If a pension fund does not file its financial statements in time, DNB imposes a cease and desist order under penalty requiring it to file the statements within the further period prescribed in the order. If a pension fund has failed to comply with its reporting obligation twice within a continuous period of thirteen months, DNB will also impose an administrative fine.
A category 2 fine is incurred for breach of the reporting obligation. This is provided in Article 51a of the Decree implementing the Pensions Act and the Occupational Pension Scheme (Obligatory Membership) Act (Besluit uitvoering Pensioenwet and Wet verplichte beroepspensioenregeling). Factors influencing the amount of the fine include the seriousness and duration of the breach and the degree of culpability of the offender. The basic amount of the fine can be reduced or increased accordingly, with DNB taking account of the financial means of the organisation in breach.
Under the Pension Act and the Occupational Pension Scheme (Obligatory Membership) Act pension funds are obliged to file financial statements periodically with DNB, within the periods set for this purpose. Cases still occur in which the statements are filed too late or contain incorrect or incomplete information. Financial statements are essential if DNB is to exercise its supervision properly. The statements give DNB information about the pension fund's financial situation and risk profile. Timely and correct filing of financial reports is therefore of great importance.
If statements are not filed in time, DNB serves a cease and desist order under penalty on the pension fund requiring it to file all the financial statements concerned within a specified period. The aim is to compel the pension fund to comply and send the statements to DNB after all.
Despite this policy, several pension funds still fail to submit their statements. From the statement on the third quarter of 2013 onwards, therefore, DNB will also impose an administrative fine if a pension fund has failed to comply with its reporting obligation twice within a continuous period of thirteen months, . The quarterly statements must be in DNB's possession no later than thirty working days
after the end of the applicable calendar quarter. The annual financial statements must be in DNB's possession by no later than 30 June
after the end of the applicable calendar year to which they relate. This also applies to written documents, such as the audit opinion, that are sent to DNB by post. Submission of reports through e-line is possible only on working days until 7 p.m. at the latest. Further information about the frequency with which financial statements must be filed with DNB and the relevant deadlines can be found in the Disclosure of Information (Pension Funds) Regulation (Regeling informatieverstrekking pensioenfondsen).