NETHERLANDS - The introduction of the indexation label will be delayed by half a year until July 2008, Social Affairs' minister Piet Hein Donner has said.
Before the indication on future pension payments can be introduced, the communicative impact of the present concept label needs to be checked with participants this autumn, Donner explained in a letter to parliament.
In addition, the categories - an expected average indexation, or an indexation under a pessimistic scenario - needs to be further specified, the minister indicated.
Pension providers must submit calculations on the expected payments, and the used parameters, to regulator De Nederlandsche Bank before 1 April 2008, he added.
A specific calculation tool will be designed for insurers, and pension funds which are still subject to the transitional rules on the continuity analysis, as part of the new financial assessment framework nFTK, according to Donner.
This indexation label will become part of the new uniform pension statement in 2009 but pension providers are aiming to send the first uniform statement to the participants early next year.
During the discussion on the Pensions Bill last year, parliament decided to introduce a label with clear information on the expected payments and risks involved for participants in pension schemes, with the average price index as benchmark.