AFM · investigation
Kosten pensioenfondsen verdienen meer aandacht
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AFM investigations into compliance with the Recommendations on Implementation Costs, IBI white papers and a selection of articles, blogs and presentations. The publications themselves are in Dutch.
AFM reports on cost transparency
AFM findings on compliance with the Recommendations on Implementation Costs
One of the conditions of self-regulation is that the pension sector in principle follows its own Recommendations. In other words: pension funds are expected to follow the Recommendations on Implementation Costs. In recent years the AFM has tested this several times, most recently in 2021.
AFM · investigation
AFM-onderzoek naar jaarverslagen pensioenfondsen inzake kosten van vermogensbeheer en transactiekosten
AFM · investigation
Vermogensbeheer- en transactiekosten pensioenfondsen in beeld
AFM · investigation 2021
Meer aandacht nodig voor de verantwoording van kosten door pensioenfondsen
Investigation into cost transparency and accountability in the annual reports of pension funds.
View report
Parliamentary document
Beantwoording Kamervragen over kostentransparantie van pensioenfondsen
Pensioenfederatie member mailing
Which characteristics explain the costs?
Since 2019 the Pensioenfederatie has sent its members an annual mailing at the end of each year. In it, the Pensioenfederatie emphasises that costs must be viewed in context, and explicitly names the following characteristics.
Pension administration costs
- The various service levels
- The number of schemes and their complexity
- The volume of value transfers
- The communication strategy
Asset management costs
- The chosen investment mix
- The benchmark costs
- The return over a longer period
- The benchmark return
These characteristics form the basis of the IBI indices. See how we translate them into radar charts.
Debate in the House of Representatives and responses from IBI
The findings of the investigation were discussed in the House of Representatives on 9 November 2021. Below is an overview from 2021 up to and including that debate, together with a short summary of how the Recommendations on Implementation Costs came about.
Overview
Transparantie uitvoeringskosten sinds 2011
IBI response
Reactie op het rapport van AFM d.d. 1 april 2021 “Meer aandacht nodig voor de verantwoording van kosten door pensioenfondsen”
IBI white papers
Publications on cost transparency
White paper
Transparantie uitvoeringskosten jaarverslag 2021 in de juiste context volgens de vereisten van de AFM
Newsletter · with Sprenkels
Nieuwsbrief kostentransparantie
In preparation
Costs on the pension statement
On how costs can be presented on the Uniform Pension Statement.
To followThe white papers on the Wtp can be found under Wtp — white papers.
IBI Benchmarking in the spotlight
Presentations, lectures and publications
Since IBI was founded, Eric Veldpaus has regularly given presentations and lectures on benchmarking, implementation costs and cost transparency. He has appeared for Institutional Investor, World Pension Summit, Financial Investigator, IPE, EPFIF, Netspar, KPS, Aon, IPFOS, Deloitte, PwC, KPMG and EY, among others.
He also publishes regularly on cost transparency in trade journals and works with Anne Laning and other experts such as Tim Burggraaf on publications and contributions on this subject in various media. Below is a selection of the articles, blogs, podcasts and presentations.
Has appeared for, among others
Articles
Publications in trade journals
Titles are given in Dutch, because the articles themselves are in Dutch.
- Wat kost een pensioenregeling
- Vergeet kosten niet in de communicatie over de Wtp
- Netto premies en kosten benchmarking
- Uitvoeringskosten lastig vergelijkbaar
- Hoe leg je de relatie tussen uitvoeringskosten en prestaties?
- Ronde tafelgesprek: “Begrijp je kosten en weet wat je wilt”
- Een nieuwe wijze van rapporteren voor pensioenfondsen
- Geachte bestuurder: benchmarkt u de prestaties van uw fonds?
- Optimalisatie vermogensbeheerkosten in plaats van kostenminimalisatie
- Naar een model om appels met appels te vergelijken
- Op naar de volgende noodzakelijke stap in kostentransparantie: UDOCAM
Blogs and interviews
Blogs by Eric Veldpaus
The blogs are in Dutch.
- Bonussen bij pensioenfondsen
- Algemeen Pensioenfonds: zijn schaalvoordelen wel schaalvoordelen?
- Vermogensbeheer van een pensioenfonds kost geld, maar hoe leg je dat goed uit aan belanghebbenden?
- Zelf beleggen tot betere beleggingsresultaten, toch?
- Meten is niet altijd weten
Presentations
Public events
- De kosten van vermogensbeheer onder Wtp
- Wat te doen om in controle te blijven met kosten voor beleggingen
- Communicatie uitvoeringskosten: noodzakelijk en wordt (nog) complexer
- Wat te doen om in control te blijven met kosten van beleggingen
- Uitvoeringskosten pensioenfondsen: belangrijk, maar zijn hoge kosten ook slecht?
BBC interview
The Transparency Detectives
BBC interview with Eric Veldpaus about implementation costs and cost transparency in the pension sector. He speaks from 9:20 min. Listen below, or use this link.
Questions about cost transparency?
We are happy to think along about the accountability and communication of your implementation costs.