Eveline: "Those returns were indeed disappointing. Nearly all asset classes were hit. For SNPS, this meant that our participants, regardless of whether they opted for an offensive, neutral or defensive Life Cycle profile, achieved a negative result over 2022; that was exactly the reverse of the year before. But there is also good news: as interest rates have risen, purchasing pensions, for participants who are accruing, has become cheaper. With SNPS, we have been working according to the flexible pension contract from the start, the first pension fund in the Netherlands to do this; this means we are already pretty much 'prepared' for the new pension system. The underlying principle of which is that pensions follow stock market returns more closely, which indeed you can see already quite clearly at SNPS. If the stock markets fall, then your pension pot goes down too; that's not always good news, but very understandable for participants. With the note that as the participant gets older, his or her investment mix is less risky than for a younger person. As you get older, less is invested in shares so you are relatively less affected by falling share prices."