BELGIUM - Ann Devos, investment officer for the €450m social fund for the construction sector, FSE, is to leave the fund and join the Belgian pension regulator.

She will help with the implementation of the law launching sector-wide pension funds.

Devos is to leave the fund on March 25. She will join the Belgian Banking, Finance and Assurance Commission a week later, working with Henk Becquaert, head of the unit working on implementation of the Vandenbroucke Law.

The law, named after minister of social affairs Frank Vandenbroucke, came into force last year to cater for employees of small business. Pension funds have two more years to comply with it.

Devos joins a newly recruited team of experts also including lawyer Saskia Bollu and Gerhard Geaselenk, who has worked with Vandenbroucke.

“There will be much work to be done,” Devos told IPE. She explained she took the new role as a challenge and a natural move in her career. She started out as a consultant to pension funds.

Becquaert told IPE that the team would focus on explaining the law in detail and make things easier for pension funds, but said he was satisfied things would fall in place by 2007.

“I am an optimist by nature. I think it is going to be a tough job, but I also think we can finally manage.”

At FSE, Devos will be replaced by actuary Eva De Cnodder, who is already employed at the fund. De Cnodder will be helped by junior investment officer Tim van den Haute.

FSE is currently invested 80/20 in bonds/equity. This asset allocation was changed from 50/50 in 2004.

Devos said that FSE returned 7.5% in 2004, but stressed the results should be read bearing in mind the asset allocation change.