NETHERLANDS – The Dutch Central Bank has called on the pensions industry to contribute towards a new reporting requirement – essential before the implementation of the Financial Assessment Framework or FTK on January 1 2007.
“This all has to do with changing the capital adequacy requirement of pension funds spelt out by the Financieel Toetsingskader,” said De Nederlansche Bank spokesperson Tobius Oudejans.
“To report on the new technical FTK system, we also need a new way of reporting, including documents, figures and spreadsheets.”
This is also linked the overhaul of the old pensions legislation, which is currently under review by government.
Dutch pension bodies OPF, UvB and VB, representatives of certain individual pension funds, the ministries of social affairs, justice and financial affairs, the accounting organisation (NIVRA), and the actuarial group (AG) are among those given the opportunity to contribute towards the discussion.
“The sector also has certain views on the reporting requirement, and we must listen. This is a simple tool to share views, and it is a suitable way to match different reporting systems,” explained Oudejans.
All concerned parties will be able to respond until the middle of December 2005, and the new requirement is due to come into force in February 2006.
“Asking the sector is the best way to gather information and ideas for the new reporting requirement,” said Oudejans.
“We initiated this, and we are all moving forward together.”