Dutch pensions watchdog De Nederlandsche Bank (DNB) has fined the €4.2bn pension fund PNO Media for failing to meet the reporting deadline for its Z-score and pension arrangements.
The Z-score indicates how a pension fund’s investment returns compare with the benchmark.
The DNB fined the scheme €22,500 for missing the two deadlines by one day and 10 days, respectively.
Both PNO Media and its provider Media Pension Services (MPD) stressed that they were “genuinely sorry” about the mistakes, and that they were very much devoted to “managing processes such as timely reporting”.
PNO Media said it apologised “extensively” for both incidents, adding that it took detailed measures to ensure the mistakes were not repeated.
The supervisor made clear that the standard fine for the contraventions was €500,000.
However, it said it decided to reduce the fee after considering the circumstances of the case and the pension fund’s financial position.
The DNB said it took a “dim view” of the reporting-deadline violation, as it considers timely submissions as essential for adequate supervision.
It said it would issue fines for pension funds that reported too late twice within a 13-month period.
The watchdog previously fined the company scheme Transmark €13,750 and issued the pension fund for maritime pilots (Loodswezen) with a penalty of €17,500 for repeatedly missing deadlines.
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