Costs of Running the Pension Plan

By managing and investing everyone’s pensions together, we can keep costs as low as possible. HEINEKEN pays the costs of running the pension plan. We also have costs related to investing the pension assets.

These costs are needed to make sure the pension fund runs properly. For example, they cover pension administration, office and IT costs, and the day-to-day running of the organisation. We also spend money on communication with members, professional advice, governance, and supervision by the Dutch regulators The Dutch Central Bank (DNB) and The Dutch Authority for the Financial Markets (AFM).

Investment Costs

The pension fund invests the pension assets to help pay pensions now and in the future. Investing involves costs.

These costs include:

• Management fees
  Fees paid to investment managers who manage the fund’s investments.

• Performance fees
  Additional fees paid when an investment manager achieves strong results.

• Other investment management costs
  Costs for administration, legal advice, reporting, external advisers and the safekeeping of investments.

• Transaction costs
  Costs incurred when buying and selling investments.

Who Pays These Costs?

HEINEKEN pays most of the administrative costs. As an active member, you pay a small part through the pension contributions deducted from your salary.

Investment costs are deducted from the investment returns. This means that active members, former members and pensioners share these costs together.

How Much Are These Costs?

The costs of running the pension plan and the costs of investing together make up the fund’s total operating costs.

The operating and investment costs for 2026 will be published in the 2026 Annual Report, which is expected to be available in June 2027. Each year, the annual report shows how much the pension fund has spent. Annual reports for 2025 and earlier can be found here.

The amount you pay towards administrative costs is approximately 2.5% of your employee pension contribution. These costs have already been deducted from your contribution and are reflected in the Monthly Overview on My Pension.

Every year, we inform you of the exact amount on your pension statement, which you will usually receive at the end of the summer.

In 2025, the administrative costs were €525 per member on average.

Investment Costs in 2025

Managing pension assets also involves investment costs. At the end of 2025, the fund had €4.84 billion invested.

In 2025, the total investment costs were 0.80% of the average invested assets, consisting of:

• 0.71% investment management costs

• 0.09% transaction costs

The investment result shown on My Pension already reflects these costs. They have been deducted before the result is displayed.