The pension sector collaborated in the drafting of the Guidelines and has endorsed them.
2006 and 2007 were years of preparation, in which pension funds had committed themselves to implement the Guidelines in their organisations.
As of 1 January 2008, every pension fund is required:
to have implemented the Guidelines in their Statute and Regulations
to have set up an accountability body
to have implemented internal supervision
This obligation has been provided for in Article 11 of the Decree implementing the Pension Act and the Act on Mandatory Membership of Occupational Pension Schemes (Besluit uitvoering Pensioenwet en de Wet verplichte beroepspensioenregeling), which article is based on Article 33 of the Pension Act and Article 42 of the Act on Mandatory Membership of Occupational Pension Schemes.
The Guidelines relate to
- Governing body (Articles, Regulations, segregation of functions, careful and fair weighing of stakeholder interests, transparency, communication, expertise)
- Accountability (active members, retired members, employee(s), assessment of past management and of policy projections).
- Internal supervision by at least three independent experts (critical assessment of the performance of (the governing body of) a pension fund – its policy and governance procedures and processes – the way the fund is governed – assessment of the approach taken by the board vis-à-vis longer-term risks).
- Directly Insured Schemes (accountability of employer to the works council and retired members, accountability of insurer to employer, internal supervision, complaints procedure)
The Guidelines for Pension Fund Governance may be downloaded below.