Adjustments by us. We insure the pension scheme by means of a subscription. We may adjust administration of the pension scheme as follows: - changes to rates, costs, and/or conditions, with effect from 1 January of a year; - changes arising from legislation and regulations, court rulings, or an instruction or change of policy on the part of the Dutch Central Bank (DNB) or the Authority for the Financial Markets (AFM); We can also have the pension scheme implemented via a different administrative platform. If we do so, we will ensure that the quality of that platform is at least equal to that of the current implementation. We will of course do everything possible to make the transition as easy as possible for you. The changes that can result include different contact details, replacement of the employer portal, and a different method of invoicing. We will not charge you for this conversion. If we make an adjustment we will notify you in writing at least three months in advance. You are at all times obliged to ensure that the pension scheme conforms to this Execution Agreement, even if we make adjustments to the administration and this has consequences for the pension scheme. You are required to ensure that you gain the consent of your employees and the works council (if there is one) for changes to the pension scheme. This also applies if the Execution Agreement is amended and the amendments have consequences for the pension scheme. You must do this well in time. In the event of an amendment, we will set a period within which you are required to adjust your pension scheme. If you fail to do so within that period, we may be required to incur additional costs, which we will then charge on to you. An adjustment made to the pension scheme applies to the pensions already accrued and to those still to be accrued. How ever, the value of pensions already accrued cannot be decreased unless statutory measures provide otherwise. The nature of the pension scheme will also be unaffected. We adjust the accrued pension entitlements if the standard retirement age [pensioenrichtleeftijd] is changed. We determine the adjustment factor on the basis of collective actuarial equivalence. We determine that factor for both the retirement pension and the partner’s pension. For the retirement pension, the same factor applies to all participants/former participants. For the accrual-basis partner’s pension, the same factor applies to all participants/former participants. In both cases, this is regardles...
