The Dutch pension reforms are prompting funds to reconsider not only how they hedge risk, but how portfolios are constructed to deliver member outcomes. This session will explore how the shift from funding ratios and hedge metrics towards pension outcomes and cashflow delivery may influence the design of future Dutch pension portfolios. Drawing on developments in cashflow-driven investing (CDI), we will consider how physical assets, derivatives and portfolio construction techniques can be combined to support efficient delivery of pension objectives in the Wtp era. The discussion will focus on key themes, questions and opportunities rather than prescriptive solutions, with the aim of stimulating debate on the future of Dutch matching and retirement portfolios.