Regulatory Alerts2024-02-20
Inform Timely About Pension Adjustments
The Dutch Authority for the Financial Markets (AFM) issued this report following a 2023 investigation into how pension providers communicate annual adjustments to variable pension payouts. The regulator found that while all providers correctly stated old and new amounts, 77% failed to notify pensioners at least one month in advance, and three providers used retroactive double adjustments that created undue financial shock. The AFM mandates that providers ensure timely, clear, and consistent communication to allow pensioners sufficient time to adjust their budgets and claim relevant allowances.
Share