Tasks, authorities and responsibilities of the Board
- The main task of the Board is to manage the Pension Fund. The Board has several specific tasks in this respect, such as:
- keeping the Constitution and the Regulations up-to-date (in co-operation with the employer);
- collecting pension contributions and granting and paying out pensions;
- investing pension contributions;
- providing information about the pension scheme and individual pensions to participants, former participants and pension beneficiaries;
- establishing the funding, indexation and investment policies
- producing the annual report and accounts and the Actuarial and Operating Memorandum (Actuariële en Bedrijfstechnische Nota, ABTN);
- providing all the necessary data to the regulator (De Nederlandsche Bank and the Netherlands Authority for the Financial Markets)
- setting up committees.
The Board ' authority to carry out its tasks is based on the legislation in force (the Dutch Civil Code and the Pensions Act) and on the Constitution and Regulations of the Pension Fund.
The Board must ensure that all relevant statutory provisions, regulations and agreements are observed. Furthermore, the Board must ensure that the provisions of the Constitution and Regulations are observed and that policy is also executed as established in the Actuarial and Operating Memorandum.
Tasks and authorities of the Accountability Council
The Accountability Council advises the Board, on request and otherwise, on important matters concerning the Fund. The Accountability Council also gives an opinion annually on the Board’s management of the Pension Fund, the policy and the way the Board executes it.
If the Accountability Council believes that the Board is not functioning well it can have an investigation set up by the Enterprise Section of the Amsterdam Court of Appeal.
The authorities of the Accountability Council to perform its tasks are based on the Pensions Act and on the Constitution of the Pension Fund.
Tasks and authorities of the Investment Committee
The Investment Committee advises the Board on the investment policy and risk management in respect of investments.
The authorities of the Investment Committee to perform its tasks are based on the Constitution of the Pension Fund.
Tasks and authorities of the Board of Supervisors
The Board of Supervisors monitors the Board's policy and the general state of affairs at the Pension Fund. The Board of Supervisors is charged with monitoring that risk management is adequate, that the Board of Administrators represents interests in a balanced manner and accounts for the execution of its tasks and exercising its Authorities in the Annual Report. The Board of Supervisors also advises the Board. Furthermore, the Board of Supervisors has specific approval rights.
The authorities of the Board of Supervisors to perform its tasks are based on the Constitution of the Pension Fund.