Nieuwe pensioenwet van kracht: extra gedragsnormen beschermen deelnemer

Effective 1 July 2023, the Netherlands has initiated a transformative change to its pension system, as the Future Pensions Act – Wet toekomst pensioenen (Wtp) is now in force. This act is set to transform the Dutch pension landscape significantly over the next few years, with full transition expected by 1 January 2028.
The DNB, in its supervisory role, will assess each transition, ensuring strict adherence to legal assessment criteria focusing on the financial impact, decision-making process, and the associated financial and other risks. Asset managers are also drawn into this transition, facing the task of aligning investment mandates with the newly prescribed risk attitude.
The AFM, alongside DNB, will oversee this significant transformation in the coming years. A primary area of focus will be the supervision of choice guidance provided by pension providers. It is imperative for participants to receive accurate and comprehensive guidance, especially as they approach their retirement date. In addition, the risk assessment – „risicopreferentieonderzoek (RPO)“ – will be closely monitored. This tool, mandatory for pension providers, is designed to determine the risk levels participants are willing and capable of undertaking with their pension assets. The outcome of the RPO will significantly influence the pension providers‘ investment policies.
Another noteworthy development is the introduction of the „assignment confirmation“. This new feature ensures transparency in the newly instituted system. Through this, pension funds will clearly articulate the structure of the pension scheme and the rationale behind specific choices. It aims to ensure alignment between funds and social partners. This crucial process will be jointly overseen with DNB.
Furthermore, the design of the complaints procedure by pension providers will be under stringent surveillance. To ensure a seamless transition, all providers are mandated to submit their communication plans to the AFM.
AFM has issued four guidelines to assist in complying with new legal standards. These guidelines provide insights into how AFM views certain legal obligations, particularly around fiduciary duties. The guidelines, while not legally binding, provide pension funds with clarity on regulatory expectations.
Leidraad communicatieplan – Communication planning guideline
This guideline provides a framework for crafting a communication plan and highlights the legally mandated components of such a plan. Pension funds, insurers, and pension contribution institutions adjusting their pension schemes are required to draft and submit this plan to AFM. Annually, AFM sets four fixed submission dates for these communication plans. Providers can opt for a particular submission date, with AFM guaranteeing feedback within eight weeks.
Leidraad keuzebegeleiding – Decision-making guideline
This guideline provides guidance on the new standards for decision assistance. Under the Wtp, pension providers are mandated to adequately guide participants in making decision within the pension scheme and to enlighten them on the outcomes of these decisions. Integral to this guidance is the establishment of a decision environment. The AFM has identified phases in this guidelines: design phase, implementation/execution, and monitoring and evaluation. The design phase involves major choices, considering target group differentiation and communication method. The implementation phase focuses on role clarity, decision-making, and continuous improvement, while the monitoring phase evaluates the guidance’s ongoing adequacy.
Leidraad risicopreferentieonderzoek – Risk Preference Investigation guideline
Focused primarily on pension providers, the Leidraad risicopreferentieonderzoek offers guidelines for the configuration of the risk preference investigation. With this guideline, AFM aims to aid the sector in complying with legal requirements. Pension funds are obligated to conduct a RPO to determine participants‘ investment risk appetite. This process involves surveying participants and gathering existing data. The RPO’s results should determine the risks the pension provider takes in investments. The RPO examines target groups but isn’t meant for individual investment freedom.
Leidraad opdrachtbevestiging – Assignment confirmation guideline
The guideline focuses on the shared understanding between pension funds and social partners in shaping pension schemes and emphasizes the importance of transparency in the design and implications of pension schemes.
The guideline details the consequences of employment-related choices, including their impact on feasibility, implementation costs, and the likelihood of achieving the intended pension objectives based on a uniform scenario analysis. The AFM expects pension funds to provide a confirmation for each proposed assignment. The format of this confirmation can vary among pension funds. The confirmation ensures that pension funds justify their choices, clarify the consequences, and provide relevant information to social partners. Furthermore, the guideline provides a structure for the confirmation, suggesting that it should include a display of the relevant effects on expected pensions for various age cohorts and participant groups.