Lobby against new pension system
AMSTERDAM (Dow Jones) - Dutch pension funds are busy to for lobbying to that prevent the Dutch government on 1 January 2006 new
pension system sails in.
The two largest pension funds in the Netherlands - NATIONAL CIVIL PENSION FUND and PGGM - have jointly 40% of the Dutch pension market in hands.
They say more have enough time necessary to prepare itself to the complex rules which the new system contains, and for
cliënten to inform of the legislation.
NATIONAL CIVIL PENSION FUND and PGGM say tevens that the rules force them rapidly large put parts of their share portfolios to in obligations.
We are not against the rules, but we have enough time ordinary more necessary. We think that cliënten are conscious of not
the coming changes, say Borgdorff, director of the association of company branch pension funds (VB) to peter.
The attempt of the trade association één year get delay for the setting-up of the rules seems a fighting against
the bierkaai. A spokesman of the Ministry of Social Affairs says that there are no plans postpone setting-up
and most of the market searchers doubt if the lobby will be successful.
But the pension funds are powerful and modification of the timetable will have consequences on European shares - and obligation markets.
PGGM are responsible for the pensions of 2 millions employees and oud-werknemers in the social work - and health sectors.
NATIONAL CIVIL PENSION FUND manages the pensions of 2.4 million employers and employees in the governments - and education sectors. The managed capacity
of NATIONAL CIVIL PENSION FUND approximately 160 billion euro amount to, whereas PGGM carry the responsibility for a capacity of 62 billion euro.
The new superannuation act replaces old from 1952 and must still be approved by the parliament. Rather became in this context
all Vut-regels and solvency rules changed.
Under the new rules pension plans must know a cover degree of 105%. If the this case is not, the pension supplier has
één year to fill this gap.
Pension funds now say that that period is too strict and can lead to a fast overstap of shares to obligations.
"we want a longer convalescence period when the cover degree below the 105% comes", say Borgdorff.
If this happens, the market regulator will give the choice to pension funds between increasing the reserves or scaling back
of the risk profile. Pension funds will reduce shares in the portfolio then for last molars and their part,
whereas the duration of the obligatiedeel is extended at the same time. This to bring future merits in line
with future premium income, thus Borgdorff.
The only alternative is bring back the obligations, or by means of reducing pension entitlements,
or by raising premiums, Borgdorff say.
The pension funds want see it becoming subject dealt with in the parliament, as a result of which possibly the time diagram of the supervision holder
in knel comes, thus market searchers.
Lobbyisten for the pension funds probably the argument will invoke that the pension contributions by the new legislation
will will increase.
Because the purchasing power of Dutch families has decreased the last years as a result of a horizontal remuneration development
in combination with rising premiums, it is well possible that politicians will be sensitive for this argument.
Dutch central bank, which plays a supervisory role and pays attention to the solvency rules, says that a convalescence period of één year sufficiently
is. "pension funds must offer certainty to their cliënten and cover as soon as possible to repair", says a spokesman
of Dutch central bank.
To solve the problem of the placement mix, Rabobank have calculated international that pension funds 65 billion euro
to shares could convert will into obligations. A solution for the problem massive lengthening could be
of the duration of obligation values of the current average of 5 years to 14 years, Rabobank say.
That the question to langetermijn euro-bonds would raise euro with 150 billion.
At present stands for 300 billion euro to euro staatsobligaties with a duration of 30 years.
The agency of the ministry of Financiën gave recently to a new 30 person whose birthday it is government loan from to approach to
the rising question to long-term state obligations.
France put rather a ultra-long-term loan of 50 years in the market.
Because obligations of pension funds are also related to inflation, the preference of pension funds for inflation-related is
obligations grown. So far however the Dutch government has not proceeded to spending geïndexeerde obligations,
such as France.
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Source "lobby against new pension system": telegraph
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