The AFM Consumer Monitor supports the importance of the Pensioen3daagse

The Pensioen3daagse on 6, 7 and 8 October is intended to encourage people to become actively involved in their pensions. The findings of the AFM Consumer Monitor underline the usefulness of this initiative of Wijzer in Geldzaken. Too many people still think they will receive 70% or more of their last-earned income when they retire.

The AFM investigation also shows that seven out of every ten Dutch citizens are familiar with and appreciate it. Further expansion of this site into an interactive dashboard can provide consumers not only with an overview, but also with insight into their pension situation. The Pensioen3daagse is an initiative of Wijzer in Geldzaken in cooperation with over 100 participating organisations. The AFM is one of those parties. The AFM participates in this initiative by providing a pension lunch and pension consulting hours for employees. Part of the AFM website voor consumenten containing information on pensions has been updated, as was the financial knowledge quiz at www.weetwatjeweet.

Old and new expectations gap
At the start of 2010, the AFM published the report entitled "Geef Nederlanders pensioeninzicht” in which we describe the expectations gap of consumers. In 2009, one third expected to receive more than 70% of their last-earned income upon retirement. In 2011, one out of three working persons still entertains that rather unrealistic notion. Only 10% think they will receive less than 70% and a little under 30% does not know. Nearly 30% of the surveyed retired persons state they receive more than 70% of their last-earned income as pension. Four out of every ten respondents do not know what type of pension scheme they participate in. Two-thirds of the 61% that do know state they have a career average scheme and 20% state they are accruing pension in a final salary scheme. In 2008, over 90% of active pension participants had a career average scheme and 1.2% had a final salary scheme. So there is an expectations gap here as well; ten times as many consumers think they have a final salary scheme than actually do.

Nearly half of the respondents claim to understand their own pension, less than one quarter do not understand their own pension. known to 70% was launched on 6 January 2011, which is a site at which all old age pension and employee pension claims can be found in one location. By the middle of April already 2 million visitors had viewed their pension overview. In the AFM Consumer Monitor, 10% were able to mention the name of the site without being prompted. When prompted ("do you know"), three out of ten responded never to have heard of it. A quarter did already visit the site. The majority of visitors consider the site to be understandable and to provide a good overview.

The main improvement of is the inclusion of the net pension amounts. In its Visiedocument pensioenuitvoering, the AFM also argues in favour of expanding the pension register into an interactive dashboard of financially relevant information, which will provide consumer with both an overview and insight into their pension situation.

Uniform Pension Overview
Over 75% indicate that they have received a Uniform Pension Overview (UPO). Administrators are required to provide the UPO before 1 October. The pensions register is also filled with data from the UPO. Nearly 90% read the UPO (in a cursory manner). A large majority consider the UPO clear and understandable. All parts of the UPO are considered to be important.

More information about the AFM Consumer Monitor
Every six months, the AFM conducts a representative random survey of 400 Dutch citizens and 800 persons who recently purchased financial products. The findings are used, for example, for substantiating projects, reports, speeches and press releases. All public reports concerning previous editions of the AFM Consumer Monitor can be found at These reports are all written in Dutch.

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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