NETHERLANDS - De Nederlandsche Bank (DNB) has reminded pension funds of their obligation to inform the regulator if they fail to meet reserve requirements, as a result of a downturn in the market and lower interest rates.
Falling share markets and lower yields in the bond markets have impacted on the coverage ratio of a number of pension funds in the Netherlands.
At the start of March, DNB estimated that around 10% of pension funds in the Netherlands had breached their reserve requirements, one of the thresholds built into the Dutch regulatory system to provide safeguards for pension fund beneficiaries.
The reserve requirement sets out the extra capital pension funds are required to have over their coverage ratio.
Funds that breach their reserve requirement have to provide the regulator with a plan to return to being above the threshold within 15 years.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.