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What does a pension mean to the people of the Netherlands? Who is already planning for the future and who is not? What does the new pension system look like? And more importantly, how will it affect us? In this section, we will go into these pension stories, in the broadest sense of the word.

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Dream & Deed: “Only when you are happy yourself, you can mean a lot more to others”

Published on: 27 October 2021

But he did not kill her, because in between dream and act
there are hindering laws and practical issues,

(from: Willem Elsschot, The Marriage)


Pension may be considered as something for the distant future by generation Z, yet they are the generation of the future. What are their dreams? What are they doing to achieve these? And what is standing in their way? This series is intended to let young people speak about the way now and later on is perceived by them.

Maggy Schaap (27): “Putting yourself first is not selfish, it will eventually benefit the world”


Who: Maggy Schaap (27). She describes herself as an enthusiastic woman of feelings with a positive attitude, who is not afraid to rely on her intuition.


Lives: in a rental apartment of 57m2 in Amsterdam she shares with her boyfriend. “We had to earn approximately four times the monthly rent to be able to rent it. Buying was an option back then as well but weren't sure whether we wanted to stay in Amsterdam or not. Now that we have both started our own business, things have become a little less uncertain. But I am trying not to let the news about the housing market get to my head too much. I could be worrying about the future but who knows, the situation may be entirely different again in a couple of years.”


Works: as self-employed coach ( She gave up her job in sales to start this new business. “I had a good salary, managed a team of twelve account managers at a certain point; everything went really fast. Yet, something was bothering me. Was this job what I really wanted to do or did I do what I believed society was expecting me to do and what I, unconsciously, expected of myself? That feeling grew stronger and stronger. I followed an education to become a coach and quickly felt that this was what I really wanted to do. I quit my job a year ago and started to work as an independent coach. I mainly coach millennials who are experiencing a similar situation to the one I was in. I try to make them aware of limiting beliefs and try to make them become happier.”


Loves: travelling, walking, connecting with nature, running, cooking and self-development.


What do you dream of?

“I often work with people one-on-one at the moment, but eventually I would like to make an impact at a larger scale. My ultimate dream is for everyone to start listening to their inner selves and not to be scared to follow his or her heart. We want to meet expectations, set by ourselves and society, but we sometimes forget what it is we really want to do. Putting yourself first is not selfish, but actually contributes to a better world. Only when you are happy yourself, you can mean a lot more to others. That's the message I want to convey to as many people as possible. I am already quite active on social media and, as of recently, started recording a daily podcast, but I hope to be able to grow some more in that field. If at all possible. I also want to be financially independent. Follow my heart's desire without feeling the urgent need to work in order to make ends meet. I would like to dare dreaming bigger in that respect. You don't necessarily have to work in paid employment and retire at the age of 67; there are other ways as well.”


How do you envisage your future?

“I want to further develop my coaching activities and I hope to be able to help a great deal of people. I have faith that my company is able to grow in a somewhat effortless way. People often say that you have to work hard in order to make your dreams come true. I have nothing against that, but it is also possible without getting ahead of myself. It would be wonderful should I be able to have another house in Spain or something later on, or to travel more. And I would really like to have children someday.”


What does your dreamed of pension look like?

“I don't really think about that just yet, to be honest. I live in the moment. Once I earn a bit more money, I will start putting money aside or open an investment account for my pension. My parents are both entrepreneurs as well. When I see how much enjoyment they still derive from their work, I think I also want to continue working well into my old age. But less hours though. That would be amazing I think. And other than that, enjoy travelling, nature and, who knows, my children and grandchildren.”


What is your dream for the Netherlands?

“The Netherlands is a privileged country, but I believe it still has a lot of unhappy people. The basis is solid: we have enough to eat and there's actually not a lot to complain about. It would be great if the Dutch were somewhat happier with everything they do and dare to express what it is that makes them happy, without encountering other people's judgments.”


What do you believe goes well in our society?

“The fact that we are way more aware of, among other things, food. It could be my Amsterdam bubble, but there is an increasing amount of people who eat vegetarian. That's a good development in my opinion. I also feel as if the Netherlands offers increasingly more room to be yourself. My mother is married to another woman, and that doesn't cause any problems. As a child I was feeling a bit ashamed, but now it seems weird to me that I felt like that before. It seems not to be an issue anymore when you are attracted to people of the same sex. But it's very difficult for me to assess whether the tolerance in that area has truly improved.”


Another thing that also concerns me at times, is the fact that so many people are unhappy. Even young people are faced with a burnout sometimes.

What could be improved in the world?

“We should be a bit less judgmental about others and about ourselves. It would make a huge difference if we don't always come up with an opinion about someone else's behavior. That really frustrates me sometimes. I believe people should first take a look at themselves. It's only human to judge, I am not a saint myself, but at least I am trying to be conscious about it. You never know what goes on in other people's lives.”


What are your matters of concern in view of the future?

“The climate crisis. I don't delve into the subject to an extreme extent, but I am trying to contribute wherever I can. We cannot just close our eyes and pretend it's not there; we have to be even more aware of what's going on with our planet. Another thing that also concerns me at times, is the fact that so many people are unhappy. Even young people are faced with a burnout sometimes. But I am optimistic in general, I feel as if everything will work itself out in the end.”


What makes you angry?

“The way animals are treated in the bio-industry. That truly bothers me. I eat and drink a plant-based diet as much as I can and inspire my parents to do the same.”

What is standing in the way of realizing your dreams?

“I think what's mainly standing in the way is your own self. I have limiting beliefs and thoughts as well. It's sometimes difficult for me not to let myself be guided by the opinion of others. Fortunately, the responses I get on social media so far are positive, but I notice that I post my messages in a very nuanced way and find it hard to express my opinion on certain matters. Probably because there's not a one-fits-all solution and I am always trying to look at a situation from different perspectives. But maybe it can be the case that I also let myself be limited sometimes out of fear for other people's opinion.”


What do you do to realize your dreams?

“I jumped in at the deep end to make my dream come true. That is not always easy. I have left behind a certain form of security, although security is also subjective of course. I am very busy working on my personal development which is important to stand my ground. I am committed to grow on a daily basis, although I don't see the result of my efforts every day. Yet, I am trying to hold on to that commitment.”


And what do you do to make the Netherlands and the world better?

“Have my company grow, so I can contribute to making people more themselves and having them do what it is they really want more often. The more happy people in the world, the better equipped they are to take care of the world we live in.”


Volgende publicatie:
“We shouldn't focus too much on that first place”

“We shouldn't focus too much on that first place”

Published on: 21 October 2021

The Netherlands has the second-best pension system in the world according to the Global Pension Index. This ranking of national pension systems is published every year by research agency Mercer. The Netherlands has beaten its score from last year but lost its lead to newcomer Iceland. Denmark completes the top three. What does the Netherlands’ second place mean? We let our experts do the talking. “The Netherlands’ pension system is still world-leading.”


Iceland scored better than the Netherlands on various measures, including household savings and household debt, the minimum retirement age, and mandatory pension accrual if someone is disabled and cannot work or is on maternity leave. “In practice, the latter will often be regulated at fund level, but not by law,” says Strategic Policy Officer Tinka den Arend. The Netherlands also performs slightly worse on the employment rate of people over 55 and government spending on pensions.

Actuarial Director Alexander Paulis warns that we shouldn’t focus too much on that first place, pointing out that the Netherlands even scored better than last year. The Netherlands dropped one place because Iceland was included in the list for the first time this year. “It’s not that we’re doing less; we’re actually doing better and are also working on all kinds of things to increase the sustainability of our pension system.” He also stresses that the ranking is less global than you might think. For example, it now covers the pensions of 65% of the world’s population (that percentage was lower before) from 43 countries.

Iceland is particularly strong in terms of the sustainability of its system, scoring 84.6% compared with 81.6% for the Netherlands. Mercer looks primarily at the ratio of national debt to gross national income. “While we’re doing fine on that front in the Netherlands, Iceland outperforms us. Our take on sustainability also differs from Mercer’s,” said Paulis. “We think of sustainability more in terms of the new pension system and the options it offers. I think this is much more important than getting bogged down in the details of whether or not the national debt is one percentage point lower. As far as I’m concerned, things are looking good for the Netherlands. And we’re still world-leading, alongside Iceland and Denmark.”


Eduard Ponds, Senior Strategist Research & Analytics who is also associated with Tilburg University, also emphasizes the Netherlands’ high score of 87.9 for integrity. “The governance of the Dutch pension system appears to be very well organized.” Ponds does question Mercer’s assertion that the Dutch pension system will improve further if the people in the Netherlands save more. “I don’t quite follow that recommendation.” One of the Netherlands’ major weaknesses is a lack of flexibility. Mandatory mortgage repayments partly explain why the Netherlands is a country of excessive savers, which leads to a high net worth. Higher-income earners definitely have more money than they can spend in their lifetime. I think ‘flexibility’ would’ve been a more logical recommendation for the Dutch pension system.”

Mercer also believes that, given the increase in life expectancy, the Netherlands can do more to keep older people in work for longer. Both Ponds and Den Arend praise the country’s efforts to keep older people in employment for longer. “The Netherlands has adopted a very successful policy in this regard: firstly by raising the retirement age, and secondly by abolishing early retirement payments before state retirement age. This also shows the relativity of the ranking,” concludes Ponds. “The rise in the actual retirement age in the Netherlands has been extremely rapid,” adds Den Arend.


Gender Gap
The Mercer study also highlighted the gender gap. This means that women in the Netherlands generally accrue less pension than men, as women are more likely to work part-time. “It makes sense that if women work less, they also accrue less pension,” responds Den Arend. “The question is how pension funds respond,” says Paulis. “Do you say something about it? Or could you even solve the problem? Personally, I don’t think the solution lies primarily with pension funds, but they can contribute to it.”


Volgende publicatie:
“I don’t need that money; I’d rather have our mom back”

“I don’t need that money; I’d rather have our mom back”

Published on: 15 October 2021

How do you deal with work and money for now and for the future? Do you live one day at a time or are you consciously planning your future? And are you making your own arrangements for the future or are you part of a pension fund? In ‘Work & Money’, we let people have their say about their finances.

Tamara Straatman (38) won the jackpot in the State Lottery a few years ago.


Tamara Straatman (38)

Profession: independent entrepreneur

Hours worked weekly: about 30 hours a week

Income: 4000 euros net a month

Savings: 1.2 million euro

Pension set up? Yes


So you became an instant millionaire?

“Yes, I won the jackpot in the New Year’s Eve lottery of 2017/2018. Ten million euros. I was at a friend’s house when my dad called me, jabbering something about the jackpot. I didn’t believe it for a minute; I thought he’d had one too many. But a little while later, my brother called me, crying, to say it was really true. My first reaction? ‘I don’t need that money; I’d rather have our mom back.’ She had died earlier that year and it was her tradition to buy tickets for the state lottery for the whole family. That jackpot felt like a gift from above, even though I had mixed feelings. I’ve always said I’d be a millionaire by the time I was 35, but I never expected it to happen this way. I thought my business plans would bring in money, but it turned out to be the other way around.”


What did you do with that money?

“I parked a portion of it in various saving accounts and used the rest to set up my own business, and to invest. I also traveled a lot and bought a house. In spite of this, I have hardly drawn on it. What I have used up in living expenses over the past few years, I have earned back through my investments.”


What kind of work do you do?

“I am an entrepreneur. Through my platform, my team and I connect entrepreneurs, investors and consumers to each other. It is completely focused on sustainability. Sustainable entrepreneurs can pitch their business to us and we try to find investors. Part of the platform is an academy with training courses aimed at personal development and business insight. I myself will soon be giving one of those training courses: Invest with Success. I have gained a lot of experience with this in recent years and I want to pass on my knowledge.”


You don’t think: I’m just going to sit back and stop working?

“I don’t think that’s in my DNA. I’m used to working a lot. I used to work sixty to eighty hours a week. Plus, the work I’m doing now, sort of feels like a calling. I would love to improve society with my money, and leave behind an impactful, blooming business when I’m gone. I also enjoy challenging myself intellectually and bringing out the best in myself. I’m now working five days a week, about six hours a day. I usually work a bit on the weekend too. I’m just not the kind of person that wants to sit on the patio with a glass of wine all weekend. I’d rather be doing something useful.”


How much do you earn?

“I pay myself a salary and also rent out an office at home. All together, I earn about 4000 euros net a month. I used to have to get by with 2000 euros net and that was not a problem, so this is certainly enough for me.”


What are you fixed expenses?

“I have a high energy bill of nearly 800 euros, because I live in a detached house with a heated swimming pool in the yard. A lot of it is generated by solar panels and collectors, but it’s still quite a bit of money. And then there’s the standard things, like health insurance, internet, mobile phone, TV, etc. I also haven’t paid off my mortgage yet, because that works better in terms of taxes. The expenses for that are about 56,000 euros a year, but I don’t count that as one of my monthly expenses.”



I can afford more luxuries than before, but I still enjoy a discount

What else do you spend a lot of money on?

“I think mostly on just the comforts of life. I have a beautiful fairytale garden with goats, chickens and a dog. There is a Japanese gingko tree with my mother’s ashes under it and there is dazzling sea of flowers. There is always something blooming. It feels like I’m on vacation every day in my own house. I love living here.

In terms of business, I invest a lot in my company and in acquiring knowledge. For example, before Covid, I had a platinum membership with coach Tony Robbins, with a financial component. You get training from the best investors in the world there. Very valuable. That membership costs me 85,000 dollars a year, and then there are still all kinds of events you can go to. Including the flights and hotels, that adds up to about 130,000 a year.”


Has your spending pattern changed since you became a millionaire?

“I no longer have to figure out if I can afford things, that’s different from before. I can afford a bit more luxury. But I’ve never been someone who bought expensive brand name clothing, and I still enjoy a discount. I really enjoy being able to eat out more often now, but I don’t dine in five-star restaurants every week. If you do that too often, it ruins the fun.”


What did that jackpot bring you?

“Happiness, freedom, independence, but also a ton of problems. You end up in an unfamiliar world you then need to discover. Your whole life is topsy turvy. Money does a lot to people. They start having expectations of you, they see you differently and approach you differently. It also made me lose friends, both directly and indirectly. That really hurt.”

And are you planning your old age?

“Not really. I got the pension I had accrued during my employment paid out and I’m not accruing any pension now. Unless my entire capital evaporates, that is not relevant to me anymore. I invested 3.5 million and in my own life, I probably won’t even need that.”


How do you envision your life at that time?

“I think I will still be involved in the business world. I want to have earned my stripes in business and leave something good for society. I hope to still be healthy and fit at that time. If I become a mother in the next few years, I hope I will have raised a balanced person, who can stand on their own feet in society. And it would be great if I had a long-term relationship then and if I were just as in love with that person as at the beginning. I think everyone has the same dreams: whether you’re earning 2000 a month or you’re a millionaire like me. Everyone wants to be happy with their loved ones, everyone wants to be healthy, and do something meaningful for society. I think that is universal.”


Does money make you happy?

“It certainly contributes to your happiness, although not all rich people are happy by any means. I like the idea of being financially independent. It gives me a lot of freedom. Of course, being healthy is more important than being rich, but if you’re sick, you’re better off sick and rich than sick and poor. What makes me happy is knowing that I can make an impact with my money and I can use it to make the world a little better.”

Volgende publicatie:
What ‘Prinsjesdag 2021’ Means for Pensions

What ‘Prinsjesdag 2021’ Means for Pensions

Published on: 22 September 2021

‘Prinsjesdag 2021’ – traditionally the day on which the Dutch monarch addresses the States-General of the Netherlands and the state budget is presented to the House of Representatives – won’t go down as revolutionary in terms of policy choices or new budget measures. The government’s caretaker status means the budget is void of new policies, and instead focuses on the implementation of current policy. So, not many surprises in that respect or in terms of pensions – everything still revolves around preparations for the new system.


This year’s Prinsjesdag was overshadowed by the impasse in The Hague. But this isn’t necessarily detrimental to the new pension system, says strategic policy officer at APG, Nick van de Sande, who has worked together with his team to produce an annual preliminary analysis of the Prinsjesdag documents. “In terms of progress on the pension system, this caretaker status does provide a little more certainty. After all, a new government and a new Minister of Social Affairs and Employment would still need to come out with the focal points of their policy. Although Minister Koolmees’s leadership should effectively feed that drive to successfully conclude the matter, it’s good to remember that efforts had already been made to galvanize broad political support. There’s an awareness that several changes of government are needed before the new contract can be implemented.”


