Pension funds spend more on management

The management costs of the Netherlands’ 20 biggest pension funds have gone up by 60% since 2008 to €6.2m, the Financieele Dagblad reports on Wednesday.

The paper bases its claim on an analysis of the funds’ annual reports.
The total bill also includes financial compensation for the time managers spend preparing for, and attending, meetings. Some funds also include the cost of the pensioners’ council and responsibility committee in the total figure.
Pension funds told the paper the increase in costs has been prompted by the financial crisis, which has led to an increase in meetings. Many managers are paid on the basis of the number of meetings they attend, the paper says.

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