Regulatory Alerts2024-09-06
Correct Pension Administration No Guarantee for Correct Participant Communication
The Dutch Authority for the Financial Markets (AFM) issued this March 2022 report revealing that while correct pension administration is necessary, it does not guarantee accurate participant communication due to frequent errors in the translation process. The investigation found that over half of reported incidents stem from this translation phase, resulting in significant errors in statutory documents like the Uniform Pension Overview and failure to send mandatory termination letters. The AFM urges pension providers to implement controlled communication processes, establish and publish correction policies, and ensure 100% delivery of Uniform Pension Overviews before the upcoming pension system transition.
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