The key IORP II implementation elements for Belgian pension funds, according to Sommerijns, were the risk management function and own risk assessment requirements.
The FSCS data was requested by Nick Smith, MP for Blaenau Gwent in south Wales, who told the FT the fact the payouts have doubled is “absolutely shocking”.
"You need to be able to track your income, expenses, and net worth. It needs to be staring you in the face every day. Once you start seeing these key metrics improving regularly, it will spur you to dig into the details and find opportunities to grow
While the outlook for the vast majority of schemes is positive, in that members can expect to receive the pensions they have been promised, there are some schemes where the outlook is much more uncertain, the consultation document said.
But the deal has proven controversial and several members of the Conservative Party have called for Mrs May to stand down as Prime Minister, with some claiming it gives the EU too much power over the UK and others saying the opposite.
Van Vollenhoven’s warning was at odds with Dutch politicians, who have urged pension funds to increase their local investments, for example to help finance the energy transition.