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While it is not just a good idea, but also a fiduciary duty to prepare for possible risks, as the Swedish supervisor urges, it is nothing less than scaremongering to posit a hard Brexit as a fact, as the Dutch supervisor does.

First, such negotiations are usually finished only around midnight of the deadline day, so uncertainty will remain until the very end and the present situation is no guide for the future. Second, they may not be likely, but there are scenarios in which Brexit is blown off. It is not within the remit of supervisors to foist their political opinion upon pension funds.