31/01/2011
By Ilonka Oudenampsen
During a survey into the administration of Dutch pension insurance companies, different administrated amounts have been found compared to the actual pension rights.
Instigated by the Dutch regulator De Nederlandsche Bank (DNB), the survey was conducted by several insurance companies. Most deviations seem to be based on mistakes or miscalculations, both in the advantage as well as the disadvantage of scheme members. DNB concludes that the administration and therefore the pension calculations could be improved.
The reason for the deviations are the increasing complexity of pension arrangements, continuous regulatory changes, a significant number of mutations during years of pension building, and fusions of insurance companies including integration of their administrations. With the introduction of the national Pension Register, transparancy and accuracy of pension data have become even more important.
DNB has asked the insurers involved to draw up a plan to indicate how in a short time the shortcomings are going to be corrected. The regulator will oversee the implementation of these plans. Pension insurers who didn’t take part in the survey have also been asked to critically assess their administration process. The survey will be repeated in a few years to see if the necessary changes in adminstration took place.
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