NETHERLANDS - The ministry of social welfare and employment, which has pensions as one portfolio, has refused to be drawn on whether minister Aart Jan de Geus would like to keep role and see out the implementation of the FTK on the back of the elections in the Netherlands this week.
Following the elections, which saw the ruling Christian Democrats (CDA) party's majority slide, the political parties have entered into coalition talks.
When asked whether de Geus would like to retain his position to oversee the implementation of the FTK, a spokesman told Global Pensions: "A new coalition has to be formed. The results of this first have to be awaited."
The result of these talks could see Aart Jan de Geus loose his position as minister of social welfare and employment. However, the future of the Financial Assessment Framework (FTK), which is set to be introduced under the new Pension Act on January 1 2007, has been confirmed by the ministry as safe.
FTK will see pension funds forced to adhere to new reporting requirements, with the De Nederlansche Bank (DNB) acting as the supervisory body.
The new reporting requirements will require pension funds to be 105% funded 97.5% of the time, and is due to take effect in January 2007.
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The People's Pension has revealed plans to overhaul its charging structure, cutting fees and returning profits to members with an aim to help people save more money for retirement.
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