The recent drops in stock prices have been expensive for pension savers with market rate products. Now the Danish Financial Supervisory Authority wants an overview of how bad the situation is.
Savers with their pensions in market rate products have seen their retirement savings dwindle. In order to get an overview of what is happening to customers, the Danish Financial Supervisory Authority, FSA, has now asked pension funds to inform them about "what effects recent developments have had on customers with market rate products." "Specifically, the Danish Supervisory Authority wants information on the relative financial effects on savers' deposits experienced in the period between December 31, 2019 and until the day of the statement, i.e. March 17, 2020," states the FSA's website. Pension funds must inform of the relative changes in the period for a 60-year-old and a 65-year-old customer's reserves in the respective companies' biggest market rate products. The information must be submitted together with the first report on solvency coverage, which the FSA has asked the companies to submit on a weekly basis.
This post originally appeared on AM Watch.
