DNB still insists on April date for recovery plans
NETHERLANDS - Pensions regulator De Nederlandsche Bank (DNB) insists on pension funds submitting their recovery plans before 1 April, despite easing the rules on recovery.
Social Affairs’ minister Piet Hein Donner has announced that pension funds may postpone cutting benefits until 1 January 2012 as part of their recovery plan, rather than starting reductions as of 1 August 2010. (See earlier IPE article: Donner allows three-year leeway on pension cuts)
In the opinion of the DNB, the delay in bringing in reductions will not have any effect on the majority of pension funds.
Schemes wishing to adjust their recovery plans may submit their amendments within some weeks after 1 April, DNB has said.
But pensions funds, which cannot meet the DNB’s deadline for recovery plans, must ask for an exemption, the regulator stressed.
The Association of Industry-wide Pension Funds (VB) that represents the greatest number of pensions schemes according to assets, has indicated that it does not have objections to the position that DNB has taken.
“We consider it is a workable solution for our members,” commented spokesman Gert Kloosterboer.
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