Shifting pension funds to Belgium to avoid the Dutch regulatory system is irresponsible, finance minister Jeroen Dijsselbloem told the Financieele Dagblad.

‘If that is the reason [for the move], I would consider people who have organised their pension through that particular fund to be extremely vulnerable,’ the minister said.

Earlier on Tuesday it emerged that the pension fund attached to consultancy group Aon may move to Belgium. Three others have already made the move, the FD said.

In Belgium, pension funds are subject to a less strict regulatory system, making their management cheaper.

However, Hans van Meerten, a pension lawyer with Clifford Chance, told the FD he was surprised by Dijsselbloem’s comments. ‘He would appear to have forgotten that we have European laws which protect pension fund participants throughout Europe,’ he said.