The Netherlands, long regarded as a global leader in pension design, is embarking on a sweeping reform that will see all Dutch defined benefit (DB) pension schemes converted to defined contribution (DC) by January 2028. The Future of Pensions Act or Wet Toekomst Pensioenen (Wtp) enforces a fundamental shift in how risk is managed, especially with the introduction of reserves and the transition to new pension contracts (NPC) that emphasise individual accrual and transparency.