NETHERLANDS - Joanne Kellerman, the new director at the Dutch central bank (DNB), has today argued it is too early to evaluate the FTK assessment framework.
Kellerman, who recently replaced the late Dirk Witteveen at the DNB, made the comments in response to calls by Willem Noordman, the employees' representative at the Dutch organisation for industry-wide pension funds (VB).

Speaking at the VB member conference in The Hague today, Noordman said last November's high cover ratios have dropped and seem less solid, following months of turbulence on the global markets.

He wondered: "Does the current FTK say enough about the way in which pension funds can cover their liabilities in the long term?"

He added: "The enormous volatility of the cover ratios - because of the measuring against current market value - does not make it seem as if the FTK consider the long-term in which pension funds need to cover their liabilities," pleading for an evaluation of the FTK.

But in response, Kellerman argued: "I think it is still too early to start evaluating now" as she added evaluation was a good question to ask, though it would be unwise to "all of a sudden change the rules of the game".

She concluded a valuation following the markets is a good method of measuring pensions.

These latest developments follow comments from independent pension consultant Joop Rietmulder, who argued the FTK should be abolished. (See earlier IPE story: 'No brainer' API still some time away)

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