Future Pensions Act

With the current government still in its caretaker position, this year’s Prinsjesdag offered no surprises, says Van de Sande. “The government reiterated that the commitments in the pension agreement and the standardization of the surviving dependents’ pension [surviving dependents’ pension will always be on a risk basis in the accrual phase from now on, ed.] are expected to be submitted to the House of Representatives in early 2022.” The plans for the new system are currently set out in a new bill, the wet toekomst pensioenen (Future Pensions Act), which should enter into force on January 1, 2023.

Transfer of accrued benefits

Sustainable employability will also be promoted. This will make it possible, between 2021 and 2025, for employers to offer an ‘Early Retirement Scheme (RVU, ‘Regeling voor vervroegde uittreding’) to employees retiring early, without paying tax. The Prinsjesdag documents also mentioned the aim to enable pension providers to automatically transfer all types of small pensions from January 1, 2022. In other words, small amounts of pension accrued at other funds would automatically be added to your current pension. “If automatic transfer of accrued benefits isn’t possible, it should be possible to commute these ‘small pensions’,” explains Van de Sande. In addition, the agenda sets out that the law on pension distribution in the event of divorce or separation should enter into force on January 1, 2022. This means that the retirement pension accrued during a marriage or registered partnership would be distributed between both partners, regardless of the marital property regime. “Obviously, further parliamentary developments will determine whether that schedule will be met.”

Volgende publicatie:
“I’m good at making money. That’s why I had the courage to quit my job”

“I’m good at making money. That’s why I had the courage to quit my job”

Published on: 7 September 2021

How do you deal with work and money for now and for the future? Do you live one day at a time, or are you consciously planning your financial future? And are you making arrangements for the future yourself, or are you part of a pension fund? Ilse quit her well-paying job: ”I want to contribute to a better world in a different, sustainable way.”


Ilse Ligthart (40)

Profession: was lead business developer, is now “in between jobs”.

Works how many hours a week: currently not working.

Income: previously 4700 euros net (36 hours), currently none.

Savings: 50,000 euros, plus 60,000 euros invested, with her husband.

Pension set up? Accrued pension for fifteen years through job, but currently not accruing any.


What kind of work do you do?

“I’m currently figuring out how best to spend my paid time. I’m really doing a kind of sabbatical right now. I worked at until April of this year. I was part of the management team of a department that was responsible for developing new propositions and earning models. I earned a ton and a half a year there, including a bonus, but after about five years, I started to feel uncomfortable. I felt like there was something missing in my world. We never did great things to make the company grow and to make shareholders and consumers happy. It was mostly all about selling new things as much as possible. But I personally no longer believe that all those things make anyone happy. I want to contribute to a better way in a different, sustainable way. That’s why I quit my job.”


That’s a big step. I imagine you spent some time thinking about it before taking it.

“Yes, I thought about it for a long time and had extensive discussions with my husband about it. I was the breadwinner at home – my husband doesn’t work – so that cancelled the entire family income. I thought I should have another job before I could quit working at, but my husband convinced me that we had a good buffer for emergencies. He said, ‘Maybe the real emergency is that you are no longer happy doing the work you are doing.’ That gave me the courage to take the plunge.”


How big was that buffer?

“About 60,000 euros.”


Do you regret your decision?

“No, not for one minute. And I’m really happy I didn’t wait any longer. That financial security gives us peace of mind. We are using our savings, but I’m not worried at all. In the beginning I was still thinking in terms of obstacles instead of opportunities. Now I’m enjoying the freedom I get to experience. For example, we went on an extra-long vacation, just because we could.”


In the beginning I was still thinking in terms of obstacles instead of opportunities

What else have you done since you quit your job?

“I have been enjoying spending a lot of time on personal development through coaching and courses. I also immediately registered with the Chamber of Commerce as a self-employed person, initially in the field of advice and consultancy. I have a background in consultancy, so I could start with that tomorrow if I wanted to. And I’ve tried a few things, like, for example, helping entrepreneurs with a concrete problem within 90 minutes. You can learn from that. In this case, that 90 minutes is not enough and that this is not necessarily my style. I’m still trying to figure out what is.”


What would you like to do, in an ideal world?

“My dream is to have a company that contributes to a more sustainable, happier world, that I can make good money with. That’s as concretely as I can express it at this time. My focus for the next few years will be on entrepreneurship. That is new to me. It may be a little ambitious to have solved a world problem in less than six months. It is more realistic to take a look at what crosses my path.”


How much of your buffer do you still have?

“I still have about 50,000 euros. It helped that I still received a bonus after I quit my job and that we got a refund on our mortgage interest. One of the things I have found out lately is that I’m pretty good at making money. I always find ways to quickly get work, so I would never need to worry about that. Previously, I worked as a consultant, went traveling for a year and before I even returned to the Netherlands, I got a call about a new job. And when I wanted to quit that job, I had job interviews booked in to time. So, there is absolutely no reason for me to worry now.”


What are your fixed expenses?

“The mortgage is 1370 euros a month and we spend about 600 euros a month on taxes, energy, insurances, internet, etc. One of our kids goes to childcare one and a half days a week and that costs us 350 euros a month. Even though we are not working, I really want to use this time for myself.”


What else do you spend money on?

“Mostly groceries; about 650 euros a month. We buy a little bit of meat from an organic farm nearby and that is a little more expensive. We opt for relatively expensive products overall. We also don’t skimp on weekends away and vacations, especially now that we have time for that.”


Are you living more frugally than before?

“No, not at all. On the contrary: I try to spend a little more now. In the past, I always spent my money very consciously: it had to be a good deal. But then you often choose not to spend your money even though it could be more valuable if you do spend it. What you get from it does not necessarily have to be expressed in money. It can also be an investment in your personal development. For example, I took some courses that cost me a few thousand euros, but I’m seeing that as an investment in myself. Besides that, I enjoy doing that, and that is also valuable. Incidentally, before I quit my job, we had already reduced our spending a lot. We have strict budgets. At the end of the month, we transfer money from the savings account to two accounts: the fixed expense account and the grocery account. And we basically have to make do with that. When it’s gone, it’s gone. Unless we have a bigger expense, such as a vacation or something in the house. We do use money from our savings account for that.”


Have you given yourself a certain amount of time for when you “have to” have an income again?

“Initially, I had thought six months. Now I have the confidence in myself that it is coming and that it’s okay if it takes a little longer. If I feel pressed at some point, I can always take some assignments as a freelance consultant. If I actively search for that within my network, I can easily get some of those.”


Are you actively working on your retirement?

“When I look at my financial situation, retirement is a something that could use more attention, to be honest. I did work with an employment contract for fifteen years and always accrued a pension there. But if I stay away from paid employment, I’m going to have to make other arrangements. I think I will want to invest a portion of that myself, and also have a portion invested through a pension fund.”


How much will your pension be per month, the way things are now?

“I looked that up once, but I couldn’t tell you. I don’t think it’s very much. On the one hand, I know that time is an important factor in pension accrual, but on the other hand, it feels like something I don’t really need to worry about yet. I’m convinced that by that time I will be in a much better financial position than I am now. I will probably have a lot more income and won’t even need a supplementary pension.”


How much per month would you like to get once you’re retired?

“As little as possible. What I mean by that is that I will have arranged everything in a wonderful, sustainable way. I don’t necessarily want to live like a minimalist in a cabin in the woods with one chicken and eat lettuce every day. But it would be nice to be satisfied with that. With a house that’s paid off and nice vegetable garden, you can go far.”


How do you envision your life at that time?

“I would like to spend more time in nature, live with the seasons much more. I also think I will keep working part-time, because I’ve always seen work as something I enjoy, rather than a necessary evil. Maybe by that time, I could use what I earn to help other people. I’m convinced that you don’t need more things and experiences to be happy – you have to get it from within. I would like to make people more conscious of that.”

Volgende publicatie:
“Will our economy suffer from the tight labor market?”

“Will our economy suffer from the tight labor market?”

Published on: 26 August 2021

Volgende publicatie:
“I invested my entire student loan to pay for my new courses”

“I invested my entire student loan to pay for my new courses”

Published on: 18 August 2021

How do you handle work and money now and for the future? Do you live hand to mouth or do you deliberately plan your financial future? And are you making arrangements for the future yourself, or are you part of a pension fund?

Daniel (20) invested his first student loan to pay for his pilot training, with all the risks that entailed.


Daniel Vischjager (20)

Profession: journalist, customer support agent, future pilot

Weekly number of working hours: about 40

Income: 12 to 20 euros net per hour

Savings: a few hundred euros

Pension set up? no


What do you do in your everyday life?

“I just graduated from the School of Journalism and want to train as a pilot after the summer. Becoming a pilot was a boyhood dream of mine, but it has always been something for ‘later’. You have to be 18 to get a license and I finished high school at 16. I didn’t want to just wait around for two years and I also really liked journalism, which is why I registered for this study. But becoming a pilot seems just a bit more exciting. Down the road, I would like to combine both professions; writing about aviation in addition to my work as a pilot.”


Pilot training costs a ton. How do you fund it?

“I’ve borrowed the maximum from the Education Executive Agency since day one of my journalism studies and invested every cent directly in stocks. Of course, all that has to be paid back, but you can take an incredibly long time and you don’t pay any interest. I’m not stressed about it at all. My mom helped me; she invests for her own retirement and knows what to look out for. I have invested in Apple, Tesla and mutual funds, among others. The total value of my portfolio is now 50,000 euros. So, I already have half of it. I also have crypto coins that sometimes do well. My mom and I often buy crypto coins together. We pick one, we each put in half and we divide the proceeds. For example, we recently profited enormously from the rise of Dogecoin. I bought some when that coin was worth 5 cents and sold them at 40 cents. I made almost 6,000 euros profit on that. But with those crypto currencies you never know, that’s why I only do that with small amounts. To save extra, I’ve been working two jobs for a while now.”

My mom helps me; she invests for her retirement herself and knows what to look out for

Are you aware of the risks of investing?

“Yes I am. I know I can lose my deposit. But when I look at my mom’s investment history, and she has invested mostly in relatively safe funds like me, I see that the prices go up over the years.”


But what if everything is in the red when you actually need the money for your studies?

“That’s a risk I’m consciously taking. If that happens it's unfortunate, but I think the amount I might lose would still be less than what I would have paid in interest if I had taken out a student loan at the bank. I can always borrow money from the bank, but I’d rather do that as little as possible.”


What do you do for work?

“I work freelance on the editorial team of I write about Apple and technology; two subjects I’m very passionate about. I basically get paid to write about my hobby. Since March of this year, I’ve also been working as a customer support agent at Fastned, another company that is close to my heart. And I recently applied for a job at Aviodrome, the aviation museum in Lelystad. If I’m hired there, I’ll be working about 40 hours a week all in all. But all those jobs align with my passions.” 

How much does it pay?

“At iCulture I get paid 20 euros an hour, at Fastned 12 euros an hour. I don’t know how much they pay at Aviodrome, but I’m sure that won’t be a fat paycheck either.”


Do you think it’s enough?

“It’s still above my lower limit, although I do think it’s too little. But you know, I enjoy the work. That’s worth something, too. So, I don’t really mind that it doesn’t bring in much financially at this point.”


What are your fixed expenses?

“Because I live with my mother I have almost none. Yes, my phone plan at 18 euros a month and a subscription to Amazon Prime for about 3 euros. It’s really just small change.”


What do you spend a lot of money on?

“Definitely not on clothes, I don’t care about that at all. I just happened to buy new shoes because I noticed a hole starting in my old ones. I wear the same shoes 364 days a year – just not when I’m expected to dress up – and I’m totally fine with that. I also consciously buy shoes that can get dirty and wet, so I can clean them in the shower. Shopping for clothes is the worst thing there is. What I do have a soft spot for is Apple products. I have a large collection of Apple stuff at home, from an old 1987 Macintosh to the first iPhone in perfect condition. Altogether, 65 stand-alone products, including iPhones, MacBooks, iPads and Apple Watches. And everything still works. For example, I have at least 18 working iPhones. Why? Mainly because it’s just super-fun to me, but also because I write about it for my job. I think this hobby costs me about 1100 euros a year. I don’t buy new products every month, but I do buy the latest iPhone every year. I value beautiful things. I like design, beautiful devices and technology. I like to spend a little more on that than the average person my age. A lot of my peers go out every week and buy clothes. I don’t drink or smoke, so I save a lot of money. To each his own.”


I think saving is stupid and useless. In a savings account, your money is sitting around not doing anything

How much savings do you have?

“A few hundred euros in my checking account, the rest is in my investments. I think saving is stupid and useless. In a savings account your money is sitting around not doing anything. At least put it in a safe investment fund to give it a little return. You hardly need to know anything about it to do that.”


Are you setting things up for your old age?

“Not in the sense that I’m actively putting money aside or anything like that. My retirement still depends on so many things that I don’t know, that I can’t think about that yet. If I succeed in becoming a pilot, I think I will be assured of a good pension. Although that can differ enormously from one airline to another. With an airline like KLM, it will be okay, I think, but with an airline like Ryanair it would be a lot less. You make good money as a pilot anyway, but you can’t really compare economy carriers to the luxury airlines. If you don’t have any flying hours yet, you obviously won’t be able to start working for the best airlines right away.”


How do you envision your life when you retire?

“If I’ve made a lot of money, I’ll be fine. Then I’ll have a nice house, a nice car and be able to take good care of myself and my family. Maybe by then I’ll be in Spain, Portugal or Germany for my work. As a pilot you have to retire sooner, and I would like to do it until that time comes. And who knows, maybe I can become an instructor afterwards, or something completely different. It depends a bit on the career I’ll have had by then.”



Also read our interview with APG's Charles Kalshoven on risks and opportunities for young investors.

Volgende publicatie:
“I divide every euro I earn into eight different savings funds”

“I divide every euro I earn into eight different savings funds”

Published on: 6 August 2021

How do you deal with work and money for now and in the future? Do you live from day to day or are you deliberately planning your financial future? And do you arrange ‘later’ yourself or are you participating in a pension fund?

Janneke de Boer is orthomolecular intestine therapist: “My house is my most important retirement provision.”



Janneke de Boer (38)

Profession: Orthomolecular intestine therapist

Weekly works: Approximately 40 hours in four days

Income: 3,300 euro + rental income

Savings: 15,000 euro

Pension is arranged? Somewhat


What does your work entail?

“Talking about poop and piss, simply said. That's why people sometimes refer to me as Miss Poopoo. I run my own practice in orthomolecular intestine therapy since 2016 where I treat people with all kinds of complaints, ranging from obstipation and diarrhea to vague stomach or skin problems. Yes, you read it correctly, the skin is also connected to intestines. Just like everything in the body is interconnected.”


So, as a child you came up with the idea of working with poop?

“Well, not immediately. At first I practiced what I am doing now, natural medicine, as a hobby alongside my work. I didn't even know it was an actual profession. When I found out it was, I started my training within a week. I just liked it very much! It's very interesting and powerful to know how the human body is structured, how it all works. If that engine is running properly, it enables you to grow old in a good and healthy way. We all want to postpone death as long as possible but can also terribly neglect our most important possession: our body. I find it truly magical to see how the body is able to cure itself.”


What other types of work have you done so far?

“I started as an art designer at the art academy and then studied to become a history teacher. I was a teacher for a while and also worked in the hospitality business and as a real estate agent. It bored me to do the same job five days in a row and have always done multiple things simultaneously. Otherwise I get that feeling of being bored really quickly.”


You hold this job for about five years now, don't you get tired of it yet?

“I still do a lot of other things alongside my job. I also provide online training, guide and treat people one-on-one and perform fecal examinations. I prepare live broadcasts on Instagram during which I give an explanation on all kinds of poop-related subjects and I organize webinars for companies. I am always engaged in my profession, but constantly in a different way. That's what keeps it fun.”


How many hours do you work?

“I always used to work five days per week, but recently thought: Why am I actually doing that? I was jealous of my friends with children who only worked four days per week, until I realized I am the one controlling my own hours. Now I work really hard for four days and have three days to relax and enjoy my free time. Although I also work quite often on my day off, Monday, when jobs are passed by me that I just enjoy doing. I see about ten clients per week, all on my own. I have now come to the point that I have a bit too much work just for me, but don't earn enough money yet to hire someone.”


I always used to work five days per week, but recently thought: Why am I actually doing that?”

How much do you earn?

“Well, these past months were crap, but prior to Corona about 3,300 euro gross. New projects are emerging and I have booked three new clients this month, so things are heading in the right direction again.”


Do you think you earn enough?

