niederlandeIPE. The draft of the new Dutch pension law, which was under consultation until yesterday, limits pension funds in several respects, according to Pensioenfederatie, the Dutch association for pension funds.

The association wants more possibilities for pension funds to determine the risk appetite of their members, how to attribute returns to the different age groups in a fund and how to share longevity risk, it said in its 18-page official response to the consultation. Pensioenfederatie also fears a possible tsunami of secondary regulation that could reduce pension funds’ room for manoeuvre even further.

“In no less than 20 instances, the draft law leaves the possibility for more, lower-level regulation,” said policy advisor Marcel Lever, commenting on the draft law in a call with journalists.

“This of course means we can at this stage only give a generic opinion about the draft law because so many details remain unclear. But details can be of decisive importance.”

The association is therefore demanding a “careful process” to determine this lower-level regulation. “It’s important this will be available for consultation before the law is sent to parliament [after summer],” the organisation said.