Leidraad geeft houvast bij nieuwe norm opdrachtbevestiging

As a result of amendments to the Pension Act due to the Future Pensions Act (Wtp), pension funds in the Netherlands are required to inform the parties involved in the creation of pension schemes (social partners) about the choices made and their impact on participants through an „opdrachtbevestiging“ (confirmation of assignment), starting from 1 July 2023.
The opdrachtbevestiging is part of the assignment acceptance process and aims to establish a shared understanding of the assignment, including the rationale for choices made. While the opdrachtbevestiging norm is new, it formalizes a step that already occurs at various points during the assignment acceptance process.
The format of the opdrachtbevestiging may vary by pension fund, but the AFM expects pension funds to clearly indicate where the information can be found, whether in a recognizable document or as an attachment to an existing document.
The AFM and DNB jointly oversee different aspects of opdrachtbevestiging. The AFM focuses on providing insight into the effects of pension scheme design on expected pensions for various age groups and the justification of the scheme’s compatibility with the participant population, not the appropriateness of the scheme itself.
The AFM provides guidance on aspects to consider when creating the opdrachtbevestiging, including the need for detailed calculations to show the effects of choices on different participant groups and the importance of considering less likely scenarios for vulnerable participants.
The opdrachtbevestiging remains relevant during and after the transition period, with pension funds updating it for new or changed assignments or significant changes in their design.
The guide outlines the requirements for an opdrachtbevestiging for pension funds in accordance with Dutch regulations (Article 28d BuPw). The opdrachtbevestiging is meant to explain various aspects of the pension scheme to ensure that both social partners and pension funds have a clear understanding of the implications of their decisions. The AFM supervises certain parts of it.
The opdrachtbevestiging must provide explanations on the following aspects:
– The design of the pension scheme, including elements such as risk tolerance, solidarity or risk-sharing reserves, allocation rules, projected return or fixed decrease, and diversification methodology
– The considerations that underlie the design of the pension scheme, with the AFM supervising certain parts of this explanation
– The consequences of employment-related choices for the pension scheme, with a particular focus on feasibility, implementation costs, and the achievement of pension objectives
It does not change the division of responsibilities between social partners and pension funds but ensures a shared understanding of the effects of the choices made. It aims to provide insight into the pension scheme, the considerations behind the choices made, and the consequences of those choices, with the AFM acting as the supervisor for certain aspects of this explanation.
Additionally, it acknowledges differences between types of pension funds, such as industry-based pension funds and professional pension funds, which may have unique considerations due to legal requirements.
For questions or comments, stakeholders can contact the AFM at pensioen@afm.nl.