WTP. RPO. MVB. Abbreviations fly through the air in the conference center of insurer Achmea in Zeist. And none of those present need any explanation as to its meaning.
At the invitation of the cooperative insurer and pension investor, 180 ‘professionals’ from the pension world are in the room. They know that WTP means ‘Future Pensions Act’, which is about the transition to the new pension system – they are all already very busy with it.
And they know that the RPO, the risk preference survey among individual participants in their funds, plays an important role in that new system. Because participants start saving for their pension on a more individual basis, and pension funds must carefully assess which method of investing suits everyone’s personal situation. And the visitors all know what ‘SRI’ is: they manage billions in pension contributions and are involved in Socially Responsible Investing every day.
The ‘light business’ dressed visitors – almost no one wears a full suit; many jackets with jeans for the men, sneakers under colorful ensembles for the women – work at Dutch pension funds or sit on their boards. These are the ‘institutional investors’ who are often talked about in the newspaper columns. Their name cards state that they represent the pension funds of cleaners, veterinarians, transport, recreation and physiotherapists, among others. There are also people from the corporate pension funds of Shell, ABN Amro, IBM and Atos.
Photo Simon Lenskens
Most attendees are Achmea customers in one way or another. The financial institution, also known for insurance brands such as Zilveren Kruis and Centraal Beheer, offers pension funds all kinds of services. Asset management, help with communication with participants, sustainable investment advice, opportunities to invest in real estate and mortgages.
The pension world is small
Now Achmea would like customers to purchase more services, but the purpose of this afternoon is “exchange of ideas and experiences,” says Achmea board member Daphne de Kluis, responsible for ODV: old age provision. Just before the tenth edition of the Achmea Summer Event starts, she tells the reporter that, given the transition to the new system, pension fund managers have a great need to “spar with each other and gain inspiration”.
It shows. There is a lot of conversation at the standing tables between Achmea’s inspiration sessions about investing and WTP. There are usually low tables here, but to promote ‘exchange’, they have now been replaced by high ones.
The aim of the afternoon is to exchange ideas and experiences, says Achmea retirement provision director Daphne de Kluis
“There is a lot of formal and informal contact in the pension world anyway,” says Anisa Salomons, who is standing at such a table. She is an external advisor to Pension Fund APF, which administers the pension for AkzoNobel and the hived-off units Nouryon, Nobian and Salt. “It is also a small world. There are many acquaintances and former colleagues here.”
Many directors have additional positions at other funds, and good pension professionals are highly sought after. Mario Hooghiemstra can confirm that. He previously worked at Achmea and at Blue Sky Group, which was acquired by Achmea. He is now responsible for the sustainable investment policy of PNO Media, the pension fund of broadcasters, among others. While the catering supplies snacks, he would like to talk about investment policy and why he is here. “We exchange ideas here. We often struggle with the same problems, so it’s nice to spar.”
Maureen Schlejen and Daphne de Kluis, both from Achmea.
Photo Simon Lenskens
Managing pension funds has not become easier, says Maureen Schlejen, director of the asset management branch Achmea Investment Management. “Legislation and regulations are increasing, both from Europe and from the Netherlands. You have to deal with the unsettled geopolitics, which affects your investments. In any case, the question is: what do you invest in and what not? Then you have to think about technology: all pension funds are now looking at how AI can improve processes and make them more efficient. And of course they also have to consult their supporters and take that into account in all their decisions.”
Entering is hard work
The most important thing now is the transition to the new system. “Pension directors who are going to sail in next month are really not here. They don’t have time for such a meeting,” laughs Walther Schapendonk, executive board member of Pensioenfonds Schoonmaak. Entry is jargon for converting the old joint pension pot to the new system, in which everyone gets their own pot. Determining exactly how much goes into which pot is a precarious operation.
A number of Achmea customers have already left, such as the cleaning fund where Schapendonk works: “It was a tough year, you do something like this with relatively few people. And you want to distribute it as best as possible, to do it well for everyone.”
He and his colleague Tarik Uçar are happy to share their experiences this afternoon – for example about the discussions with De Nederlandsche Bank. This supervisor strictly monitors whether entry is fair. Uçar: “Sharing knowledge is really normal.”
Simon Lenskens
The network meeting in Zeist is not the only one – another major conference will follow this month PensionProtrade magazine for the sector, which awards the awards for best pension fund. Schapendonk and Uçar think they have a good chance with their pension fund because of their AI app Textbuddy. This allows members of the cleaning sector to translate or simplify letters from their pension fund in twenty languages. WTP, RPO and MVB no longer appear. Uçar: “And we also hope that other pension funds will adopt that app. We are really not competitors.”