Dutch regulator promises to ease pension funds’ supervisory burden
Dutch pensions regulator De Nederlandsche Bank (DNB) has promised to reduce pension funds’ supervisory burden by using its existing data to complete digital information requests.
It said it would also take into account holiday periods by relaxing reporting deadlines.
DNB responded to suggestions from a working group of representatives of the financial sector, including pension fund trade body the Pensions Federation, which had asked for better planning, more automatisation and better proportionality.
In a letter, the supervisor said that it expected to start filling in the basis data of schemes and their trustees later this year.
However, it emphasised that pension funds would still have to check the details and correct them if necessary.
The watchdog added that it would also allow pension funds to use its online portals to announce collective value transfers and to update details about their organisation.
The working group had also called for DNB to review the appropriateness of its surveys, related communications, and the division of roles between DNB and other supervisors.
In a response, the regulator said it would improve its communication about the purpose, approach and goals of surveys and information requests.
The Pensions Federation said it was positive about the supervisor’s plans.
However, it said that it wasn’t yet able to judge whether they would have an impact on pension funds’ annual costs of indirect supervision, which are estimated to be in the millions of euros.