European Pensions, Dec. 2010, p.22-23 The financial crisis of 2008 made it clear that reforms were needed to the Dutch pension system. The Dutch pension regulator obliged all pension funds with a coverage ratio of less than 105% to submit a recovery plan before April 1st 2009. Many pension funds have not been able to meet this requirement and are now looking for ways to increase their investment returns while decreasing their liabilities.
European Pensions, Dec. 2010, p. 24-25
In 2005 the Italian government designed a new pension system which would put more obligation for provision onto individuals and employers, and reduce the burden on the state. The reforms, which came into effect in 2007, and effectively created the country's defined contribution pension market, were followed by the 2008/09 global financial crisis. This destroyed confidence in the financial services industry and made the conservative Italian public wary of any new investment vehicle.