Details have emerged over the forthcoming pensions code to be implemented in the Netherlands. According to a report in the Dutch press, the proposed pension reforms are not as far-reaching as many observers had expected.
Investment and Pensions Europe cited a report in the Het Financieele Dagblad that suggested Dutch pension funds will be able to appoint their own supervisors, and that the appointment of a totally separate supervisory board for pension schemes will no longer be obligatory under the plans.
The conceptual program, which should be published shortly according to the newspaper, also advances the idea of a so-called ‘one tier board’ to supervise pension schemes, whereby internal members of the board will provide regulatory input. In addition, the plans envisage the creation of accountability bodies made up of workers, employers and pensioners that would assess the supervision board’s performance at least every three years.
These accountability bodies would however combine representatives of employers and employees, which some observers fear could hinder the regulatory process. Discussions between employer and employee bodies and the Dutch government are ongoing, the report says.