“No, I would like to see my turnover increase. It's okay for now, I am able to make ends meet. Of course, I would like to have a turnover of 10,000 euro per month, in which case I would also have staff and transfer some of my clients. My ultimate goal is to establish a center for intestine recovery, a center providing care from A to Z with different specialties. That's what I am working towards, that's my big dream.”


How much do you pay on fixed costs?

“I have bought a house in The Hague and pay 800 euro per month on my mortgage. But I also rent out part of my house which earns me almost that same amount. This provides a passive income I don't have to work extra for. In terms of fixed costs, that leaves me with the bills for gas, water, electricity, my contribution to the ANWB (Dutch tourist association), telephone, internet and Netflix. I don't have television. I am a member of the Postcodeloterij (national postal code lottery) though, but just because I wouldn't be able to cope with the entire street winning a lot of money and I don't.”

What else do you spend your money on?

“I'm not really a big spender, but I don't have any money left at the end of the month, so it had to be spent on something… I think groceries is a big expense as I am definitely not saving money on foodstuffs. I often buy organic produce and those products are not cheap. I also enjoy going out for the day, so a lot of money is spent on petrol. I share a car with my mother, but that thing is consuming petrol like crazy. I also spend money on books and cookbooks and on herbs and essential oils. Spending money on clothing or going out for drinks or dinner is not really my thing.”


How much savings do you have?

“I save a lot, for the ‘just in case’ stuff. I have now saved about 15,000 euro and I am really not touching that money. I determine an amount I am allowed to spend on a monthly basis, I aim at a minimum of 1,000 euro, and that's really the maximum amount I use. If I see a nice dress when my monthly allowance is spent, I make myself wait until next month. Some people believe that to be strict, but it works for me. I have eight different savings funds into which I divide my income. 40 percent is put aside for my turnover tax, even though I know I have to pay a lot less at the end, but it also allows for a nice savings fund. Other than that, I have a fund for Corona, my car, holidays, operating expenses, income, work disability and private savings. I divide every euro I earn into all those funds.”


Have you arranged anything for your pension?

“My house is my pension as that's now appraised with an excess value of 200k. I am also planning to buy a second house to rent out. Let's say that earns my 2000 euro per month, plus AOW (state pension), that would be great. My fund for work disability also amounts to 20,000 euro, so I think all of those funds together will help me make ends meet later on. And if not, I will just live in a tent, LOL.”


How much would you like to receive per month following your retirement?

“You know what: I really haven't thought about that yet? It’s also very difficult to estimate. Whatever amount you now think you'll be needing later on, may have just as well lost its value by then due to inflation. If I would earn the same amount then as I earn now, proportionally, that would be okay for me.”


How do you envisage your life by then?

“Among the plants surrounding my house in France I hope to own by then. If you look deep down inside my heart, I wouldn't mind being there already. The sooner I am able to stop working, the greater it would be. But I also think I will always do something to keep busy.”

Volgende publicatie:
“Pension funds bear a huge responsibility, for the Netherlands of today and the future”

“Pension funds bear a huge responsibility, for the Netherlands of today and the future”

Published on: 29 July 2021

Annette Mosman took the reins as CEO of APG in March. She is hoping to gain as many inspirational insights as possible in the first months of her new job. That is why she is holding 25 meetings on her hike from Amsterdam to Heerlen. This was a journey through the Netherlands of Tomorrow, with a different person accompanying her on each leg of the trip. Her companions were colleagues, but also people from outside APG, like Tuur Elzinga, chairman of the Netherlands Trade Union Confederation.

The Rolling Stones, Bruce Springsteen, Coldplay and Pink: they all performed here. The Malieveld was their outdoor concert hall. That said, protesting trade unions also regularly take over the “Haagse grasveld,” the famous field in The Hague. There’s no doubt that Tuur Elzinga has also left many footprints in that field. His history with the trade union movement stretches back to 2002, when he was appointed as a policy officer at the Netherlands Trade Union Confederation. Almost twenty years on, he is now chairman of the trade union and employers’ and employees’ organizations since March 10 of this year, to be precise. He also represented the Socialist Party (SP) in the Upper House of the Senate for nine years. This means that he is as familiar with the green polders of the Netherlands as the green benches of the Senate.


Getting fat on the bones

Elzinga believes that things need to change in the Netherlands. In his opinion, the pandemic is a tipping point: the market-driven approach that has gone too far must make way for a revaluation of society. The pandemic has revealed how indispensable certain sectors are to our society, like health care, education and childcare.. “It is precisely those vital sectors that have fallen behind in recent years,” Elzinga reckons. Schools, hospitals and kindergartens have been run like businesses, and cut backs have been the order of the day. This has led to a shortage of ICU capacity, protective equipment and staff during the pandemic. “We need to get fat back on the bones again; we need proper reserves. That may not be very efficient, but it stops the whole of society from grinding to a halt when times get tough.”


Fears for the future 

The pandemic has also widened the gap between the poor – those with few prospects – and the rich. The Netherlands has become more prosperous in recent decades, but not everyone has benefited from this. The flexible labor market has put permanent jobs at risk and wages have not risen enough in line with profits. “Inequality has widened, and imbalances have occurred,” Elzinga tells us. Not to mention the climate crisis, from which there is no escape, both literally and figuratively, as we face extreme weather, forest fires and floods across the planet. Elzinga points out that this leads to unrest. “People are concerned about their own future and that of generations down the line. As a country, your sole aim may be to make as much money as possible, but what kind of home will we be leaving to our children and grandchildren if social cohesion is under pressure and our planet is being eroded?”


Plus another one million permanent jobs

Fortunately, the pandemic has also prompted politicians – from left to right – and some employers to realize that the Netherlands of Tomorrow demands change, believes Elzinga. He believes that we can start rebuilding the country without delay. We already have the blue print: broad-based prosperity for the whole of the Dutch population. That is the approach underlying the Social and Economic Council’s draft advice that trade unions and employers presented together this spring: a package of measures for the new cabinet. First and foremost, the labor market must be reformed: we must return to more permanent contracts, instead of flexible employment. Elzinga would like to see at least another one million permanent jobs. “People need job and income security. They want bread on the table, they must be able to pay the bills and have enough disposable income for their leisure time.”

The climate change price tag

Broad-based prosperity also calls for greater investments in public funds for vital sectors, like health care and education. For example, better terms of employment must stop the trend of having unmotivated employees: it may be more enticing to get out of bed in the mornings and take up the task of teaching if wages rise and work-related pressure is reduced. More must also be invested in the quality of public services, such as the Employee Insurance Agency, the tax authorities – here we have in mind the childcare benefit scandal – and yes, also pension administration. Elzinga says, “Better performance from institutions may also help to close the current gap in confidence.” For the long term, there needs to be substantial investment in tackling climate change. “We have to stop procrastinating and start addressing the issue. The longer we kick the can down the road, the higher the price tag will be.” So we need more funds to accelerate the energy transition, while at the same time being socially accountable by helping people who lose their jobs to get other work.  


Strong government required

Given the long societal wish list, the government can no longer keep its distance, Elzinga believes. Since the eighties, the maxim in The Hague has been: strong market forces, small government. “A market is a good for ensuring that there is enough to round, but you can’t leave everything to market forces,” Elzinga reckons. “We are now faced with the mess that the mantra of liberalization, privatization and deregulation has left us in.” Rebuilding the Netherlands calls for a stronger state, one that actively helps shape the society of the future through public participations and targeted investments, and legislation and regulation must ensure that market participants accept their social responsibility. This need for a government with a firm hand on the rudder does not stop at the borders. For example, Elzinga welcomes the G7 plan for a global minimum tax rate of 15 percent for multinationals. It will make tax avoidance through tax havens more difficult because it will put an end to competition among countries that lure foreign investors by having the lowest tax rates.


Tech giants

It is also crucial to have international regulations that curb the influence of Big Tech and Big Data. Elzinga adds, “Big tech companies are capitalizing on data that we as consumers are producing ourselves. They are using existing digital infrastructure, without giving anything in return.” The same is true of multinationals that are getting patents for innovations that they were not solely responsible for conceiving. After all, their smart employees are educated at publicly funded universities and draw on the body of knowledge that our knowledge-based society has accrued in centuries past-. We are standing on the shoulders of giants. “Data, knowledge, but also for example raw materials and energy sources such as the sun and wind and ultimately our entire planet: it belongs to all of us. What gives a handful of companies the right to claim ownership? Why should managers and shareholders be allowed to become wealthy beyond description from it, while employees and the rest of society have to make do with the crumbs?” says Elzinga.

I hope that one day it will no longer be necessary to strike

“Give employees control”

The pyramid must be turned upside down. That doesn’t call for revolution; instead it calls for a radical change in direction, through gradual, democratic means, according to Elzinga. He believes that the first tentative steps down this new path have been taken. Governments are slowly starting to take back their traditional role, companies are taking more responsibility for their environment and consumers, citizens and major investors are more inclined to hold them to account. The next step is to give employees and society a real say, Elzinga argues. “'Give those people who come up with all those innovative ideas a voice, the ones that do the real work, who are the actual rightful owners of companies’ products and services: all of us, in other words. Who’s the boss? Who decides? As it stands now, they are managers and shareholders; in the future we should all be able to be in charge.”


From shareholder return to social gains

In recent years, Elzinga has been conducting the negotiations for the pension agreement on behalf of employers’ and employees’ organizations of the Netherlands Trade Union Confederation. It’s a historic agreement; designed to keep old-age provisions affordable going forward, without abandoning the principle of solidarity. “In the new system, the contributions you have accrued are reflected more directly in your own pension accrual, but we will still ensure that people who are not so fortunate in their careers will also be able to have a good pension, and we will spread the risks across the generations.” That said, Elzinga believes that the pension discussion is far from over. If interest rates remain this low in the coming years and investment returns structurally decline in the future, as predicted, then it will not be possible to keep the promise of an indexed-linked pension and the trust gap in society will widen. Pension funds could then take the next step: from shareholder return to social gains.


Pension benefits in kind? 

Elzinga explains, “Pension funds should examine the needs people have later in life. Do they then only need money? Or would they rather have a nice place to live, good care and quality of life? Invest in that directly as a pension fund; put pension money into new kinds of housing for senior citizens, good care for the elderly and restoring social infrastructure, so that it is to hand when people need it.” This would be a type of pension in kind. And why only invest in provisions for old age? Pension funds can also be used to improve today’s society. Here we have in mind investments in the tight housing market – which mainly affects young generations – or in good education, for a robust Netherlands of Tomorrow. Elzinga adds, “Pension funds have major assets and that means they bear a huge responsibility, for the Netherlands of today and the future.” 


An end to strikes

During the pension agreement negotiations, the Netherlands Trade Union Confederation, together with the National Federation of Christian Trade Unions in the Netherlands and the Trade Union for Professionals, halted train traffic for a day to apply pressure for a slower rise in the state pension age. What does Elzinga think: will there still be strikes in the Netherlands of Tomorrow? “I suspect so. In the meantime, there will be conflicts of interest between employers and their workforces. But I hope that one day it will no longer be necessary to strike: if employees are given a real say, they can be part of the decision-making process and conflicts of interest will become a thing of the past. If you are the boss, there’s no need for you to strike.” So the Malieveld of the future will be solely for the successors of The Stones and Coldplay, in other words: the ultimate festival grounds? Elzinga laughs, “Yes, that’s where we’ll gather to simply have a good time, do stuff we enjoy or celebrate together, for example, the great pension system that we have in the Netherlands.”      

Volgende publicatie:
ABP committed to a debt-free Netherlands

ABP committed to a debt-free Netherlands

Published on: 27 July 2021

ABP will be collaborating with the Nederlandse Schuldhulproute (Dutch debt relief route) (NSR). This initiative aims to keep Dutch people out of debt preventively. Over 1 in 5 households in the Netherlands have difficulty paying their bills each month. Naturally, pension fund members may also be affected. By working with NSR to provide proactive help at an early stage, ABP hopes that participants who may be experiencing financial problems can regain control of their finances.


According to NSR, more than 1 in 5 households in the Netherlands struggle to make ends meet on a monthly basis. The problems often arise from significant changes in a person’s life, such as divorce or illness. The financial problems cause embarrassment and stress for many people. Moreover, people appear to have difficulty finding a solution, because the debt assistance landscape is extensive and confusing.

ABP chairwoman Corien Wortmann-Kool: “ABP wants to help its participants make conscious choices about their current and future income now. We want them to be in control of their own situation. Preventing or dealing with financial debts is part of that. I am therefore pleased with the collaboration with NSR. It fits in well with ABP’s social responsibility.”


In practice
ABP has entrusted the administration of the pension to the pension administration organization APG. The staff of this customer service agency have been trained to recognize signs of possible payment problems at an early stage. If the pension participant concerned is open to it, APG offers help, in this case on behalf of ABP. This assistance consists of helping to find solutions and identifying the right agencies that can help.

Francine van Dierendonck, member of APG’s Executive Board: “As a pension administrator, we like to help people as best we can with financial issues relating to pensions. We often come into contact with participants at an emotional and intense time in their lives, such as having children, getting married, getting divorced or changing jobs. For all these events, it is important that (financial) affairs continue to be properly arranged. Sometimes, however, this is not possible or you don’t know how to go about it. APG is aware that anyone can get into financial difficulty. That’s why we want to be involved in helping ABP participants and referring them to a specialist.”

According to NSR, keeping the Netherlands financially healthy will work best if people with money issues can be detected and helped at an earlier stage. That help should also be easier to find by having various private and governmental agencies working together.



Volgende publicatie:
“People with disabilities can contribute just as easily”

“People with disabilities can contribute just as easily”

Published on: 23 July 2021

How do you deal with work and money for now and in the future? Do you live from day to day or are you deliberately planning your financial future? And do you arrange ‘later’ yourself or are you participating in a pension fund?

Leena de Wilde receives benefits under the Wajong legislation (Law on provision of incapacity benefit to disabled young people). “But I would rather work to earn money.”


Leena de Wilde (33)

Profession: Secretary, model, actress, volunteer

Weekly works: Irregular

Income: Receives benefits under the Wajong legislation

Savings: A little

Pension is arranged? No


You receive benefits under the Wajong legislation (Law on provision of incapacity benefit to disabled young people), but you also work. What is it that you do?

“Currently mostly modeling and castings. I suffered from a lack of oxygen at birth, causing cerebral palsy. That's why I use a hand-driven wheelchair. I participated in Lucille Werner's beauty contest in 2007 where I managed to make it to the finals. I noticed that I really enjoyed being photographed and signed up for this kind of work at casting and modeling agencies. I was then offered all kinds of jobs and that continues until today. When I am able to make a valuable contribution and the assignment fits me, I definitely go for it. That's also important for the image of people with a physical impairment. If it's functional, I let myself be photographed in my wheelchair and if it's not, I pose sitting or lying down. I have already participated in several commercials and campaigns. It's very varied work that takes you everywhere.”


How often do you model?

“I have a photoshoot, casting or interview every month. I completed regular education and have secretarial qualifications, so I could also look for a job in that area. I previously worked in a hospital, at an insurance office and at a law firm. I could practically start working everywhere people are looking for secretaries or administrative employees. It's a good thing employers are more and more open to the idea of giving people with a disability a chance. It's also a matter of your own attitude towards things. I am very motivated and enthusiastic, and just give it a go. Once you start talking to one another, you can always look for a way to make it work.”


How much do you earn modeling?

“I am usually just paid indemnities. Every now and then I earn something extra. I have to declare that amount to the UWV (Executive Institute for Employee's Insurances) in order to avoid problems with the payment of my benefits. The work generally leaves me with next to nothing.”


How much do you get paid under the Wajong legislation?

“That amount is 1,041 euro net per month.”

Working is good for my feeling of self-worth. I want people to see me like any other person”

Are you satisfied with that income?

“Of course it's great to receive those benefits every month, but it will give me more satisfaction if I have to work for my income. If you work, you earned the money yourself. I believe it's important to work. We, people with a disability, can contribute just as easily. I have held all kinds of jobs starting the age of 15. That's good for my feeling of self-worth. I want people to see me as a human-being, like any other person. In my opinion, that also includes work. If I want to be like any other person, I also have to make my contribution to society. Working hardly earns me more money than being paid benefits, but at least I didn't have to just hold up my hand to get paid.”


You are also a volunteer. Can you tell us about that?

“Being the ambassador of Stichting Welzijn Kinderen (Foundation for the well-being of children) of Bal Anand, I am looking for contributors, give interviews and promote the activities. Bal Anand is an orphanage in Mumbai, where I spend the first few months of my life. I was adopted when I was seven months old. It wasn't clear yet back then that I had this disability, that was only diagnosed in the Netherlands. Otherwise I probably never would have left India. I was given a great opportunity and I wish the same for the children and young adults who are currently living in that facility.

