ASR Nederland applies test standard for pensions
The Dutch Association of Insurers issued a recommendation on Tuesday, 23 March, regarding a test standard for the costs of defined contribution schemes (DCS) with investment options that have previously been concluded.ASR Nederland has adopted this recommendation.
In consultation with the Labour Foundation ('StAR') and the Financial Services Ombudsman, the Dutch Association of Insurers has established a test standard for the consultancy and implementation costs for a DCS with investment options concluded before 1 January 2010.
ASR Nederland will apply this standard. Expectations are that 15% of all pension participants in a DCS with investment options will qualify for a reimbursement. ASR Nederland estimates that the financial impact of complying with the test standard will amount to EUR 15 million.
Participants will be notified whether they qualify for a reimbursement by no later than in 2011. They will also receive at that point an indication of the amount of the reimbursement at the retirement date. Subsequently, we will inform the participants in the pension scheme anew each year what the most up-to-date indication of that reimbursement is.