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Pension communication

The Pensions Act states the rules to be observed by pension funds in their communication with participants. For instance, the Act states the occasions when participants must be informed and the nature of the information that must be communicated. The form to be used by pension funds when providing this information is also specified. 

The act stresses the importance of communicating practical knowledge with respect to pensions, as well as the communication of the risks and uncertainties with respect to pensions. The Authority for the Financial Markets (AFM), the organisation responsible for statutory supervision of pensions communication, verifies that communication by pension funds meets the statutory requirements.

Required by law:

Communication channel Function
Pension 1-2-3 General information on the various elements of the pension scheme. Layer 1 is the shortest and provides general information in 5 minutes, layer 2 is more detailed and provides the information in 30 minutes and layer 3 consists of official documentation.
Pension comparison tool A form to be completed that uses a comparison to clarify the differences between two pension schemes.
Uniform Pension Overview (UPO) An annual statement showing the amount of pension accrued by the participant to date with a single pension provider, also known as the Pension Benefit Statement in IOPR II.
The website Mijnpensioenoverzicht.nl A pension tracking services that shows the total amount of AOW pension and accrued pension and shows the amount of pension a participant can anticipate when they retire: the expected pension. The website is available 24/7 and participants can access it with a DigiD. It is also possible to log in with a partner to view a couple’s collective situation.

Pension funds give central priority to the participants. They strive to communicate with their participants as effectively as possible and help them to plan for their future financial situation. Personal and relevant information (specific to the individual) helps to reach participants with respect to their pension. But, first of all, a trigger is needed to motivate participants to view the information available on their pension. There is, however, a big difference between the statutory obligations for communication and the needs of participants in this respect. The Federation of Dutch Pension Funds, accordingly, is working to ensure that the Pension Communication Act allows greater freedom for pension funds to provide information specific to individual participants instead of completing the mandatory formats. This will enable pension funds to bring the subject of pension to the attention of their participants more effectively.