My life would have been very different should I have stayed in India. That's why I am more strongly motivated to live my life to the maximum and to make something of my time here on earth. Of course, it would be great should I be able to walk independently, but I rather focus on the things I am able to do. I look at the positive side of things. You can give purpose to your life within the possibilities you have. I also volunteer for CP Nederland, an organization committed to people with cerebral palsy. As a trainer, I am trying to motivate others who are suffering from this disease to take on sports. That's additionally important for people with CP in order to keep the muscles flexible. I derive great satisfaction from volunteering.”


Are you able to make ends meet with your income?

“Yes, I am. I don't get paid an enormous amount on benefits, but I don't have anything to complain about. I also have a partner who works fulltime.”


How much do you pay on fixed costs?

“We pay an amount of 641 euro on rent every month and we live in an adjusted home with care on demand. Other than that just the usual stuff: insurances, energy, water, internet, etc.”


What else do you spend much money on?

“Now that we have a son, we spend a large part of our income on him. But we don't mind, we are just very happy that he's here.”


Are you able to save money?

“A little bit, but less than the time before our son was born. I always try to pay attention to promotions in order to still have some money left at the end of the month.”


Do you think about your old age sometimes?

“Not really to be honest. I am only 33. But yes, my old age will also arrive one day.”


What do you arrange for your pension at the moment?

“Nothing actually. That really is very uncommon, as I am someone who usually always looks ahead. I was told recently that, following my benefits under the Wajong legislation, I will get AOW (state pension). At least that's something. But I will start arranging something supplementary as soon as possible in order to have enough money later on. It's impossible to live without any money, especially in this day and age.” 

It would be a good thing should you be actively informed on the possibilities in terms of pension”

How do you envisage your old age?

“Provided I am still in good shape, I definitely want to continue doing something, such as volunteering. It's truly valuable to mean something to others. It further depends more or less on what will come my way. I may have grandchildren by then, you never know what life throws at you. In any case, I hope to grow old healthy, was able to give true purpose to my life and are able to enjoy whatever years I have left.”


How much would you like to receive per month following your retirement?

“I would say about 1,500 euro net per month. I am obviously unaware of what everything costs by then. But my son will have long since left home, so our spending will be different compared to these days. If you want to travel sometimes or go out for dinner, you will need some money. My finances are sound at the moment and I would like that situation to continue later on.”


Do you know enough about the possibilities available for your pension?

“No, I would like to learn some more about it. I want to avoid that feeling of: I wish I'd known this earlier. It would be a good thing should you be actively informed on the possibilities in terms of pension instead of having to look for that information yourself. It's always a good thing to be aware of your individual possibilities.”

Volgende publicatie:
“I am deeply involved in the hospitality industry; the customer is king in my opinion”

“I am deeply involved in the hospitality industry; the customer is king in my opinion”

Published on: 19 July 2021

‘Do you work in the pension business? Wow, interesting…’ A great deal of bias towards working for a pension fund or provider. Maybe not entirely justified, as it appears from a series of portraits about the people who work there on a daily basis. People such as Chrissy Mols, who solves problems as a business information consultant and interconnects teams. “The participant is not sufficiently in control yet, while that's truly what the business is all about.”


You work at APG for nearly eight years now, but is this the career you anticipated for yourself when you were younger?
“Originally, I
am deeply involved in the hospitality industry. I have also worked in the industry for a long time and I am actually still enjoying that. So if you ask me now what I wanted to be or still want to be, I have to say an operator of a fun restaurant or bistro. A place where people can enjoy good food and drinks in an informal atmosphere, that would be fantastic!”


That's an entirely different world compared to the pension business.
“Not entirely. The hospitality industry has taught me to listen to people and to understand what it is they need. And just like I was available to customers in the hospitality industry, I am now available to pension participants and colleagues.”


Can you explain that?
“I work for the teacher, the police officer, my father and the next-door neighbor. People who are not enjoying a fun afternoon on my terrace right now, but people who are depending on us for a financially untroubled future. I help them with their questions, support them in making choices and think about the way for us to make complex matters more transparent for them. Besides that, it is important to me that we also discuss our ideas with those participants and receive their feedback. The pension industry may be a piece of cake to us, but that does not at all apply to everyone.

What appeals to me the most, is the fact that I am able to think along about improvements and innovation. This to serve my colleagues, but especially the people who are entitled to those monthly payments for which they have worked so long and so hard. I consider my hotel management background as my strength in this position. I don't have a 9 to 5 mentality, for instance. The customer is king in my opinion.”


It almost seems as if you are personally involved with the customer. Why is that?
“The participants have not chosen their pension fund and thus also not for us as their pension provider. How bad would it be if they have no other choice but to deal with us and are not provided with excellent quality service? I don't return to a restaurant if they serve me bad food. Pension participants don't have that option of not returning. They are financially depending on us and we are the only party for them to turn to if they need an explanation. This means we have to do it right.”

You have just started a new position. Can you tell us more about that?
“It doesn't just involve a new position for me, the role of business information consultant also is a new position within the business unit pension administration. This department is sometimes referred to as the beating heart of APG. This is where the participant administration is kept, the contact with customers takes place and where the calculations are being made. In our new team Design Authority, my colleagues and I study ongoing projects and incidents and I look ahead to the things to come. What does our pension administration look like in four years? How do we communicate with our participants in a few years? And what are the processes our colleagues will use to help the participants? What are the departments we can collaborate with in view of, for example, the new pension system. Those kinds of things.”

Can you give an example of a subject you are currently studying?
“Take the legislative proposal on pension distribution in the event of a divorce. According to this proposal, both ex-partners are entitled to half of the old-age pension and partner pension accrued during their marriage. It would be an obvious choice to think this legislative amendment only impacts the teams or colleagues who are dealing with divorce-related matters. It is my job to check whether this law also effects other departments within APG, such as other teams at PU, legal affairs and communication. It's not just me undertaking this task by the way. I work with a number of colleagues from different departments.”


Does working at a pension provider offer sufficient challenges?
“Absolutely! A lot is possible within APG as long as you want it and make your views known. Development is always encouraged in my perception. I work at pension administration since 2013 and I am truly enjoying my job. Collaborating with other colleagues and other business units gives me a lot of energy. In order to achieve the best possible results for our participant, I don't only walk the beaten track, I am also looking for small side roads. In other words: it is my opinion that we have to think differently. Thinking along the line of our execution towards the participant is the sequence reversed. It is necessary to build our process starting from the participant. Because the participant is not sufficiently in control yet, while that's truly what the business is all about.”

You are close to the customer. Has that relationship changed in the past few years?
“I can certainly tell the difference in the behavior of the participant. Eight years ago, he or she would be satisfied with our answer to a question asked. Now, the participants question our reply and make comments on what we're saying. Participants are more empowered and demand an explanation. That takes up more of our time and efforts. And given the new pension system, that empowerment and the number of questions will certainly be increasing. Should we train the colleagues to be ready? How will we tackle this and what will a participant demand from us in the future? I really enjoy thinking about that.”

Being so deeply involved in the hospitality industry, I assume you go to parties quite regularly. Do people turn their back on you once you tell them about your work?
“No, rather the opposite. Quite a few people in my circle of acquaintances work in the education industry and they frequently ask me questions about pensions. So the people come look for me. That is to say, not everyone. My parents don't exactly understand with kind of work I am doing at the moment. My father works in an industry with a lot of physical work which makes it difficult to explain what it is I am doing all day sitting behind my laptop. Moreover, my mother receives her pension payment every month from ABP as of recently, so they don't really care about it substantively anymore.”


Volgende publicatie:
“People say: ‘You saved my life’”

“People say: ‘You saved my life’”

Published on: 12 July 2021

“You work in the pension sector? Wow, exciting...”  Prejudices abound about working for a pension fund or administrator. Perhaps not entirely justified, as a series of portraits of the people who work there every day shows. People like

Manon van Hoek, who works as a growth hacker at Kandoor, a platform where financial professionals answer questions about money matters for free. “At Kandoor we really try to help people.”


What is a growth hacker?

“Well, it’s not about hacking anyway, haha. Growth hacking is a form of marketing where the focus is on growth. To get more visitors, my two coworkers and I are constantly improving the platform. What can we do differently, what would the effect be? And then try it out. Then we analyze the data. Are there differences and if so, what causes them?”


Can you give us an example?

“Kandoor has a chatbot, an automated conversation partner on its website. People can get personal answers to all their financial questions through that. We are investigating whether they prefer short answers or whether a detailed explanation is more helpful. We use experiments to find out exactly what questions they have. We are also testing how best to ask for feedback. Or at what point visitors drop out. And whether blogs, for example, are still up-to-date enough or whether they need to be modified.”


Does Kandoor want to become the biggest help site for finances?

"We would really like to expand our reach. Anyone who types in a financial search question on Google should immediately find us.”


So the trick is to get to the top of Google search?

“Yes, that is the challenge. If people have a question about retirement or taxes, for example, they can get the answers from us. All relevant information about financial matters should be on our platform. Plus, the website must be technically structured in such a way that Google can recognize us. However, their algorithm changes constantly. So, we have to constantly keep up with that.”


How many visitors does Kandoor currently have?

“In 2020, we had a million and a half visitors and over half a million questions came in. We will probably reach a million this year, because we already have half a million questions now. We are very happy with that. I think it would be great if Kandoor is seen as a brand soon. That people just know: I have a question about finances, so I’ll go to Kandoor, because they will help me. That is our ultimate goal.”  


Are you a financial wizard yourself?

“I know a lot about data analysis, but I had absolutely no financial knowledge when I joined Kandoor two and a half years ago. I’ve learned a lot here. I didn’t know anything about pensions, for example. I now know that it’s important to start thinking about it at a young age. Because now you can still arrange it properly.”

So you give your friends that advice, but you don't answer questions on the platform?

“No, the financial guides do that. We have a whole community of volunteers. These are all experts who give free information so that people can make their own decisions. We also have bloggers who write about different money topics.”


What makes your work so interesting?

“It's very varied. You are never done learning because there is always a new development. So, you have to constantly come up with new solutions. What I also like is that Kandoor has a social mission. For me, that's the best of both worlds: the constant challenge of being innovative, combined with the social aspect. At Kandoor, we really try to help people with financial stress. I’m much more aware now of how many people have that. And how much impact that has on their lives.”


Does that move you?

“Yes, you see that sometimes people are in so much trouble that they don't know what to do anymore. They are often very grateful for the help of the guides. I get their feedback and sometimes they write, ‘You saved my life. I am so happy that someone is helping me.’ On the one hand, it is very nice that someone has really been helped. But it's also very sad to see people in these kinds of situations.”


What would you change in society if it were up to you?

“The benefits system. It is underestimated how difficult it is for the average Dutch person to navigate through that. And how afraid they are of doing it wrong. Because if you apply for something and it turns out you're not entitled to it after all, then you might be in debt immediately. So, I’d like to make that system easier.”


Anything else you’d like to tackle?

“The letters from the tax authorities. Many people simply don’t understand the content. The language is too complicated. They also come to Kandoor for help. But I don’t know if that problem should be solved by the government alone. Maybe it is also because they have never learned how to do their tax return. Then it’s not surprising that you make mistakes. That’s something schools should teach.”

Volgende publicatie:
"Is Dutch life expectancy falling due to corona?"

"Is Dutch life expectancy falling due to corona?"

Published on: 1 July 2021

Current issues in the fields of the economy, (responsible) investment, pension and income: every week, an APG expert provides a clear answer to the question of the week. This time: Actuarial Director Alexander Paulis on the impact of corona on the life expectancy and financial position of Dutch pension funds.


Just under two years. That is by how much American life expectancy fell between 2018 and 2020. That is, if you are to believe research from Virginia Commonwealth University, the University of Colorado Boulder and the Urban Institute. Cause: the pandemic, which caused the biggest drop in American life expectancy since 1943.


What about the Netherlands? Paulis raises his eyebrows when he hears about the American results. "Of course, this is just a snapshot. It is virtually impossible to determine now to what extent the death rates of the past two years are representative for the future. First, the situation must normalize. If there is going to be a new normal at all, it will be when everyone is vaccinated and we can see its effect on infection and death rates." 



The corona effect on the death rates of the past two years (about 10 percent excess mortality according to Statistics Netherlands) is a short-term development that is pretty much useless for making predictions, according to Paulis. "Pension funds plan for the long term. And when it comes to corona, we don't know anything about that yet. For long-term predictions, you need a sufficient basis – observation years. We're used to looking far back in time and not letting the last year be all-decisive. In the 1980s, we initially also thought that the AIDS epidemic would have structural consequences for life expectancy. In the end, it turned out to be no more than a ripple."


To answer the question of how representative the first years after 2020 are for what we will see in the future, you have to cross a kind of actuarial boundary, according to Paulis. "You'll also need to talk to medical experts, such as virologists. Actuaries are always cautious about this, because it quickly leads to subjective, political discussions. But don't think you can escape it in this case." 



Normally, a 'base' is also created for life expectancy by looking at other, comparable countries. However, we shouldn't expect any benefit from this in the short term, says Paulis. "Especially with corona, we've seen that the differences between countries can suddenly be very large."

There is another reason not to let the first years after 2020 be too decisive for the long-term prognosis of the death rate. "During hot summers, for example, we also see excess mortality. Summers like that particularly claim the lives of people who are already more vulnerable. As a result, you're left with a relatively healthy population, which often results in below-average mortality. The same counter-effect could occur with corona."



Anyone who thinks that pension funds will undoubtedly benefit financially from corona mortality is mistaken, according to Paulis. "If participants whose retirement pension hasn't yet commenced die, surviving dependents receive a partner's and orphan's pension. This could be financially more disadvantageous for the fund, especially when it concerns young surviving dependents. But if someone already received a retirement pension, that will lapse. The survivor's pension that replaces this is lower. On balance, this is more beneficial for the fund. Because it was the elderly in particular who died of corona, we have had a modest 'positive result on mortality' in the past year, as an actuary calls it somewhat clinically. But that was a drop in the ocean, so to speak – a few tenths of a percentage point at the most of the coverage ratio. Interest rates, investment returns and, nowadays, often also the premium have a much greater influence on the financial position."  


Unusable years

So for the time being, there's no reason to assume that life expectancy in the Netherlands is falling? Paulis: "That's correct. For a long-term forecast, 2020 and 2021 are the most useless years imaginable. Pension funds shouldn't be over-optimistic about the consequences of corona for the time being."

Volgende publicatie:
2020: Pressing ahead with sustainable ambitions

2020: Pressing ahead with sustainable ambitions

Published on: 30 June 2021

APG publishes Responsible Investment Report


In 2020, APG has once again made great strides when it comes to responsible investing. By continuously improving, we can continue to meet the growing sustainable ambitions of our pension funds, as shown in our Responsible Investment Report (Dutch; English version expected in July) published today.


Responsible investing is one of APG’s strategic pillars. In their preface, Annette Mosman (CEO), and Ronald Wuijster (board member responsible for asset management) note that the Covid crisis has accelerated the increased attention for responsible investing. "Not only among NGOs, but also in the media and among the participants of the pension funds for which we work. We listen carefully, because we realize that our right to exist derives from the participants. It is for them that we work towards a good pension."


Investing in sustainable development

By the end of 2020, we had invested over €90 billion on behalf of our pension funds in companies and projects that contribute to the Sustainable Development Goals (SDGs). These were drawn up by the United Nations in 2015 to create a better and sustainable world. Our pension funds ABP and bpfBOUW both have a target for investing in the SDGs. A significant part of our investments in the SDGs (€12.2 billion) consists of labeled bonds. These are bonds issued by companies, governments and organizations to finance green, social or sustainable projects.


In 2020, APG, together with three international investors, established the SDI Asset Owner Platform to stimulate investing in the Sustainable Development Goals. Our ambition is to make this a global standard. In this way, we - together with other responsible investors - can contribute to goals such as sustainable cities and communities, affordable and clean energy and climate action.


Combating the Covid-crisis

By the end of 2020, APG had invested more than € 1 billion in so-called Covid bonds on behalf of pension fund clients. The proceeds of these bonds are used to combat the pandemic and the impact of the lockdown on people and businesses. Examples include the expansion of health care services, employment retention programs and support for SMEs.

In 2020, we also urged companies – both individually and together with other large investors – to mitigate the social consequences of the crisis and put employees’ health first. According to the U.S. organization Responsible Asset Allocation Initiative, APG is among the global asset managers that do the most to address the effects of the pandemic.


