The report of the AFM of April 1, 2021 and the email of members of the Pension Federation of December 5, 2019 state that benchmarking the implementation costs is also included in the Recommendations. The funds are called upon to view the costs of asset management in relation to the chosen investment mix and the associated benchmark costs, but also the return over a longer term in relation to the associated benchmark return.

When comparing peers, the relevant characteristics of pension management costs include the different service levels, the number and complexity of the plans, the amount of value transfers and the communication strategy.

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The report of IBI Benchmarking fully complies with the report of the AFM and the Recommendations on Implementation Costs, issued by the Pension Federation and endorsed by the majority of Dutch pension funds.