De Nederlandsche Bank warns pension funds of €1M fine

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De Nederlandsche Bank could impose a €1 million fine on pension funds who are not submitting asset management costs, the Financieele Dagblad reported on Thursday.

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According to Dutch central bank, more than a quarter of pension funds in the Netherlands have failed to provide cost details on time, the FD said.

Olaf Sleijpen, head of the bank’s pension supervision department, said “this is unacceptable.”

The pension funds are required to submit detailed costings to the central bank. This practice has become mandatory in 2012.

The central bank is urging the pension funds to comply with the requirement. The bank is giving a second to pension funds to submit costings. Otherwise, they should ready to face fines of up to €1 million.