The carbon footprint of our equity investments decreased by 39% against the 2015 base year.

Global warming and the energy transition

The carbon footprint of our equity investments decreased by 39% against the 2015 base year. All our pension funds have a carbon reduction target. This year, for the first time, we also publish the carbon footprint of our corporate bonds, real estate and private equity investments (57% of the total portfolio). By 2022 at the latest, our pension funds will link these to 2030 climate targets. APG has contributed to a framework for reporting carbon impact as well as an overview of methods used by the Dutch financial sector for measuring the carbon footprint.


At the end of 2020, we invested €15.9 billion on behalf of our pension funds in the Sustainable Development Goal 'Affordable and Clean Energy' (SDG 7). By investing in this goal, we reduce climate risks in our investment portfolio and contribute to the energy transition.


Impact on risk and return

In 2020, we developed a method that provides insight into the effect of including (taking sustainability aspects into account in each investment decision) and excluding investments on the return of the equity portfolio. Over the past two years, the effect has been marginally positive. We do note that we can only make statements about the long term if we have measured over a longer period of time. In 2021, we will also develop methods to assess the impact of other instruments for sustainable and responsible investing on risk and return, such as carbon footprint reduction and investing in the SDGs.


Our own business operations

Although APG can achieve the greatest impact with the investments we manage for our pension funds, we also take into account our own business operations. We can only set a high bar for companies in which we invest, if we do the same for ourselves. In this way, we also motivate employees to consider sustainability in their daily work and choices. By 2030, APG wants to have a demonstrably climate-neutral business. In order to enable decision-making on our sustainable ambitions, we will establish a Sustainability Board under the leadership of CEO Annette Mosman. More on this in our annual report.


Sustainable future

APG invests over €570 billion on behalf of its pension fund clients ABP (government and education), bpfBOUW (construction), SPW (housing associations) and PPF APG, the pension fund of our own employees. Our pension funds have strengthened their responsible investing ambitions and objectives. ABP announced its new policy in 2020; bpfBOUW and SPW have recently done so. In line with our clients’ increasing ambitions, APG continues to develop in the area of responsible investing. We want to 'work together on your sustainable future'. A future with a good and affordable pension, in a sustainable, livable and inclusive society. That is what we are committed to, now and in the future.

Volgende publicatie:
"We can learn a lot from other countries, also about what not to do”

"We can learn a lot from other countries, also about what not to do”

Published on: 30 June 2021

What lessons can the Netherlands learn from abroad when it comes to switching to a new pension system? This question underlies the report that outgoing minister Koolmees received from Netspar. APG's Onno Steenbeek contributed to it. Together with his team, he analyzed similar situations in the US, Denmark, Chile and the United Kingdom, among others. We spoke to him earlier this year about the report. “We can learn a lot from countries such as Chile and Australia once we have switched to the new system, also about what not to do.”


“Unclear” is the verdict of international experts regarding the new Dutch pension system. Steenbeek, Professor of Pension Management at Erasmus School of Economics and Managing Director of Strategic Portfolio Advice at APG Asset Management, learned two things from the discussions with colleagues from other countries. The way in which the Netherlands is reforming the system is unique in the world. But the road to it must be explained transparently and clearly. “Nobody understands why we bother participants with discussions about the discount rate.”


The pension think tank Netspar asked Steenbeek to take the lead in this so-called topicality project. Steenbeek, who, in addition to his work at APG, is also a professor at Erasmus University, sought to collaborate with former chairman of PMT pension administrator Benne van Popta. Steenbeek and Van Popta consulted with colleagues in various countries that have recently undergone substantial reforms of their systems.



Lost a lot of money

Steenbeek: “Canada is often taken as a comparison. It’s a country that’s very close to the Netherlands: they have accrued substantial pension assets that are managed collectively. We can also learn from the way they deal with the self-employed. Countries like Chile and Australia have a lot of experience with defined contribution plans (in a defined contribution plan, the pension contribution is fixed and no firm promise is made about the amount of the benefit upon retirement, ed.) We will be able to learn a lot from them once we switch over to the new system, including what not to do. That also applies to the United Kingdom and the United States. In the UK, for example, we have seen that the option for participants to withdraw their entire pension capital at once has led to undesirable results. Many participants withdrew their entire pension and took it to a commercial assets manager. In this way, they lost a lot of money at great expense. In Chile, many people switched to another administrator because they were given a bicycle. Of course, motivation like that is highly questionable. But in Denmark - where participants were individually asked for permission to switch to a new system - that freedom of choice contributed greatly to the acceptance of the new system.”


Endless discussions to find a solution

What surprised Steenbeek most of all: the transformation that the Netherlands has opted for is simply impossible abroad. In the Dutch plans, we will convert a promise of the amount of the benefits upon retirement (defined benefit plan) into a pot of money that, depending on the financial markets, will provide an uncertain pension benefit in the future (defined contribution plan). This is a complex operation, but according to Steenbeek, that is not the main reason why people abroad do not choose this route. “Most countries allow the old and new systems to continue to exist side by side, because there is no other option. The old system then ends up slowly disappearing. That is far from efficient, because two systems will then continue to exist side by side for a very long time. And that not only increases the costs, it also means a fund will not be able to take as much investment risk in the long term. Ultimately, this is simply at the expense of the amount of the pensions. Unlike in the Netherlands, participants in Anglo-Saxon countries in particular have a financial contract with the fund that cannot simply be changed into something else. The moment you convert their pension rights into pension capital, they’d go to court. It’s different in our country, because we have a social contract with each other. All parties sit down together and sooner or later work out a solution. That will certainly work, but the foreigners are calling on us to do that as transparently as possible.”

In Chile, many people switched to another administrator because they were given a bicycle


We saw that those discussions can be endless when the new pension agreement was drawn up in 2020. The entire process took more than ten years, and that too has not gone unnoticed abroad. But, says Steenbeek, the question is whether that is a bad thing. “I can understand why people sometimes say that we talk a lot and don’t get much done, but there are few countries that can tackle such a radical and complex reform easily. It is difficult to get the population on board if you do it too quickly. If you want to explain clearly what you are doing and think through carefully what you want to achieve and why, you need time. Moreover, it's not like we're going from an old system to a new one instantly. We had to get used to the uncertainties in the current contract and we have already adjusted the plan in many ways over the past twenty years. So, you can see this as the next big step in an evolution.”


Hard to explain

Another important point that was pointed out to Steenbeek by foreign experts is how to explain the Dutch pension reform. “I noticed that it was difficult to explain where we come from and where we are going with the Dutch system. Some people said, ‘you say that in the current system there was a promise about the amount of the benefit at retirement, but is that really the case?’ And there’s something to be said for that, in the sense that even in the current system, the pension promise is not rock-solid. After all, pensions can only grow in line with current wages if a fund’s financial position allows it. And a number of funds even had to cut their pension benefits. We seem to have forgotten that, because for years there has been no need to cut pensions or to forego adjustment to wage trends.”
People in other countries weren’t immediately sure what to think of the new pension contract either. “Then we'd tell them that we’re going to a defined contribution system, but with collective elements. So, it is not a defined contribution system in the purest sense. But these people did not necessarily take all the aspects we mentioned seriously."

“In the Netherlands, we have a very strong tendency to talk in incomprehensible jargon”

Open door

One piece of advice we got from our foreign colleagues was to be crystal clear about where you are coming from, where you are going and why that is good for the individual participant and for society. That’s a wide-open door, isn’t it? “Of course, but it is still good to be explicitly reminded of that from abroad. In the Netherlands we have a strong tendency to talk in incomprehensible jargon. A word like ‘coverage ratio’ is not used at all abroad, and they don’t understand at all that we bother the participants with discussions about the discount rate. The idea of a ‘parameters committee’ - which I was a member of - that determines returns and risks in pension supervision, was hilarious to them. Apparently, we are not yet sufficiently aware of this. But the transition to the new system can only succeed if it is fully explainable and transparent in terms of what exactly we are going to do, how we are going to do it and why.”


The tricky part

The conversion of the accrued pension rights into pension accounts is the trickiest part of the transition to the new system. Steenbeek: “Foreign experts consider this to be the crucial part as well. If it works, the rest will work too. And then you can’t go back. You have to design and explain the operation in such a way that people see that it is done in an honest and fair way. A British colleague emphasized this more than once: if you do it in such a way that it is difficult to understand, then it is very likely to be very difficult to accept. I hope we’ll be able to do that: explain it clearly. We have to keep our eye on the big picture of what we are doing and not get lost in too many technical details.”


Transparency and explainability seem to be the name of the game when it comes to succeeding in this feat. “If we are open and honest, it will land. It just has to succeed, because there is no plan B,” Steenbeek says.


And if it doesn’t land? “Then we will have lost confidence permanently, I’m afraid.”


This interview is based on a first impression of the advice Steenbeek and Van Popta collected abroad. The final research results are expected by the summer.

Volgende publicatie:
“My recommendations matter. I’m proud of that”

“My recommendations matter. I’m proud of that”

Published on: 17 June 2021

“You work in the pension sector? Wow, exciting...” There are plenty of preconceptions about working for a pension fund or administrator. Perhaps not entirely justified, as a series of portraits of the people who work there every day shows. Like Jan Bonenkamp, who works as an expert strategist at APG Asset Management (AM). “Our investment strategies must provide the participant with a good pension.”


What does an expert strategist do at APG?

“I make recommendations to pension funds - ABP in particular - on their strategic investment policy. For example, should they invest more or less in risky investments? To do this, I create all kinds of possible scenarios based on model calculations. What could the economy do? What impact could changes have? What impact will that have on the coverage ratios? Or on the likelihood that pensions may be increased or will have to be reduced?”


You do that by yourself?

“No, I work with a whole team of strategists. Everyone has their own role and expertise. We also consult a lot with coworkers from other departments. We need their input, for example, to be able to create economic scenarios and realistic proposals for investment policy.”


What do you like about doing that?

“I enjoy finding solutions to complex problems. You look at them from various perspectives, make connections. The combination of being analytical and being able to explain the story behind the calculations is interesting and challenging. The fact that I have to deal with many different parties makes it dynamic. Every day is different.”

“I enjoy finding solutions to complex problems”

But do you know in the morning what you’re going to do that day?

“That turns out surprising sometimes.  Like now: we’ve just delivered analyses that our pension funds will be meeting about this week. At the last minute we receive requests to look at some extra variants for certain themes. Then you push everything aside to respond to that.”


Are you also playing a part in the design of the new pension contract?

“Yes, I’ve been working on that quite a bit in the last few years.”


What was your role in it?

“Primarily consulting with various ministries, social partners, regulators, other implementing organizations, scientists. In fact, with the entire pension field. At the beginning of last year, for example, the discussion about the new pension contract reached a dead end. There was a kind of stalemate with the social partners. The Ministry of Social Affairs then made a request: ‘These are the wishes of all parties: can a solution be devised that meets all these conditions?’ We then worked out a contract proposal with a small group of experts. Then, of course, came the political process. Because everyone has an opinion about the new pension system. But I’m not involved with that part.”


You talk to policymakers, implementers. Never with participants?

“No, I have no direct relationship with them. But the wishes and needs of participants do seep through to the strategic team via the pension fund. Of course, we are primarily focused on collective solutions. But we are careful not to submit proposals that might cause problems for individual groups. It’s always a balancing act between different considerations. That’s what makes it fascinating. It’s rare for a proposal to turn out well on all fronts.”

Is your circle of acquaintances also captivated by your profession?

“That depends. If I tell someone at a party what I do, I notice that they are usually not very excited about it. It’s not something they can relate to. At my sons’ soccer club, other parents don’t have much affinity with it either. That’s fine. But many friends and fellow students have the same background as me. They like what I do. And they understand why it interests me. When they change jobs, they sometimes ask me to look at their pension plans.”


I’m curious: how did you end up in the pension industry?

“It just kind of happened. After studying economics, I got a job at the Central Planning Bureau. At one point they were looking for someone who could estimate pension premiums for the estimates of the Dutch economy. Nobody wanted to; pensions were not a hot topic. So, I decided to do it on the side. That was before 2000, a time when the economy was doing well. Then came a number of crises, as a result of which pensions became increasingly important. I also started to enjoy my work more and more and it grew into a day job. After that, I got a job at APG.”


And now you go home happy every night?

“I get a lot of energy from my work. It has meaning; it helps people.  A pension fund board makes a decision based on a proposal from our team. I’m also proud that I was able to contribute to a national discussion that had been stuck for ten years, and that afterwards there was a concrete bill. That’s satisfying. It means that your work doesn’t disappear into a desk drawer.”

“Pensions are sensitive to financial uncertainties. You shouldn't keep up the pretense that things will always work out”

Are you also proud of the bill itself?


“Yes, although I also see some snags. It remains a challenge to sufficiently preserve the strong points of the current system - the solidarity, the collectivity. I do believe it can be done. The new pension system is more transparent. It increases awareness that there are also risks associated with pension investments. I think that’s a good thing. Pensions are sensitive to financial uncertainties. You shouldn’t keep up the pretense that things will always work out. To protect participants, we must devise policies that take those risks into account as much as possible. So that they do not end up in undesirable situations. Everything we do must lead to a good pension for the participant. That’s what it’s all about.”

Volgende publicatie:
Kim Damoiseaux winner of the SPO Essay Award 2021

Kim Damoiseaux winner of the SPO Essay Award 2021

Published on: 15 June 2021

APG employee Kim Damoiseaux is the convincing winner of the SPO Essay Award. Her essay ‘De complexiteit van Flexibiliteit’ (The Complexity of Flexibility), subtitled ‘Een nieuwe extra keuzemogelijkheid bij pensioneren, de lumpsum’ (A new additional choice upon retirement, the lumpsum) stood out this year amongst all other submissions. The original selected title alone already appealed to the imagination of the jury, consisting of Guus Wouters, Emilie Schols and Ellen van Amersfoort.


The SPO Essay Award was issued this year for the thirteenth time. A total of five nominees competed for the coveted award, among which four employees of APG. An independent expert jury assessed all essays in terms of practical applicability, current events, innovative insights, personal vision and substantiation. All matters Kim's essay met very well.


Damoiseaux writes about the lumpsum in her essay: the new option added to the lumpsum payment of pension benefits. The lumpsum offers the participant more flexibility, but also adds more complexity for both the participant and the pension fund.


The jury motivates its decision: “The essay excels by the clear linguistic style and the correct & factional body of argument. Along the line of a clear structure, Kim manages to present the topic discussed very well and to take the reader along in her narrative. The source reference shows that proper and in-depth literature research was undertaken. Kim has selected a current and relevant topic and provides useful recommendations to the pension industry to cope with this development”.


According to Damoiseaux, many participants find it difficult to make a well-considered choice. The participants are able to oversee the consequences of their choice in the short term. But the impact in the long term is often insufficiently considered. And then to think that it is extremely important to consider the overall financial situation. Opting for a lumpsum has consequences for the remaining pension, but also for other financial aspects. A great opportunity for pension funds to offer more added value in the guidance of participants. For example by facilitating a calculation tool for participants and by offering an overall picture of income and fixed and desired expenditure. That enables participants to familiarize themselves with their financial future and prevents impulsive behavior. But speed is of the essence as the first choices for lumpsum will possibly already be made in the second half of next year.”

Volgende publicatie:
“The pension sector still has a long way to go when it comes to prioritizing customer awareness”

“The pension sector still has a long way to go when it comes to prioritizing customer awareness”

Published on: 7 June 2021

“Do you work in the pension sector? Wow, that sounds exciting ... (but not really).” There are more than enough preconceptions about working for a pension fund or administrator. However, these may not be entirely correct, as illustrated by a series of portraits of people working in pensions every day. One of these is Roel Broen (36), the marketing manager responsible for marketing the ABP and PWRI pension funds. “It is precisely because our participants aren’t entitled to choose their pension fund that we attach so much value to customer satisfaction.”



You have been working at APG for eleven years now. Does that mean that you know all the ins and outs of the pension sector?

“Not really, to be honest. I’d rather not know them, even. In my professional field, marketing and communication, you need to retain a fresh gaze to boost your creativity. If I were to dig deeper into all the intricacies of the pension sector, I would probably no longer be capable of bringing across the message in a way that can be understood every layperson.”


