The prudential requirements that insurers have to comply with are included in the Wft. The prudential requirements in the Pw and related secondary legislation only apply to pension funds.
The Pw and related secondary legislation impose material requirements on pension insurers in the following areas (this is not an exhaustive list):
the content of the administration agreement (between the employer and the insurer)
the content of the pension scheme rules (between the insurer and the members)
transfers of funds
equal treatment (for example of men and women).
By contrast with pension funds, there are no material requirements for insurers under the Pension Act in relation to the charter, the composition of the management board and the control or joint control structure.
Further elaboration of requirements
The requirements are worked out in more detail in the secondary legislation and relate to all sorts of operational, technical and financial aspects of pension funds. The provisions in the secondary legislation take account of the various risks involved.