Uncertainty around 1% indexation
The 1 January 2025 indexation has been paid out — but not to everyone. We are asking Swift for clarification.
Read more →Formal objective
The association represents the interests of pensioners, surviving dependants receiving a partner's or orphan's pension, and future pension beneficiaries of Swift and affiliated companies in the Netherlands, in the areas of pension, indexation, execution of pension schemes and provision of information.
1% indexationin 7 years
On 1 January 2025, an indexation was awarded for the first time since 2018: 1%. In practice, to this day (April 2026) that increase is not visible in the pension being paid out. No active announcement has been made to pensioners. In the six years before that, nothing happened — despite Swift's own stated ambition to index in line with the CPI. Groceries, energy and healthcare costs keep rising; the paid-out pension barely does. This erosion of our purchasing power calls for a collective response.
The figures
What prices did. What Swift did.
Inflation according to Statistics Netherlands (CBS) alongside the indexation applied by Swift. For seven years the pension has barely moved; over that period official CPI prices rose by nearly 30% in total.
Source: Statistics Netherlands (CBS; CPI, October–October). Swift indexation per calendar year.
What is left? More than a fifth has evaporated.
Someone who received a €100 pension in 2018 can only buy €77.90 worth of groceries with it in 2025. That is a loss of purchasing power of 22.1% — in just seven years.
Calculation: nominal Swift pension value, divided by the cumulative CPI price level (CBS), with 2018 as reference (100). With a 29.7% rise in prices and a 1% rise in pension: 101 ÷ 129.66 = 77.9 — thus a 22.1% loss of purchasing power. This is not the same as the simple difference (30% − 1%): purchasing power is a ratio, not a subtraction.
And at other pension funds?
Swift often states it does not have the means to index. Yet Swift is a financially healthy company. It therefore appears to be more a policy choice not to make those means available. Other funds show how it can be done. Below, the average of a selection of large Dutch pension funds, plotted against Swift over the same period.
Average increase for pensioners at a selection of large Dutch pension funds. Figures from public indexation decisions and annual reports. Where exact figures per fund per year were unavailable, 0% has been assumed conservatively.
The issue
An insured pension without indexation is a shrinking pension.
Our pension is placed with an insurance company. Unlike many pension funds, indexation — the annual adjustment for inflation — is not automatic. The nominal amounts remain the same, but the value we actually get out of it decreases every year.
What makes this especially bitter: Swift itself has stated the ambition to adjust the pension to the Consumer Price Index (CPI). In practice, that ambition has not been realised for years — a paper reality rather than a lived one.
On top of this, Swift does not proactively contact its pensioners. Those who raise a question individually sometimes receive a reply. Those wishing to lodge an objection find no clear point of contact. Actively maintained contact with one's own pensioners is something you may reasonably expect from an employer who has committed to your pension. We want to break that silence.
What is a single letter for one pensioner becomes a file for an association.
Our focus
What the association stands for.
The association does not try to tackle everything at once. We have deliberately chosen two topics where the impact on pensioners is felt directly.
Indexation of the pension
We hold Swift to its own ambition to index the pension, so that our purchasing power is preserved as much as possible.
Open communication with Swift
Pensioners deserve a permanent point of contact within Swift and clear information about decisions that affect them. That is a role we want to play.
Why an association
Six reasons why together delivers more than alone.
An association is more than a social club. It is the vehicle through which pensioners organise themselves — legally, substantively and administratively. Where individual action stalls, an association pushes through.
01
Legal weight
A collective can pursue proceedings that are too costly or too complex for an individual.
02
Recognised counterpart
Insurers and employers are more likely to listen to an organised group than to scattered letters.
03
Combined expertise
Our founders and prospective members include former HR managers, works council members, directors, and line managers from Swift. Their case-file knowledge and experience benefit everyone.
04
Shared costs
Advice, research and any proceedings are affordable when we bear them together through membership fees.
05
Politics and media
An association can join umbrella bodies such as the Dutch Association of Pensioners (Koepel Gepensioneerden) and attracts attention more easily from the press and politics.
06
Continuity
Individual initiatives fade over time. An association endures and builds a body of work across the years.
Frequently asked questions
What you want to know.
A few questions we have already encountered several times. Is your question not listed? Send us a message — we are happy to answer.
About the association
What is VG Swift?
VG Swift is an association in formation representing the interests of pensioners, surviving dependants and future pension beneficiaries of Swift. We advocate for your pension interests, with indexation and communication as our first priorities. Once enough former employees have joined, the articles of association will be formalised through a notary and the association will become a fully-fledged legal entity.
Who is behind the initiative?
The founding committee consists of former employees with diverse backgrounds in HR, governance, management, and works council experience. Three of them will temporarily fill the role of chairperson, treasurer, and secretary until the first General Members' Meeting after formal establishment. That combination brings legal, organisational, and communications expertise.
What do you want to achieve concretely?
Two short-term goals: hold Swift to its own ambition to index the pension in line with the CPI, and establish a permanent point of contact within Swift for pensioners with questions or objections. In the longer term, we want to become a recognised counterpart on all pension matters that affect former employees.
About joining
What happens after I register?
You will receive a confirmation within a few days. As long as the association is still being formed, we will record you as an interested party — formal membership is only possible after the notarial establishment. Once that step has been taken, you will receive an invitation to become a member. You then decide for yourself whether to continue.
Am I committing to anything?
No. Registering as an interested party costs nothing and commits you to nothing. Later membership can also be terminated at any time. The notice period will be included in the articles of association, which will first be approved by the prospective members.
How much does membership cost?
Currently nothing — we do not yet collect any fees. After formal establishment, the board will propose an annual fee, which the members' meeting will vote on. For comparable associations, the fee is typically between a few tens and around fifty euros per year.
Can I support the association without becoming a member?
Yes. Becoming a donor will be possible soon — this means supporting the association financially without formal membership. The option is well-suited, for example, to current Swift employees, to family members of former employees, or to former employees without a Swift pension who support the initiative. The exact arrangement will be included in the articles of association. Interested already? Let us know by sending a message.
Can I help build the case file?
Yes, please. We are building a file on the pension issue at Swift. Do you have old letters, emails, or other pension correspondence — for example about the CPI ambition, indexation decisions, or changes to the scheme? Send us a copy. The more documentation we gather, the stronger our position at the table.
I live outside the Netherlands. Can I still join?
Yes. The association represents all former Swift Netherlands employees, regardless of country of residence. Communication is by email and WhatsApp, both reachable from abroad. For important votes, digital participation will be available.
About risks and concerns
Am I taking a risk by joining?
As a former employee: no. You no longer have an employment relationship with Swift; joining a representative association is a normal civic right. Comparable associations exist at many Dutch employers and are part of the pension landscape. Current employees who are considering joining: please contact us first for a conversation about the practical side.
What does the association do with my data?
We only process what you provide yourself. We do not share anything with Swift, advertising parties, or other third parties. When engaging a legal adviser, we ask for your explicit consent in advance. Full details are in our privacy statement.
Join us
Will you join us?
There are two ways to get in touch. The more former employees join now, the stronger our position will be.
Please note: the association is still being formed. Registrations
received now will be recorded as interested parties. Once the
association has been formally established, you will be notified and
can register as a member.
See our privacy statement for how we handle your data.