Together with the communications manager, you lead a team of around 40 marketing professionals, communication specialists, and strategists. What is it exactly that you do?
“This can vary from a relatively minor task like compiling a message about a topical item for our public website to setting up a large-scale campaign, such as the ABP Reality Check, which was launched by Queen Máxima. Communication with our employees – and with our pension participants on their behalf – is also included our package of tasks. I, in turn, supervise the team and offer them an environment in which they feel safe and comfortable. Additionally, I make sure they remember who they are working for, because the satisfaction of our participants and their employers is our foremost concern. This is my first managerial position, by the way, and a wonderful development opportunity.”

A long way to go

Does this task make your marketing heart beat faster?
“Yes. When I was hired here as a trainee, I never heard anyone use terms like ‘customer focus’ or ‘innovation’. These have now become the key themes in our approach. From this perspective, APG is like a candy store to me.”


Wouldn’t you secretly prefer to work at one of those trendy marketing agencies?
“Selling a can of beer does seem a bit easier to me, and definitely not as complicated. But helping a retired person actively manage his or her pension is a lot more interesting. This sector makes a contribution to society. Every employed person in the Netherlands puts one fifth of their weekly earnings toward their pension, so that they can lead an enjoyable life later on with peace of mind. On the other hand, when you see how few people in the Netherlands are giving their pensions any thought at all, this can also be alarming. Did you know that 70 percent of people in the country haven't given their pension a moment’s thought? That’s a huge percentage! There are so many people who know nothing about the Pensioenwet [Pensions Act], when they will receive their pension, or what their options in respect of this. In this sector, we assume that they know about three times as much about their pensions than they actually do – which is practically nothing. We really need to reduce this 70 percent to 30 or even 40. Or 0, if at all possible. Because it’s not just about your future income; it’s all about the bigger picture, which extends to your health and lifestyle. What’s important to us is helping people make informed choices. We want to act as a guide to them. And we really have a long way to go in this respect.”

Enough challenges for you to deal with?
“Certainly. I want the reputation of our funds to grow stronger. Every participant, every consumer holds certain expectations with regard to the services they receive from a bank or insurer. And this applies equally to a pension fund. We want to offer a solid customer experience.”

How important is that for a pension fund that people are obligated to join?
“That makes it even more challenging, because we are actually behind in this game with a score of 1-0, so to speak. Customer satisfaction is so important to us precisely because our participants don’t get to choose their pension fund. Pension funds need to become more customer-oriented.”

Confidence in the pension sector has been dropping considerably among participants for quite some time. How do you deal with that?
“This is a challenge facing the entire sector, and something we should take very seriously indeed. Putting the participant first, transparency, and offering support when this is needed most are all things that will help restore confidence in us. We need to keep the customer’s perspective in mind in everything we do, no matter how difficult this may be. In addition to this, we need to enter into the dialog with them, particularly on more difficult topics such as sustainable and responsible investment. We support funds and help them with this. But this is a slow process. Confidence is gained in inches, not miles.”

APG is like a candy store to me


If you were to work anywhere else, where would this be?
“I very quickly feel at home in larger organizations that deal with complex issues and have an impact on society. So that would have to be a bank, insurer, or funeral provider. Take DELA, for example. They are very good at putting emotion into rational and functional matters. This makes things more tangible for the consumer. Their campaign, with the message ‘Why wait to tell someone how much they mean to you if you do it today?’ has made many people think.”

Do people try to avoid you at parties when you tell them that you work in pensions?
“That depends on the party. People aren’t as interested in what you do in the soccer club cafeteria. They just laugh about what they call ‘money grubbers’. That’s the image these sectors have, after all. On the other hand, at parties with my friends from college we have in-depth discussions about the sector and the marketing and communications profession. The pension sector really isn’t that different. Many companies share our challenges: How do you deal with data, how do you ensure satisfactory customer experience, how do you transform an organization in terms of digitization, how do you activate people, how do you define an organization’s image more clearly?”

Volgende publicatie:
“It became somewhat of a challenge to live on 4 euros per day”

“It became somewhat of a challenge to live on 4 euros per day”

Published on: 4 June 2021

How do you deal with work and money for now and in the future? Do you live from day to day or are you deliberately planning your financial future? And do you arrange ‘later’ yourself or are you participating in a pension fund?

Teacher Sharon earns a good wage, but she has taught herself to live on little money.


Sharon Engers (31)

Profession: Teacher in Dutch and (economic) citizenship, and editor-in-chief

Weekly works: 40 hours on paper “but actually always more”

Income: 3,000 net including supplements

Savings: Enough

Pension is arranged? Yes, through work


What kind of work do you do?

“I am a Dutch teacher and also teach the subject citizenship, a type of social studies, at the ROC in Amsterdam. I teach beauticians at MBO level 4 (secondary vocational education). The girls I teach are a bit older, between the ages of 16 and 24. I have been in this job for seven years now and it truly is my passion.”


What do you love so much about your job?

“The interaction with students. I learn as much from them as they, hopefully, learn from me; they hold up a mirror. I believe you are much better equipped to convey the teaching material if you feel a connection with your students. Since the beginning of December I use my laptop to teach from home and this week a few of my mentor students arrived on my doorstep carrying a bag filled with presents as my birthday was coming up and they missed me. That truly moved me. I appreciate the fact that, being a teacher, I am able to contribute to the way they approach their everyday life. The subject citizenship is more suitable in that respect than Dutch. That's also why I enjoy the combination of both. One section of citizenship addresses the subject economics which allows me to teach students, among other things, how to handle money.”


How much do you earn teaching?

“A little over 2,700 euros net per month, excluding supplements. My wage including those supplements is 3,000 euros net on average.”


Are you satisfied with that income?

“Absolutely, I am very satisfied and don't have any trouble making ends meet. Although the latter can also be attributed to my lifestyle.”


Are you that frugal?

“I taught myself to live on little money. First by necessity when the Education Executive Agency made a clerical error and seized my salary one time which meant I temporarily had barely anything to spend. And after that to save money to travel. Last year, my boyfriend at the time and I had planned to travel through Australia for at least one year. I calculated in advantage that I would need 17,000 euros if I also wanted to get my driving license. I earned a lot less back then compared to what I earn now, so a rigorous approach was required. I tried to live on 4 to 5 euros per day and I actually managed very well. I eventually succeeded in saving 7,000 euros more than my target amount in a period of one year and a half.”


How did you do that?

“It awakens your creative self. It was my goal to spend as little money possible without having the feeling I had to cut back on things. For example, I baked banana bread quite regularly which I was able to enjoy for an entire week. I cooked large servings of food and froze everything. I didn't go out for dinner with others anymore, but I did enjoy having picnics outdoors. And if I really wanted to visit a concert, I bought my tickets through Ticketswap. I paid a lot of attention to discounts, and the whole thing actually became somewhat of a challenge. I really enjoyed adopting that lifestyle. It also made me realize that I used to live quite a luxurious life which wasn't something I grew accustomed to growing up. I had quite a large sum of money to spend on my own. Before I started saving, I used to go out for dinner a few times per week and bought a fresh smoothie at the train station at least four times a week. As it turned out, I was spending 70 euros per month just buying smoothies! A bit of a waste really. And there was other non-essential stuff I used to spend my money on.”


So, you had reached your target by far. And what happened next: did you go to Australia?

“Well, no. On my last day of teaching prior to my leave of absence, my boyfriend all of a sudden broke off the relationship. He apparently got cold feet once the moment arrived.”


So there you were, with a broken heart and all that money saved. What did you do?

“I travelled through Europe on my own for a couple of weeks to process our break-up. And I furthermore decided to also get my motorcycle license once I got my regular driving license. And I bought a musical instrument. I used a total of approximately 6,000 euros from my savings account but that amount has meanwhile been complemented. I was lucky enough to get my job back after the summer. I started living a bit more generous when the trip to Australia fell through, but I am still spending hardly any money due to Corona. It has become my new normal to only spend little money. It makes me just as happy and I am able to make ends meet on a lot less money than I thought. Every month, I deposit between 1,250 and 1,500 euros into my savings account.”


Have you made plans on what to do with your savings?

“I may want to start investing and I am trying to find out more about the subject. Furthermore, I am definitely planning to travel. In the future, when everything surrounding Corona has hopefully calmed down a bit, I would like to earn my money taking on writing jobs from abroad. For a while that is, because my heart still lies in education.”


How much do you pay on fixed costs?

“I rent a studio for the amount of 550 euros per month, including utilities. I live in a village and share the bathroom and toilet with eight other people. That is a conscious choice. I have contemplated buying a house, but as a starter and single woman that's nearly impossible given the excessive prices on the housing market. I also don't feel the need to rent a bigger space. Everything is fine the way it is. I don't need that luxury. Apart from my rent, I spend money on the standard insurances, subscriptions and my car on a monthly basis. My subscription to the gym is frozen for now due to Corona, but I took on boxing four times per week outdoors. Oh, and I donate money to several charities every month.”


I do get mail about my pension sometimes but I throw the letters out, unopened

What else do you spend much money on?

On books, mainly e-books about personal development. Between 30 and 40 euros per month on average. I also started a training course at the LOI to become a web editor, which has cost me 600 euros.”


Do you think about your old age sometimes?

“Not very consciously. When I took a leave of absence for a year to make that trip, I temporarily stopped my pension contributions. Now I pay for my pension again every month. I participate in pension fund ABP through work. It is my understanding that pension is well arranged for teachers but, to be honest, I have not really looked into it.”


Do you know how much money you will be paid in the future, the way things are right now?

“No. I never pay attention to it. I do get mail about it sometimes but I throw the letters out, unopened. That's bad, right? I should really look into it more closely.”


How much would you like to receive per month as pension pay?

“The same as my salary right now, 3,000 net per month.”


How do you envisage your life in the future?

“I would still be quite busy, I think. I would like to do plenty of volunteer work and maybe still be active on an educational level. I never sit still, so the word ‘pension’ is not at all something that pops up in my head. I always want to be doing something and continue doing something.”

Volgende publicatie:
“It should not be all about growth”

“It should not be all about growth”

Published on: 3 June 2021

Annette Mosman started in March as CEO of APG. In the first months of her new position, she wants to gain as many refreshing insights as possible. That is why she walks from Amsterdam to Heerlen in 25 meetings. A journey through the Netherlands of tomorrow, in which someone else accompanies her on each part of the route. Colleagues, but also people outside APG. Like economist Rutger Hoekstra.

Is growth always good? Comprehensive wellbeing economist Rutger Hoekstra from Leiden, has his doubts about that economic mantra. Hoekstra feels it is time to start defining growth differently. He is looking for alternatives that will allow us to measure social progress better. He believes we need a new economic story, in which wellbeing, sustainability and equality are the focus. But how do you make that happen?


What’s wrong with the gross domestic product (GDP)? Not much, Rutger Hoekstra says, as long as you use it to measure whether the economy is growing or shrinking. “Economic growth should not be a goal in and of itself, but that is what it is currently. There is more to life than money. The GDP is not an indicator of wellbeing, wealth distribution and sustainability within a society.” Hoekstra, who is connected to the University of Leiden and the United Nations University as an economist, thinks the current system is outdated. He studies alternatives to the GDP, and also wrote about this in his book Replacing GDP by 2030, which received high praise.


Continuous improvement

Since World War II, there has been a deep-rooted idea that the economy and growth are important. “A hundred years ago you hardly heard anyone talk about economics or economic growth. The latter term has only been around for fifty years. Now it has become almost a synonym for society. Everyone has an association with it. If the economy is growing it is good, if it is shrinking it is bad. Because of that idea, we are constantly asking ourselves how we can improve the economy, how we can grow faster, and what role we have in driving that economy. In that sense, human beings are at the service of the system.”

However, economic growth is not necessarily good, Hoekstra argues. “It has been very good for our quality of life in the past centuries. And for poor countries, economic growth is still good. There, growth is necessary. But particularly in the Western world, that is not the case. If you are very poor, more money contributes to your wellbeing, but there is a limit to that, research shows. At a certain point you have enough money to live a good life and you do not become happier by having more. Moreover, the current growth goes hand in hand with sustainability problems, such as climate change and loss of biodiversity. In addition, inequality has risen in many countries in recent decades.


By this I do not mean that all sectors should grind to a halt. Industries that are shaping a sustainable future may continue to grow rapidly; that is where pension funds can earn a return, for example. But the mantra ‘growth is good’ does not apply to the entire economy.”


Shift the focus

So what is the alternative? Shift the focus to increasing welfare, sustainability and equality, Hoekstra believes. Those should be the social goals. We can achieve this in concrete terms by, for example, considering a four-day work week throughout the Western world, says Hoekstra. “Over the years, we have started to work less and less. In the 19th century, the common man still worked seven days a week. After the war, five days a week became the norm. But in ten years, four days a week could well be the norm. More free time benefits wellbeing. And with less income, people will automatically consume less, which in turn is good for the environment. That kind of relationship between wellbeing and sustainability is something to think about. Income is just a means of shaping the future.”

The term 'carefree retirement’ suggests a certain standard of wellbeing, but I rarely see it fleshed out

Carefree retirement

A carefree retirement is also definitely part of welfare economics, Hoekstra says. "Including the present. If you have worries about the future and whether things will work out in your retirement, that can lead to stress long before you retire.” But what does ‘carefree retirement’ look like? That is something pension funds need to make more transparent, Hoekstra believes. “If you only look at it from an income perspective, it is often so abstract. Okay, you get a certain amount, but what does that mean in concrete terms? What will you be able to buy with it by that time? The term ‘carefree retirement’ suggests a certain standard of well-being, but I rarely see this concept fleshed out. You just have to trust that it will be enough.”


Unfair system

And what about equality? Hoekstra quotes writer and historian Rutger Bregman, who at the World Economic Forum in Davos, Switzerland, frankly confronted the rich, mostly tax-avoiding attendees with the instrument to fight income inequality: “Taxes, taxes, taxes”. Especially the rich and multinationals should pay more taxes, Hoekstra says. “We have to put the pain where it’s caused: in the richest part of the Western world. Warren Buffett (one of the richest people in the world, ed.) once called out that he pays less tax than his cleaning lady. There is also increasing public outrage about the fact that multinationals pay so little tax. Bookstores pay taxes, while Amazon, which delivers those same books to your doorstep, pays nothing at all. The current system is not sustainable or fair. Even at the top, people are starting to realize this. The picture is tilting, but it’s slow going.”


Reach an agreement

The current economic narrative, with GDP as its starting point, was formulated by economists after the stock market crash of the 1930s and the war. It was crisis time, people yearned for a way out in which jobs and income were central. That was a decisive moment. In that respect, the corona crisis can be an opportunity to bring a new story into the world. But then there must first be agreement on what exactly that new narrative is, Hoekstra says. “The community suggesting alternatives is far too fragmented. There are hundreds of systems to measure wellbeing, sustainability and equality. The human development index, the broad prosperity monitor, sustainable development goals, the genuine progress indicator, the better life index, etc. And everyone thinks their own system is the best, while the overlap between all these systems is enormous. That is not helpful. For lay people, it’s impossible to make sense of it all. If we can’t achieve harmony among ourselves, there’s no chance of landing a different story with the general public.”


Speak one language

In that respect, as a community, they would be better off following the example of the economists they like to hate so much, Hoekstra believes. “We have to speak one language, just like the economists do. When it comes to terms like import, export, income and consumption, everyone around the world knows what they mean. In 200 countries GDP is measured in exactly the same way. That is clear and effective. We, as a community, do little in return. There are no global definitions for wellbeing, sustainable development or broad prosperity. It’s a mess. That frustrates me. We need to reach agreement if we are ever going to be taken seriously.”


Hoekstra sees a role in this for the United Nations, which also helped lay the foundation for macroeconomic science after World War II. “In fact, the situation in the 1930s was exactly the same. At that time, the UN said: there is not much we can do with this. You have to choose one system. If the UN had not done that, GDP would not have come into being. I think they should start a harmonization process again. The time is ripe for that.”

We need to come up with one worldwide measuring system for wealth distribution, wellbeing and sustainability

Working on harmonization

Hoekstra is currently developing this idea with the UN. “I don't want to give the impression that we have already started that harmonization, but we are preparing to enter the harmonization period. Nobody benefits from this constantly expanding mishmash of systems. We should not be looking at the differences, but at the similarities; working towards a common goal. There needs to be one global measurement system for wealth distribution, well-being and sustainability. I am exploring what the fundamentals of such a system should be, what it could look like. We are calling it the WiSE Transformation Initiative. WiSE stands for Wellbeing, Sustainability and Equity.”


So, one language and one system. With the goal of increasing wellbeing in a sustainable, fair way. What does Hoekstra think the future should look like if that goal is achieved? “That is perhaps the biggest challenge, to make it clear what it means for people in concrete terms.”


