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The Dutch pension funds welcome the recently published Green Paper on Pensions. We appreciate a holistic
The Dutch pension funds welcome the recently published Green Paper on Pensions. We appreciate a holistic

The Dutch pension funds welcome the recently published Green Paper on Pensions. We appreciate a holistic approach on pensions and the close cooperation between the General Directorates Internal Market, Economic and Financial Affairs and Social Affairs, Employment and Equal Opportunities. Pensions are part of all the issues dealt with by the three directorates. We think that the mentioned key challenges such as demographic ageing, changes in pension systems and the impact of the economic and financial crisis need to be discussed at European level, and that national policies on pensions need to be supported whilst respecting the principle of subsidiarity.

The Dutch pension fund organisations, OPF and VB, subscribe to the main overarching objectives of sustainability and adequacy of pensions, as mentioned in the Green Paper.

After a first assessment of the Green Paper, the Dutch pension fund organisations state the following:

We agree that there is a need to balance time spent in work and in retirement, whereas more flexibility is necessary. At the same time the employees need to have enough time to adapt to the situation.

Strengthening the internal market for pensions is considered to be more critical, since pensions are no market products, but part of the retirement income of pensioners. Therefore, pure internal market rules cannot be applied to pensions. Equilibrium needs to be found between social and internal market policy in this respect.

With regard to mobility and portability of pension rights, a proper assessment of the existing technical challenges and the differences in local occupational pension system needs to be made. We subscribe to the idea that pension rights should not be lost due to mobility.

Raising awareness on pensions as well as better informing participants about their future pensions are important issues. Adequate and understandable information is necessary, but needs to be clear and comprehensive.

The Dutch pension fund organisations call for a proper qualitative and quantitative impact study when revising the IORP Directive. This is in particular important for reflections at European level on a proper framework for technical provisions and insolvency protection.

First reaction Green Paper on Pensions – The Dutch Pension Fund Organisations, July 14, 2010

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National well ‐ functioning practices in governance and pension fund management should be shared across Europe
National well ‐ functioning practices in governance and pension fund management should be shared across Europe

National wellfunctioning practices in governance and pension fund management should be shared across Europe through strengthening the Open Method of Coordination.

The Dutch pension fund organisations call for a differentiated debate, taking the variety of pension systems throughout Europe and within the Member States into account. Therefore, the existing DB/DC debate should be focused on hybrid schemes as well as the many variables in pension contracts.

The Dutch pension fund organisations will study the Green Paper in depth and provide their answer to the questions. The current local debate and solutions proposed by the Social Partners in the Netherlands will be fed into the European debate. The Dutch pension fund organisations underline that the proven advantages of pension plans based on solidarity and collectivity are the main objectives for their contribution to the ongoing consultation.

First reaction Green Paper on Pensions – The Dutch Pension Fund Organisations, July 14, 2010

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