NETHERLANDS - Dutch pensions regulator De Nederlandsche Bank (DNB) has given pension funds more time to submit recovery plans.
Before the change was announced, pension funds whose funding ratios had fallen below the required levels as a result of recent market turmoil had just two months to hand in their recovery plan.
Plans that fall below 125% need to show that the asset position would satisfy the statutory requirements within a period of 15 years, while those that fall below 105% must explain how they will restore their funding reserves to the requisite levels within three years.
Last month, it was revealed ABP's funding ratio had fallen to 118% (www.globalpensions.com; 23 October 2008), while PME's funding ratio dropped below 105% in the first two weeks of October (www.globalpensions.com; 24 October 2008). Smaller plans are believed to be in an even worse position.
A spokesman for DNB said the decision to delay the submission of recovery plans was the result of a discussion today between the regulator and the minister of social affairs and employment, with representatives of the pension sector.
It also follows a warning to pension funds issued by the DNB on 8 October urging them not to take any "rushed decisions".
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