Dutch social security minister Mark Rutte’s idea of setting up boards of commissioners at pension funds has won funds’ backing.
Marcel Vleugels, spokesman at the civil service fund ABP says that that the fund has already implemented a new and more transparent framework, which not only addresses Rutte’s concerns but will also set up new instruments to give pensioners more direct influence over fund management.
Vleugels says that ABP has implemented a transparent management system, which supports total openness towards the participants.
According to ABP there is however still an improvement necessary to take away current concerns of pensioners that they are not having enough say in the future investment, accounting and management decision-making process. But fund still sees still ways to improve.
At healthcare fund PGGM, spokesman Kees Verhagen says that PGGM feels it’s necessary to address the Rutte proposal in full. PGGM will support the proposal, but still needs to see what specific instruments have to be put in place. Already, according to Verhagen, PGGM has improved its overall transparency, and is addressing necessary supervisory problems related to the members of the board.
Verhagen says Rutte’s proposal is focused mainly on financial aspects, such as the financing of current and future pensions and accounting issues. PGGM supports increased transparency, largely due to the need to address existing concerns of pensioners.
On this point the fund will install a new participation council for pensioners, which will have important say in future strategic decisions. Overall performance and transparency within the sector as a whole, especially when looking at smaller pension funds, which have not enough staff to improve management capacity, a more needs to be done.

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