Dutch pension funds have received an average score of 67 per cent (satisfactory) on the baseline measurement of ‘handling complaints properly’ in the new Code of Conduct.

The pension funds signed up to the code in June 2022 and must have introduced the code by the beginning of 2024.

They then have to achieve an overall score of 84 per cent (good) or higher.

In the baseline measurement, non-compulsory industry-wide pension funds scored the best, with an average score of 85 per cent.

The baseline measurement is recorded through a self-evaluation, which is tested by Stichting Gouden Oor, which also drew up the new report.

The report displays how far each pension fund is in implementing the policy.

In total, 130 of the 166 members of the Pension Federation participated in the baseline measurement.

Members who did not complete the measurement were in the process of closing or transferring the pension fund, “or had another reason”.

The Pension Federation stated that it would contact those who had another reason for further consultation.

Stichting Gouden Oor chairman, Eric de Haan, commented: “In our conversations, it turned out that most pension funds were more cautious than overconfident in answering the self-evaluation.

“If something was just not quite right, 'no' was entered. We also saw that the questionnaire stimulated most pension funds to immediately make improvement plans to get a better grip on complaints.”

Pension Federation chairman, Ger Jaarsma, added: “The results of the baseline measurement leave us wanting more. In many funds we see the drive to continue building on what they have already achieved.

“The Code of Conduct ‘dealing well with complaints’ gives them the concrete tools to raise the bar a little higher each time.

“In the end, it's about participants noticing the improvements. It is important that they feel heard and experience that the pension fund wants to arrange things properly for them, communicates clearly with them and continuously improves in this.”

The Pension Federation and Stichting Gouden Oor will continue to conduct annual measurements in the coming years to monitor development and progress, and to continue to drive improvement.

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