A survey amongst the stakeholders involved in drafting the new pension agreement, which switches the sector to a defined contribution (DC) scheme, found that DNB is viewed as a regulator, advisor and policy maker, simultaneously. The stakeholders evaluating DNB’s participation include the Pensioenfederatie, several ministries, and social partners—all members of the steering group for the pension transition.  

The survey found that steering group members are unaware of DNB’s role in meetings regarding the pension transition. For example, if the regulator is speaking as a regulator or an advisor or a policy maker. Moreover, respondents also said that they are in the dark on why DNB fails from taking standpoints on certain political issues while weighing in heavily on others.  

Else Bos, DNB’s head of supervision, confirmed that the organisation acted as both as regulator and advisor during discussions, also saying she never wants DNB to come across as a policy maker. “Being the regulator we will be responsible for monitoring the new DC pension arrangements and the pension transition, but in the steering group for the implementation of the pension accord we were an advisory member,” she said.  

Survey respondents also noted that the DNB has become more open, with Bos agreeing, saying DNB is becoming better at listening to the pension sector along with showing vulnerability: “We now share questions with the sector and are actively looking to maintain a dialogue. In the past we were mostly sending and not receiving that much.” 

Source: https://www.ipe.com/news/dnbs-mixed-roles-in-pension-transition-confuse-sector/10058746.article