Agreements on communication of the financial situation of pension funds

In order to inform participants in pension funds clearly and in a timely fashion, the ‘Pensioen Federatie’, the umbrella organisation of pension funds, will publish a list, by the middle of February, of pension funds that, based on current insights, have to lower pensions on 1 April 2012. It concerns pension funds that have indicated to De Nederlandsche Bank that cutbacks are necessary to recover sufficiently. This was agreed by the Ministry of Social Affairs and Employment, De Nederlandsche Bank, the Netherlands Authority for the Financial Markets and the ‘Pensioen Federatie’. This list will be independent of the customary direct communication between funds and their participants.

The pension funds will be drawing up the balance sheet for 2010 in the coming weeks. It will become clear at that time whether the troubled pension funds are on schedule as regards their recovery plan. In 2009, 340 pension funds submitted a recovery plan to De Nederlandsche Bank. The pension funds that have submitted a short-term recovery plan will indicate in this plan what measures they propose to improve their situation within five years. These plans will be evaluated each year, whereby those funds that deviate from their recovery path will have to propose additional measures, such as cutting back on entitlements.

The pension funds with a recovery plan are required to submit their evaluation of the recovery plan to de Nederlandsche Bank on 11 February. De Nederlandsche Bank assesses the figures and consults with the funds concerning additional measures. These will be adopted in May.

The funds will re-examine their financial situation on 31 December 2011 and they will make a final decision whether to lower pensions on 1 April 2012 after assessment by DNB.

Time schedule as regards information on the evaluation of recovery plans as of 31 December 2010


Measuring moment for the evaluation of the recovery plans of pension funds.


Publication agreements and time schedule on websites of the PF, DNB, AFM and the Ministry of Social Affairs and Employment.


Final date on which the pension funds have to submit their evaluation of the recovery plan to DNB for assessment (obligation DNB). They can inform their participants on the basis thereof.

± 18-02-2011

The PF will publish an overview of pension funds that have decided to implement cutbacks as of 1 April 2012 during the evaluation of their recovery plan. These funds will inform their participants and pensioners thereof in writing.

± 02-05-'11

DNB finalises assessment of the evaluation of the recovery plans.


New measuring moment as regards the state of affairs with respect to recovery. If there is insufficient recovery of the pension assets (coverage ratio is too low), the intention to implement cutbacks and the size of the cutback will become final.


Final date on which the relevant pension funds have to inform their participants of the cutback (statutory obligation).


Final date on which the relevant pension funds have to implement the cutback (statutory obligation).

The AFM promotes fairness and transparency within financial markets. We are the independent supervisory authority for the savings, lending, investment and insurance markets. The AFM promotes the conscientious provision of financial services to consumers and supervises the honest and efficient operation of the capital markets. Our aim is to improve consumers’ and the business sector’s confidence in the financial markets, both in the Netherlands and abroad. In performing this task the AFM contributes to the prosperity and economic reputation of the Netherlands.


The AFM is committed to promoting fair and transparent financial markets.

As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.

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