The Netherlands' regulator is killing the country's pensions system by imposing liability matching rules that have cost it €120bn, according to a Dutch consultant and pensions guru.

Anton van Nunen, owner and founder of Van Nunen & Partners, told delegates at the OECD-WPC World Pensions and Investments Forum in Paris last week that the approach to investment that aims to match assets to liabilities required by Dutch regulator, the DNB, had lost the country's pensions industry 15% of its assets.