NLD DNB issued mandatory transition report survey for life insurers and premium pension institutions (PPIs) to assess compliance with Future Pensions Act (Wtp).
Follows NLD DNB Feb. 2024, issued risk outlook based on sector survey, see #204878.
Follows NLD GVT Sep. 2023, issued amendment to NLD DNB regulation, see #186061.
Follows NLD DNB Oct. 2022, report PPIs' progress in pensions transition, see #150389.
Purpose of Transition Report
Survey is for life insurers/PPIs with second-pillar pension products in their portfolio.
NLD DNB wants insight into the pace at which life insurers and PPIs are converting existing pension agreements into schemes that meet the Future Pensions Act.
Further to entry into force of Wtp, social partners and pension administrators have until transition period-end to adapt existing pension agreements to the new legislation.
This is subject to compliance with the effect of the new Wtp legislation.
NLD DNB will use insights gained to plan and structure supervision of the new pension legislation, and after analyzing answers, NLD DNB will provide a sector-wide update.
If there is reason, a round table meeting is one possibility and, if necessary, NLD DNB will discuss consequences of new pension regulations with providers individually.
NLD DNB shares the information it receives with NLD AFM, accordingly.
Survey will be repeated during transition, annually/semi-annually, based on results.
Effectiveness
From Sep. 1, 2024, it will be possible to submit the report to NLD DNB via DLR.
Pension administrators must submit the report by Oct. 31, 2024 at the latest.