A turnaround is already underway in New Zealand, says Hoekstra. “They draw up their budget with the welfare of the population as the starting point. They look at which groups in society are struggling and reserve a portion of the budget for them. All the ministries can submit proposals for how the money should be spent, and each plan is evaluated for effectiveness. In this way, the ministries compete with each another for the best idea. This method has been enormously successful there. New Zealand is also working with other progressive countries in the Wellbeing Economy Alliance. Concrete steps are being taken worldwide.”


Sustainable ideas

Another, smaller-scale idea for a sustainable, fair future comes from England. How do we get people to fly less? Increasing the tax on airline tickets may sound like a good idea, says Hoekstra, but it is mainly the common man who suffers. “People who are very rich can easily afford it and will not fly less. But suddenly Joe Blow can no longer go on vacation. From an environmental point of view, it doesn't matter who flies, but from a sense of fairness, of course it does. This problem was put to a citizens’ panel in England, which came up with a better idea: what if you make the tax progressive? For the first time you fly in a year, you pay a small amount. And for each subsequent time, you pay more and more. That’s a fairer system.”


With respect to sustainability and equality, we as a society are actually already on the right track, Hoekstra believes, “although it could be faster.” Pension funds, he says, can make a big difference by putting the billions in pension money they manage into sustainable companies. “There is so much money involved in that; it greatly affects wherever it is invested.”


Phased retirement

In terms of wellbeing, the four-day work week is an example that will appeal to many people. And why do we often retire so abruptly in the first place, instead of gradually working less in phases? “The question is whether it is good, from a wellbeing point of view, to step out of working life cold turkey. For many people, work is more than income. It is also part of social life and the enjoyment of life. In fact, we now write people off very abruptly, from five days to zero sometimes. Surely it must be possible to do that differently.”

What the welfare pillar should look like next is more difficult for Hoekstra to explain. “The best thing would be for everyone to have the opportunity to develop and to live their dream life, within the natural boundaries that our earth imposes on us. But what exactly would that look like? We need more research and social dialogue for that. If we can clarify this more, I think a large group of people could get excited about a narrative of wellbeing, sustainability and equality.”


APG-economist Charles Kalshoven also writes about economic growth in his new column. You can read it here.

Volgende publicatie:
“For a better country, we will have to invest differently and cooperate more.”

“For a better country, we will have to invest differently and cooperate more.”

Published on: 27 May 2021

What will the Netherlands look like in the future? We asked a cross-section of people this question.

In this episode: Francis Quint, head of the investment branch of the Rabobank. In her view, we need to build a more sustainable society in the next ten to fifteen years, with equal opportunities and better services for all. Accelerating that transition calls for a different vision on asset management - from short-term to long-term socially responsible investing - and for coalitions between investors, companies, and the government. "Together, we need to set concrete goals and take action."

Is this the Netherlands? That question spontaneously arose for Francis Quint several times in the past year. “My father was isolated in his room in a nursing home for months. Our children could not go to school and home education was sometimes difficult. The corona crisis has shown that care and education - basic needs for all of us - do not have the level and adaptability that I always assumed.”

It is one of the social issues that Quint is keen to help solve. She is globally responsible for the 2.2- billion-Euro investment portfolio the Rabobank uses to invest in innovative non-listed companies: from start-ups to large corporations. Internationally, the focus is on the transitions in the food sector and agriculture; in our own country, it is also on energy transition, healthcare, and digitization. Now is the time to build the Netherlands of the future, Quint says.

What should we tackle first?

“We are facing a major social challenge: in the coming years, we need to bring about change in five areas simultaneously. The first is the energy transition, to meet the climate targets and be carbon neutral by 2050 at the latest. The second transition is to reduce social inequality and build an inclusive society in which everyone feels at home and has equal opportunities. The third challenge is to work towards affordable and accessible healthcare for every Dutch person. The fourth transition must take place in Food & Agriculture: how do we ensure sufficient food for everyone, with the smallest ecological footprint, by making the food chain more sustainable? And the fifth transition must enable and accelerate the other four: digitization.”

That is a tall order. How will we accomplish that? 

“The pandemic has shown that we cannot continue on the current path. The corona crisis has magnified our social problems. We have experienced how urgent it is to make our energy consumption and food chain more sustainable, how dependent we are on supplies of raw materials and products from abroad, how unequally it is distributed in our society and where the shortcomings in care and education lie. That helps; we have become more aware of the need for change. This is the right time to actually initiate and accelerate all the necessary changes.”

That is going to require a lot of money… 

“To achieve the Paris climate goals, we need $6 trillion worldwide to invest in sustainability through 2030, according to BCG's Global Asset Management report. And that's just one of the transitions we need to make. But the good news is that that money is already there. That six trillion dollars is only eight percent of the current total assets under management worldwide. We just need to start using that wealth in a different way. Currently, investments are still often focused on the short term. We need to change that: from purely financially driven investments to investments for the long term. This is only possible if investors take their social responsibility seriously and are prepared to commit to long-term goals. As a long-term investor, we at Rabobank deploy part of our capital to drive social change. Just as APG does with its pension participants' assets for its affiliated funds.”

Show people even more that their retirement money benefits society and helps solve problems they face every day

Isn’t investment return still more important than social return?

“As a bank, we obviously need to attain a certain return, just as pension funds need a return for their participants’ future income. But the great thing is that financial and social returns go hand in hand. One example is our investment in Oatly, a Swedish company that makes oat milk. That company has grown tremendously in recent years and is now about to go public. Or take Kingfish Zeeland, a land-based fish farm to combat ocean depletion. That company also went public recently. Previously, sustainable companies were seen as risky innovations. By now, they are also proving to be more financially rewarding than unsustainable investments.”  

What else is needed for the Netherlands of the future, besides sustainable investing? 

“The change will happen a lot faster if we start working together more in the Netherlands and form coalitions: not only between companies and long-term investors, but also with the government. For example, the government can accelerate the energy transition by subsidizing sustainable behavior and taxing non-sustainable behavior. For example, the subsidy for electric cars has led to an incredibly fast start. A tax on fossil fuel consumption or CO2 emissions can further stimulate the switch to green energy. In addition to the government, you need the business community for sustainable innovations and the development and construction of the necessary infrastructure, such as charging stations. Financing large projects like that requires long-term investors. So, it's important that you know how to find each other and forge coalitions.”

Can you give some examples of such coalitions?

“At Rabobank, for example, we are working with investor Tikehau Capital in an Energy Transition Fund of one billion Euros to accelerate the energy transition in Europe. Oil and gas company Total is also involved in that fund, in order to be able to make the switch to sustainable energy. Another example is the establishment of the Rabobank Carbon Bank for buying and selling CO2 emission rights. Together with farmers worldwide, we are developing projects for CO2 storage in trees and in the soil. And we mediate between parties that store CO2 and companies that want to reduce or compensate their emissions. Incidentally, we expect these companies to have the ambition to reduce their CO2 emissions as much as possible. We also bring about cooperation within our own investment portfolio. For example, we are looking at how we can place start-ups or innovative sustainable products, such as plant protein, with larger companies with the scale to roll out these kinds of innovations more quickly.”   


Sustainability innovations are fairly concrete. But how do you promote social innovation and reduce inequality?

“Education will play an important role in that. We need to broaden our current education system into lifelong learning. Digitization can help to provide everyone with equal opportunities for development and training, and to retrain or re-educate people more easily and quickly. Then prosperity will also be better distributed. For digital education, you can think of all kinds of innovative applications. We need to work together on this as well.”


What role do you see for APG in helping to shape the Netherlands of the future?

“Pension providers are working on the world of the day after tomorrow. A position as a responsible and involved long-term investor is appropriate for this, which APG already is. Within all those five transitions that need to take place in our society, APG can look for recognizable projects that are close to the constituency. Show people even better that their pension money benefits society and helps solve problems they face every day. Like improving education, making homes more sustainable, or building a sustainable infrastructure. At Rabobank, we invest about half of our assets in the Netherlands, because this is where our roots are. Perhaps APG could also consider investing a larger proportion of its assets in its own country and participate in local coalitions more often? Taking into account, of course, the desired risk profile.”

How far are we still removed from the Netherlands of the future? And will we ever arrive?

"I am optimistic by nature: just name concrete goals together and take action. I also see all kinds of positive developments. For example, there are many more organic products in the supermarket, people are more concerned with conscious eating. You also see more people taking the initiative to make their homes more sustainable, to drive electric vehicles, etc. People often only want to work for companies that show social responsibility. That also forces change. As long-term investors, we do this on a large scale: companies can no longer escape taking responsibility. By working together more closely, we can accelerate these transitions, aided once again by digitalization. In this way, we will be building a better Netherlands together in the years ahead.”


Volgende publicatie:
“I never want to retire”

“I never want to retire”

Published on: 21 May 2021

How do you deal with work and money for now and for the future? Do you live day by day or are you consciously planning your future? And are you making arrangements for your future yourself, or are you part of a pension fund?

Five years ago, Dorothée Loorbach was broke, but she figured out how to come back stronger.


Dorothee Loorbach (45)

Profession: independent writer, speaker, up-and-coming theater producer

Hours of work weekly: maximum 28, but is really always “on”

Income: 2,200 Euros net

Savings: 3,000 Euros

Pension arranged? More or less


Writer, speaker, up-and-coming theater producer; it sounds like you don’t sit still much.

“That’s right. I do a lot of different things. I just finished writing a children’s book and I’m now working on a poetry collection as well as on a book I want to publish in English and in Dutch. I’m also creating a theater performance in collaboration with a poet/singer-songwriter, which has been postponed twice now, because of Covid. And usually they hire me there as a regular speaker, but that is also not really happening now, due to Covid.”


Aren’t you working 24 hours a day with all those different jobs?

“I don’t work more than 28 hours a week for clients. I made that agreement with myself. I didn’t want the time I spend working to interfere with my spending time with my kids. But it’s true; I’m always busy. I never leave home without a notebook, so I can write down all my ideas. Sometimes I really have to switch myself off. But I don’t mind that, because I’m doing what I love.”


How much money do you make with that?

“Because I’ve been getting fewer assignments than before and because a lot of things have been canceled, it feels like I haven’t been making much. But now that I look at my overview, I can see that this past year has effortlessly been my best year since 2014. I think that’s because I got paid a lot more than before for the assignments I did get. I started asking for more money and I got it. Out of my income, I pay myself a salary of 2,200 Euros a month.”


Is that enough?

“More than enough. Everything I pay myself, I spend. That in itself is a luxury for me. I came from a situation where I couldn’t even spend half of that, and I got by then too. Now I buy what I want, but I have taught myself not to need that much. The fact that the world is on lockdown helps. And with anything I have left I make extra mortgage payments.”


What kind of situation do you come from?

“I started working for myself fifteen years ago in the world of advertising, as a copywriter and later as a brand builder. I was working up to eighty hours a week and made a lot of money, but I spent it all too. When I suddenly got a big tax bill in 2016, I instantly lost my buffer. I didn’t have a penny left – okay,  € 3.97 to be exact. I had never had any money problems and suddenly they were controlling my life.”


How did you get out of that situation?

“I decided to do everything possible to be free of money worries within a year. Partially by writing a book about it, Blut (Broke), which I started selling as pre-orders. I interviewed the most successful entrepreneurs I knew and immediately applied their lessons to my own life. After six months, I no longer had any money issues. The book, ultimately, is not about money, but about value. I learned to assess my own value and now I ask for enough money for what I do.”


And do you have a new buffer now too?

“I had €30,000 in savings, but it’s only 3,000 now. I invested almost all of it in the publication of my first book and used it to ‘buy time’ to be able to write. In addition to my savings account, I also have an emergency account, with not much in it and a vacation account with about €1500 in it. Plus a few investment pots.”


What do you invest in?

“I invest defensively in index funds through a pension fund, €3000 at the moment. With Peaks, an app where you invest with change, I have a ‘spicy’ package. That means I take a little more risk. I’ve got 2500 in there now. Plus I have some crypto coins: bitcoin, ethereum and cardano. My crypto portfolio is worth €25,000 right now, and I invested €7,000. I’m only sorry I didn’t get into it sooner. Someone told me about bitcoin back in 2015. If I had invested €100 then, I wouldn’t have to work anymore now. But if I don’t understand something, it scares me, so then I don’t do it. I missed out on a lot of opportunities that way.”


What are your fixed expenditures?

“My mortgage is € 470 a month. And I spend € 224 on energy, € 350 on insurances and € 55 on subscriptions.”


What else do you spend a lot of money on?

“I spend quite a bit on groceries; about €500 a month, because I want to eat as fresh and healthy as possible. I also spend a lot of money on books, especially books on personal development. And now that I’m working on a poetry collection, I’m buying more poetry too. But that’s tapering off, because you can just go to the library for that.”

My pension is mostly in investments. That is a bit risky.

You are “part-time retired”. What does that mean?

“It means that I can do what I want most of the time. I’m not quite there yet, financially, but I’m now making more, working 28 hours a week, than I was four years ago, working eighty hours a week.”


What do you have set up for your “full-time retirement”?

“My pension is largely in investments. That is a bit risky. In addition, I want to create as much passive income as possible. Once you have written a book, printed it, and published it, you can keep selling it, in principle. I try, as much as possible, not to be dependent on the hours I work.”


Will you have enough to get by in the future?

“I think so, but I’m not totally sure of that. If all the stock markets collapse and crypto turns out to be a bubble, I will have a problem. If my book doesn’t sell, I also have a problem. I had to sell 1200 copies of my book Blut before I made a profit. Making money by writing books seems to be an illusion, but I really believe it is possible. Although, it’s a lot easier as a speaker: I get paid around talk for an hour. That’s a good way to build up a buffer.”


How much do you want your pension to be every month when the time comes?

“You know, I never want to retire. I’m doing what I love – in addition to having time for my kids and loved ones. I can see myself still writing books in my eighties. But financially, I would like to retire as soon as possible. I want to be able to afford not having to make money anymore. So, how much will I need for that? No idea. I try to imagine what my life will look like then. I’m dreaming of a little house in the woods, and I’d like to keep traveling. € 5000 a month sounds like a good amount to me.”


What could you do better in terms of your pension?

“I’m currently not really building a very solid capital. I could do that better and faster. As a self-employed person I don’t have any guarantee that I can keep working in good health for another twenty years. I’d like to have a better long-term vision. To know exactly what I’m going to need and what I should do now to get there.”

Volgende publicatie:
“Set up a pension? I’ll be long gone by then”

“Set up a pension? I’ll be long gone by then”

Published on: 14 May 2021

How do you deal with work and money for now and for the future? Do you live one day at a time, or are you diligently planning your financial future? And do you arrange ‘later’ yourself or are you participating in a pension fund?

Nazrien Ozir was declared fully disabled. She is not expecting to reach retirement age.


Nazrien Ozir (46)

Profession: none, formerly communications officer

Works per week: she doesn’t; she is disabled

Income: about 2,000 Euros in WIA benefits and disability pension

Savings: minimal; for emergencies

Pension organized? no


What kind of work did you used to do?

“I was a communications officer and executive secretary for the government. I worked for several ministries, such as Economic Affairs, Internal Affairs and Justice.”


How much did you make doing that?

“About 2,300 EUR net for 36 hours.”


Were you happy with that as a salary?

“Yes, absolutely. I could afford all luxuries. Through housing development, I rented a house for 300 EUR a month and had a lot of money left to do fun things with. Go out for meals, drinks, take trips. My motto has always been: enjoy life now. I would never save up all my money for the future. I don’t have a husband or kids, and who knows if there is a future for me? I have some savings for if the washing machine breaks down, but other than that, I spend all my money. None of it came to me easily. I did everything myself. Since the day my father died, when I was 13, I’ve been taking care of myself.  I made something of my life by financing two professional courses myself and completing them. But I also have to thank my mother, because she got remarried to my stepfather. Otherwise, we would never have come to the Netherlands, and I don’t know what would have happened to me if I had stayed in Suriname.”


You became disabled. What happened?

“It started with heart palpitations and panic attacks. I had no control over it. They were clear signs that I had to slow down, but I ignored them and kept going, even though I knew better. In 2010, I experienced burn-out, and I never fully recovered from that. At one point, my body just quit. I fainted in the street and could not get up. At that time, in 2016, I reported in sick. And I’ve been home ever since. I am physically exhausted. My battery is not empty; I need a whole new battery.”


When did you start receiving the WIA benefits?

