evaluating role regarding the implementation of the investment policy

Pensions and Communications Committee

  • monitoring, informing and/or giving advice (on request or otherwise) on topics or developments related to the fund’s pension policy, legal aspects of the pension policy, actuarial policy or communication policy.

The DPS pensions administration organization and/or other parties advise the committees. The board has drawn up a description for each committee, which also provides further information: the scope, composition, working method, duties, and powers of the committee concerned.

The Board may set up ad hoc advisory and other committees, the duties and powers of which the Board outlines when appointing the committee.

The IORP II Directive
The Institutions for Occupational Retirement Provision (IORP) Directive has been in force since 2003. It applies to pension funds in the European Union. The IORP II Directive came into effect at the beginning of 2019. IORP II has four main objectives. First and foremost, the Directive aims to improve the functioning of the internal market and make cross-border pension activities possible. In addition, it adds to the supervisory positions within the Board. Furthermore, from 2019 onwards, communication must be the same across all EU Member States that have members and pensioners. Finally, IORP II is designed to provide organizational guarantees for independent and comprehensive risk management.

IORP II requires pension funds to set up key functions to support the Board. This involves risk management, as well as actuarial and internal audit functions. Under IORP II, funds are also required to conduct an own risk assessment at least once every three years. IORP II also sets new requirements for the ways in which pension funds approach sustainable investment.

Key functions
A key function is held by a holder and at least one implementer. The holder is the person ultimately responsible for his or her key function. The implementers implement the key function.

The Board ensures that key functions are performed in an objective, fair, and independent manner. The Board periodically reviews the substance of the function.

The Board has introduced the following key functions:

Key functions

Description

Risk management function

The Board has decided to delegate this position to one of the Board members. On September 30, 2019, Jos Op Heij the employer representative on PDN's Board - was appointed as the the risk management key function holder. The key function holder reports to the Board and the Supervisory Board.
The risk management key function holder outsources most of the work to DSM Pension Services (DPS), in line with the existing outsourcing relationship. At DPS, these activities are entrusted to one or more independent people.

Internal auditor

The Board has decided to delegate this position to one of the Board members. 
However, as the expectation is that it will not be possible to fill this position from within the Board for an extended period (of possibly several years), the Board has decided to engage an external expert, but they will not be a member of the Board. Jan Grooten was appointed as the internal key function holder with effect from August 13, 2019. The first point of contact for the internal audit key function holder is PDN's Vice Chairman. The internal audit key function holder outsources the performance of his or her duties to an external implementer.

Actuarial function

The Board has decided to appoint the external certifying actuary, through outsourcing, to fulfill the roles of holder and implementer. The first point of contact for the actuarial key function holder is one of the Board members who is a member of the Pensions and Communications Committee. The Actuarial key function holder reports to the Board.


DSM Pension Services (DPS)

The board has delegated the actual activities of the pension fund to DSM Pension Services, although it remains accountable for everything that DSM Pension Services does. Click here for more information on DPS.