MPs want more openness over pension fund difficulties
A majority of MPs want the central bank to be less secretive about naming pension funds which are running into financial trouble, it emerged during a parliamentary debate on the pensions crisis on Tuesday.
The debate follows the news last week that 14 pension funds may be forced to cut payments to pensioners because their reserves are so far below the legal minimum. The names of the funds has been kept secret under central bank rules.
But VVD MP Stef Block has called for more openness, arguing that pension funds are unlikely to suffer a run, like banks, if their financial position becomes public knowledge. GroenLinks, Labour and the Liberal democrats D66 also support less secrecy.
Panic
A number of MPs also accused social affairs minister Piet Hein Donner of spreading panic among pensioners with his announcement of the possible pension cuts last week without naming the funds concerned. The funds have until November 1 to come up with alternative ways of getting their finances in order.
MPs also want a parliamentary hearing involving managers of the 14 funds to find out what went wrong.
According to the Telegraaf, the funds which may have to slash payouts include Nutreco, Ballast Nedam, the engineering sector fund PME and the sector-wide notaries fund.
Donner is due to reply to MPs later on Tuesday.
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