DNB to scrutinise schemes’ reporting
NETHERLANDS - Pensions regulator De Nederlandsche Bank (DNB) intends to pay extra attention to the reliability of reporting by pension funds, as part of its supervision in 2009.
"The quality of reporting is crucial for efficient risk-based supervision," said the DNB in a clarification of its 2009 budget.
That said, spokesman Herman Schipholt stressed the DNB was in no way suggesting schemes' reporting is sub-standard.
"We are aiming for further improvement," he explained.
Under legislation coming into force this year, pension funds must provide the pensions watchdog with added insight in the long-term effects of their policy by providing continuity analysis and quarterly reporting.
Schemes must make sure their policy and implementation, on issues such as cost-covering contributions and consistency for example, are fully tuned to the new rules, the pension watchdog said.
DNB will also look at how pension funds keep in control of the internal processes of investing in complex products, as well as outsourcing and concentrating activities.
De Nederlandsche Bank supervises 670 pension funds and is charged with focusing on protecting the financial claims of pension funds' participants, as well as guarding the stability and integrity of individual schemes.
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