Schedule of Seminar 'Investing under the New Pension System during and after the transition'

Jacob Schoenmaker, Head of Investments at Pension Fund PostNL, Lecturer at Nyenrode Business University and Stock Market Commentator at RTL Z.

René Rollingswier, Head of Expert Centre for Financial Risks, De Nederlandsche Bank

Willem van Dommelen, Director, EMEA Pension Solutions, Multi-Asset Strategies & Solutions, BlackRock

Martin Sanders, Head of Pension Investments, AXA Investment Managers

Evelien van Hilten, Head of Portfolio management, DMFCO

As a result of the WTP, pension funds are forced to review their allocation strategy. In this session, Evelien van Hilten discusses the role of mortgages within this new framework. In doing so, she discusses the differences between an allocation to a matching or return portfolio. She also zooms in on the degree of (il)liquidity offered by mortgages and discusses relevant topics such as more frequent valuations.

Twan van Erp, Directeur Strategisch Portefeuille Advies, Achmea Investment Management

One of the promises of the Wtp is that participants will receive a more personalised and more powerful pension. In order to realise this real promise, it is important that pension funds pay sufficient attention to protecting purchasing power. But despite the real promise, pension contracts under the Wtp continue to be largely nominally managed. Essential questions are therefore:

• How does a pension fund ensure a pension with purchasing power under the Wtp?
• How does a pension fund respond to unexpected inflation shocks and/or expected structurally higher inflation in the coming years?
• What options does a pension fund have to make real adjustments?

Both under the FPR and the SPR, pension funds have a number of instruments at their disposal to realise the real purchasing power ambition. Twan van Erp offers insight into this in his presentation.

• Jeroen van Bezooijen, Executive Vice President, Head of EMEA Investment Solutions, Pimco
• Paul de Geus, Professional Board member, various pension funds, Chairman of the Supervisory Board, Pensioenfonds Slagers
• Marleen Koetsier, Head of Economics and Strategic Asset Allocation, APG Asset Management
• Henk Radder, Independent Investment Consultant, Board Member, Supervisor, Risk Manager, various pension funds

Gosse Alserda, Senior Investment Strategist, Aegon Asset Management

While many pension funds are familiar with dynamic investment policies in the old system, many plans in the new system are based on static investment policies. In the presentation, Gosse Alserda will discuss which forms of dynamic policies can potentially add value in the new system.

Jeroen Wilbrink, Lead Portfolio Manager, Goldman Sachs Asset Management

The inclusion of illiquid investments is being debated at many pension funds under the new Dutch pension framework (Wtp). In the first half of the session, Wilbrink aims to demonstrate that portfolios can indeed benefit from allocations to illiquid assets, showing that risk/return characteristics can improve significantly in an asset-only environment. To challenge the audience further, he introduces a touch of leverage to illustrate that even with this addition, the combination still outperforms the classic 40/60 portfolio (resulting in a 40/70 allocation). In the second half of the presentation, Wilbrink will address the perceived barriers to illiquid investments under Wtp (and particularly in FPR), arguing that these challenges are, in fact, relatively straightforward to manage. Finally, he will contend that there may still be entry barriers for pension funds, where having an international footprint becomes increasingly important.

• Rik Albrecht, Professional pension fund manager
• Sander Gerritsen, Head of Risk & Investment Consultancy, Montae & Partners
• Marit Kosmeijer, Senior Investment and Actuarial Consultant, Sprenkels
• Hendrik Tuch, Head of Accountmanagement, a.s.r. vermogensbeheer