The Minister of Social Affairs and Employment has sent his response to the 'legislative letters' from the AFM and DNB with respect to the Pension Supervision to the Lower House.
In its legislative letter from November 2011, the AFM, as supervisor, argues as regards pension communication for, inter alia: more open standards, a Pension Information Leaflet that is available online instead of a written starting letter and further development of www.mijnpensioenoverzicht.nl. The main objective of pension legislation is to enable consumers to deal with their financial planning for their old age. Pension overview and insight should lead to action where necessary. The AFM observes that this main objective is not yet always realised. The provision of information that is required by law should have an activating effect, as the uncertainties of pensions make it necessary to let participants assume greater responsibility. The AFM therefore considers a renewal of communication necessary.
The Minister informs the Lower House on how he will deal with bottlenecks and risks in pension legislation within the context of his planning and priorities. The Minister will include the comments of the AFM concerning pension communication in the communication project that commenced in October 2011. The AFM cooperates actively in this project. The Ministry of Social Affairs and Employment will send the plan of approach of the communication project to the Lower House in April 2012.
In this letter, the supervisors AFM and DNB inform the Minister of the bottlenecks in legislation they have identified. The AFM and DNB annually report the bottlenecks they have discovered to the Minister. They simultaneously send a letter to the Minister of Social Affairs and Employment at the end of the year. DNB and the AFM previously sent a legislative letter to the Ministry of Finance. The response of the Minister of Finance was sent to the Lower House in October 2011. In 2010, both supervisors sent their legislative letters for the first time.
Naturally, the supervisors can bring bottlenecks in legislation to the attention of the Ministry of Finance and the Ministry of Social Affairs and Employment at other times as well.
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.