Pension Act
Introduction
On 1 January 2007, the Pension Act (Pensioenwet, PW) came into force. This act replaces the Pensions and Savings Funds Act (Pensioen- en spaarfondsenwet, PSW). The new Act is primarily a modernisation and technical revision of the previous Act. The division of responsibilities between the three-cornered relationship of employee, employer and pension provider is clarified. Moreover, the supervisory framework is revised. These and other changes are intended to make the Dutch pensions system shock- and future-proof.
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Transparency, consistency, risk-based supervision and FTK
As stated, the Pension Act does not fundamentally amend the basic principles underlying the Dutch pensions system. Nevertheless, several changes follow from the implementation of the new Act. The changes arise from the wish to modernise the system and to adapt it to new developments in the pensions area.
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Supervision
Two separate pensions supervisor supervise the pension institutions. The Pension Act distinguishes between prudential supervision and conduct of business supervision. In addition, the Pensions Act uses the term 'material supervision'. This latter supervisory activity is defined as supervision that is neither prudential supervision nor conduct of business supervision. DNB is responsible for prudential and material supervision. AFM is responsible for conduct of business supervision.
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Coming into force and transition
Not all sections of the Pension Act have come into force on 1 January 2007. In addition, the Pension Act Introduction and Amendment Act (Invoerings- en aanpassingswet Pensioenwet) includes transitional rules.
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Supervisory rules, policy rules and other documents in preparation
On 1 January 2007, the Pensions Act and the amended Obligatory Occupational Pension Schemes Act came into force. Pursuant to these acts, DNB will draw up supervisory and policy rules. In addition, DNB will draw up other documents aimed at providing assistance to supervised undertakings or enhancing supervisory transparency.
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