DNB to vet individual pension managers
NETHERLANDS - The Dutch pension regulator and central bank, DNB, has decided to begin scrutinising new pension fund managers on an individual basis.
The DNB has decided to invite every pension manager for a meeting about their intended line of management, before he or she takes up a new position with a pension fund.
It is part of the DNB's initiative to increase its focus on improving professionalism among pension funds, said David van As, who leads the supervision of the 50 largest Dutch pension funds at the regulator.
Speaking at a pension conference, Van As commented: "These meetings are not meant as an exam, but it is good and useful to determine the expectations on both sides."
The DNB will also ask for an up-to-date expertise plan, a written statement detailing the expertise of the fund's management, while looking more carefully at whether pension funds adhere to the plan.
Moreover, the DNB has said it will continue working closely with PCD, a commission for improving expertise, and the pension fund umbrella organisation VB and OPF.
Pension fund delegates at the conference commented the new measure will alienate professionals even further from pension schemes, as there are too many requirements to adhere to already.
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