“They went into effect after two years, in 2018. In 2020 I was declared fully disabled. Now I also get a portion of disability pension. I have always said I wanted to retire at age 50, but this is not exactly what I had in mind. I hoped I would have won the lottery by then or met a wealthy man. Not that I would be fully disabled.”


How much do you get every month?

“All together just over 2,000 EUR net.”


Is that enough?

“Just barely. I no longer always need more, bigger, nicer and better. I don’t compare myself to others; I live a good life and make do with what I have. I regret not taking out disability insurance sooner. I only did that when I was already unable to work. But you can’t insure a burning building, as the insurance agent said.”


How much are your regular expenses?

“All together about 750 EUR. Mortgage, VvE fees, energy, insurances, subscriptions; the standard things.”

What else do you spend money on?

“I have always spent a fair bit on vacations and eating out. I value experiences more than material things. I think that is because I was raised quite soberly, in semi-poverty. We never had a TV at home, for example. Some people will then want to show off the expensive things they could buy later when they do have money, but for me it has no added value. I only bought a modern TV in 2016; until that time, I had one of those old-fashioned ones. I don’t have much, but what I do have, I like to share as much as possible, with family and friends in Suriname. I send them money sometimes. What goes around, comes around.”


Are you thinking about old age?

“Absolutely not. I live one day at a time. By the time I would be eligible for my old age pension, I’ll be long gone. I am a Hindu from Suriname; we don’t live long lives. My father died when he was 44, his sister one year later, also at age 44, and my cousin died when she was 18. Within one year, they were all gone. My elder sister died in of a stroke in 2017 at age 51 and in my mother’s family, everyone also died, one after the next. Strokes, heart attacks, diabetes; these are common in our community. I only know two people over 80: a great-aunt and my mother’s cousin. That is why I’m sure I will not make it to 67.”


And what if you do make it?

“Suppose I live to be older than 67, then I would have to sell my house. I bought it for 125.000 EUR in 2016. But now it is worth twice that much. If I do live that long, I’d like to focus on good causes by then.”


Seems kind of sad that you don’t believe you will live to be old. Are you still happy though?

“Oh yes, it’s not all doom and gloom. Being sick has also given me freedom. And like Martin Luther King said: ‘There is nothing more important in the world than freedom. Freedom is worth making sacrifices for. It is worth losing your job over.’ I am free in the sense that I don’t have to justify myself anymore. I am never going to get better, but my illness has now been recognized and that gives me peace of mind. My life is good the way it is.”

Volgende publicatie:
4 questions on the Postponement of the Pensioenwet (Pensions Act) to 2023

4 questions on the Postponement of the Pensioenwet (Pensions Act) to 2023

Published on: 11 May 2021

The new Pensions Act will enter into force on January 1, 2023 – a year later than planned. This is according to a letter from Minister Koolmees of Social Affairs and Employment to the Netherlands House of Representatives. The legislative process needs more time. But why? And will this also jeopardize the transition to the new system? Here are four questions on the new schedule.


Why is the Pensions Act entering into force a year later?

It will enter into force later because it is being submitted later than planned. It was supposed to be submitted to the Netherlands House of Representatives after the summer, but this will not happen until early 2022. According to Koolmees, this is due to complexity of the issue. Tinka den Arend, strategic policy officer at APG, mentions the large number of responses to the internet consultation as an additional factor in the delay. Participants in the consultation could share their thoughts about the pension agreement. “The internet consultation attracted about 800 responses about both details and more essential elements. The Ministry wants to take a thorough look at all of these responses. Many parts of the changes to the system need further elaboration, which is a time-consuming process,” says Den Arend.

The transition to the new system was planned for no later than January 1, 2026. Is that date moving forward as well?

Yes. Due to the delay in the legislative process, funds and administrators now have until January 1, 2027 to implement the legislation. Nevertheless, APG wants to stick to the original transition date of January 1, 2026. “Or sooner,” says Peter Gortzak, director of policy implementation at APG. “This postponement has created more realistic timelines for the legislative process. After all, there’s still a lot of work that needs to be done. And ultimately, we all benefit from diligence in the legislative process. However, as far as we’re concerned, this will not lead to the implementation being postponed. Employers’ and employees’ organizations as well as the pension administrators still have their sights set on January 1, 2026 as the implementation date, or earlier where possible.”

This is an ambitious aim, but is this schedule realistic?

According to Math Vrolings, Pension of the Future program manager, it is – at least for the moment. “For the time being, nothing will change. We’re sticking to our plans of action as much as possible. Working according to hypotheses means we can continue to make progress, subject to the final regulations. This is essential, as we’ll need to absorb the setbacks that this high-impact change will lead to soon or later,” explains Vrolings.



To prepare for the new system, the original schedule contained a proposal for a financial assessment framework for the transition, known as a “transitie-ftk” in Dutch. This framework will temporarily suspend the existing requirements for the financial assessment framework between 2022 and 2026, in order to facilitate implementation. What’s happening with this?

Den Arend explains: “The financial assessment framework for the transition follows the legislative timeline and will therefore apply from 2023 to 2027. In order to avoid unnecessary reductions, Minister Koolmees wants to apply the exemption regulations again in 2022, so that – as a general rule – no reductions are needed at a coverage ratio of 90% or more. Postponing the effective date of the financial assessment framework offers pension fund Boards, in consultation with employers’ and employees’ organizations, more scope for careful consideration about whether and how it will be used.”

Volgende publicatie:
“Renting out our five houses provides for a good income”

“Renting out our five houses provides for a good income”

Published on: 7 May 2021

How do you deal with work and money for now and in the future? Do you live one day at a time, or are you diligently planning your financial future? And do you arrange ‘later’ yourself or are you participating in a pension fund?

Sabine Samsom works as a financial coach and rents out five houses.


Sabine Samsom (39)

Profession: financial blogger and coach

Weekly works: 30 hours

Income: next to nothing from work yet, but 4,000 euros from renting out houses

Savings: 1,500 euro

Pension arranged? In a way, yes


What kind of work do you do exactly?

“At the moment I write blogs on about personal finances and I work as a financial coach. I help people deriving more benefit from their money. I also hope to be selling products through my website in the future, such as e-books or courses.


What is your background?

“I worked at ING for more than ten years, mainly in the position of financial advisor. That's where I learned all the theory about finances. I have always been actively involved in exploring opportunities for people to save money on in my private life; that's not something you will necessarily learn from working at a bank.”


How much do you earn?

“Next to nothing yet. I am doing some coaching for the amount of 80 euros per hour, but that's hardly worth mentioning yet. I am still building my business.”


How do you make ends meet?

“Throughout the years, my boyfriend and I bought five houses in Amsterdam. Twelve years ago, we decided to start living together in Ouderkerk and to keep my apartment in Amsterdam to rent out. The mortgage on our new house was quite favorable with a variable interest rate, meaning our monthly expenses decreased rapidly. Our two good incomes - my boyfriend is IT consultant - made it possible for us to save a considerable amount of money. In 2014, when the housing prices were much lower than today, we bought another apartment. We took out a separate loan to make that purchase possible. After we paid off that loan, we bought a third apartment. Later on, we found a way to buy two more apartments. We rent out the apartments to expats and students, which earns us approximately 4,000 euros per month. That income provides us with the freedom to build up my business without having to earn money straight away.”


Are you satisfied with this income?

“Yes, I am very satisfied. However, we would like to move some day, so some additional income would be welcome. But I am aware of the fact that we already have an income many people can only dream about.”


How much do you pay on fixed costs?

“Privately, apart from the rentals, our expenses are very low. About 950 euros per month in total. Due to the variable interest rate on our mortgage, that amount differs every month and we recently only paid 145 euros. Our children are attending primary school already, so we don't spend money on childcare. Those two things are usually the highest cost items to many people. I am very actively working on lowering the fixed costs. I make sure we don't have any unnecessary insurances for instance. Only insure what you cannot bear yourself, I always say. I would therefore never take out insurance to cover my bicycle or telephone, but I do insure my household contents. And instead of an expensive television subscription, I have NLZiet which doesn't even cost me 8 euros per month. That allows us to watch and look back all the Dutch channels. It saves us a lot of money.”


What else do you spend much money on?

“Shopping for groceries is my weak spot. It would be easy to save a lot of money on groceries, but it's not something I do enough. In this case we choose quality. Prior to the Corona pandemic, we also used to travel a lot. Winter sports at least once every year and sometimes twice. And we used to spend the summer holidays in our own popup camper or travelling to a faraway region. We do so as cheap as possible though. We are always flexible in choosing the destination and I just look for the best deal. Booking a trip way in advance saves you a lot of money. We also don't care for luxury accommodations, that helps as well.”


How much savings do you have?

“We don't save money as we still have a loan. Every time that loan was paid off, we used it again to purchase a new house. The loan we have is a revolving credit and, up to a certain limit, we can withdraw and pay off as much as we want. I don't think it is still possible to take out a loan like this as it is a typical product that causes people to fail because there's not a lot of pressure paying it off. We are lucky to have that discipline, so it really is a great solution for us. We pay off that loan using the money that's left at the end of the month. We do have an emergency fund of approximately 1,500 euros, simply to provide for a small buffer.”


Do you invest?

“Yes, I have separate investments in shares and crowdfunding, worth 20,000 euros in total. I really enjoy the trade of investments, but I don't do it as much now given our financial situation. However, sometimes I just cannot resist the temptation. I purchased some additional shares when the prices were low at the beginning of the Corona crisis. Then the prices went up again and so I sold these shares with a return of 700 euros. I also bought bitcoins for the amount of 100 euros recently, even though I don't really believe in it. That's why I would never invest in the product using large sums of money. It is more like a hobby to me. I would rather invest for the long term, but we are now focusing on paying off that loan. The interest rate on that loan is 4.6 percent, so once that's paid off, my ‘return’ will also be 4.6 percent.”


What do you arrange for your pension?

“I participate in a pension investment plan through Brand New Day. When I left ING, I deposited a part of my severance pay into my pension account. This involved an amount of 3,839 euros back in 2018. That investment is worth 6,000 euros today. If I don't deposit additional funds, this means that, by the time I retire, I will be paid 860 euros annually with a benefit duration of twenty years. That's not a lot.”


How much would you like to receive per month later on?

“I am not very calculated in that respect. When I have money, I try to use it for things that are convenient at that time. I am not really working towards a certain goal.”


Do you think about your old age sometimes?

“Thanks to renting out our houses, our old age has actually been arranged. We expect to still have rental income by then. In addition, my boyfriend accrues pension through his employer. I also have accrued some pension from paid employment, about 4,000 euros per year. I don't believe those amounts together provide for a good income. But all in all, I don't worry about it too much.”


What could you do better?

“I would like to dive into pension investments some more as that's very interesting fiscally speaking. However, this is not the right time for me due to that loan. I hope to have paid off that loan within two years’ time. More will be possible once that’s done.”

Volgende publicatie:
Politicians are not sufficiently aware of the feasibility of the new pension system

Politicians are not sufficiently aware of the feasibility of the new pension system

Published on: 6 May 2021

Examples of implementation problems in government organizations are there for the taking. Nevertheless, political The Hague is currently not paying attention to the lessons learned from this. According to APG policymaker Johan Barnard, this is worrying, because we are on the eve of the introduction of a completely new pension system. If the bill for this is postponed, according to Barnard, the extra time must therefore be spent on the comprehensibility, explainability and feasibility of our new pension system.


The House of Representatives has a blind spot for the implementation of government policy. Because parliament is not always fully and timely informed, but also because the House has too little interest in implementation. Moreover, the House of Representatives and the government have neglected implementation for years. Here are two important conclusions from the report "Klem tussen balie en beleid" (Stuck between desk and policy), about the extensive, regularly occurring implementation problems in the government.


It is a relevant report because it draws lessons from a wide range of cases where things went wrong, including the allowance case (Toeslagenaffaire). But anyone who expected a substantive discussion about causes and solutions to dominate politics in recent weeks was disappointed. Because despite the efforts of informateur Tjeenk Willink (who investigates whether a proposed government formation will succeed), political attention is mainly focused on the question of who should be held responsible for what. Read: who should be removed from politics.


This lack of substantive discussion is all the more poignant because since the publication of "Klem tussen balie en beleid", we've seen one signal after another about new impending implementation problems - even in recent weeks. On April 12, procurator general Rinus Otte noted in an interview in Trouw that the Public Prosecution Service and the judiciary are not given enough time to introduce a reinforcement of the victim's position in criminal proceedings. According to Otten, the reinforcement was not well thought out. In the NRC of 20 April, chairman Maarten Camps said "that the UWV can do without plans from The Hague for now". He prefers to talk first about how the UWV (Employee Insurance Agency) can attract enough insurance doctors. The new Environmental Act will be introduced on January 1, 2022. At least, that's the plan. The four big cities have written an urgent letter about the unfeasibility of that date - on April 25, FD reported  that only 9 of the 352 municipalities had their ICT organized. And according to the Court of Audit, the AIVD (General Intelligence and Security Service) and MIVD (Military Intelligence and Security Service) spend so much time on the implementation and requirements of the new "Intelligence and Security Services Act 2017" that their intelligence position is under pressure. 


The Council of State has established that the necessity of new laws is not sufficiently demonstrated and that they are insufficiently tested for feasibility and 'practicability' for citizens and government organizations. Thom de Graaf, Arno Visser and Reinier van Zutphen, (vice-president of the Council of State, president of the Court of Audit and the national ombudsman respectively) also collectively shared their concerns about the implementation quality of the government policy (Buitenhof, 25 April). There they let it be known that responsibility for this also lies with parliament.


You may see the storm building. Because is there enough attention for implementation and practicability when it comes to pensions? The first signs are not very encouraging. On January 12 last, the bill "Lump sum, Early Retirement Scheme (RVU) and leave savings" was passed. But the introduction of the part that should make a pension payment of 10% of the pension assets possible at once (Lump sum) was immediately postponed until 2023. First, they have to investigate whether the implementation can be organized in a less complex way.


And then there's the introduction of a completely new pension system. That transition is many times more complex. The judgment of the Dutch Advisory Board on Regulatory Burden was quite harsh: "don't submit it, unless the points for advice are taken into account". According to the Advisory Board, the bill has not been described clearly enough, which means that it is difficult to assess whether additional implementation costs (in a financial sense) are justified. The Advisory Board also raises the question of whether the new system is easier to explain. And to see whether participants will be able to cope with the new system, it demands a 'capacity test'.


The Hague has recently been talking about the need for a new political culture of "power and countervailing power". We expect comprehensible, explainable and certainly enforceable legislation from a new government that wants to make serious work of that culture. Some expect the bill for the new pension system to be postponed. In that case, in the interest of the participants, the extra time should mainly be spent on those aspects of comprehensibility, explainability and feasibility. I'm not convinced that politicians are currently paying enough attention to this.


Could it be a coincidence that none of the seven members of the parliamentary committee of inquiry for implementing organizations has returned to the House?

Volgende publicatie:
‘Who is helping Mark Rutte? Minister Santa Claus’

‘Who is helping Mark Rutte? Minister Santa Claus’

Published on: 26 April 2021

After a well-received first season of Kids & Cash, we are starting a new video series in which children talk frankly about more than just money: Kids &…



What if children could be the boss of the Netherlands for one day? They would want to ‘keep the world a bit clean’, ‘make everything free of charge’ and ‘abolish Corona’. In this edition of Kids & Politics we see that political interests are already kindled at an early age. Children know Mark Rutte is the one calling the shots, but ‘the King tells him what he needs to do’ and ‘Minister Santa Claus’ also helps out. And the treasury chest with all of its pots of money? That is spent on ‘teachers who want more money’, ‘a climbing frame’ and ‘building a school’.

Volgende publicatie:
“I often hear terms like pension crooks and pension mafia”

“I often hear terms like pension crooks and pension mafia”

Published on: 20 April 2021

“You work in the pension sector? Wow, exciting...” Plenty of preconceived notions about working for a pension fund or administrator. Perhaps not all justified, as shown by a series of portraits about people who work there on a daily basis. People like Senior pension spokesman Fabian Schumans. “Working on your pension is making choices for your own happiness and that is never boring.”


What does a Senior pension spokesman do for an administrator like APG?

“I have individual conversations with participants that are in complex pension situations. I create and lead workshops and presentations for participants and courses for employees and pension ambassadors. The objective is to increase people’s knowledge about pensions and to enable employers to pick up their role.”

You are really out in the field, speaking directly with the pension participant. What is that like?

“As a pension administrator, APG has contact with the participant on several levels. For example, through our client contact center where every kind of question is asked. The conversations I have are about more complex situations, such as the threat of disability, an escalating labor dispute, or people who are terminally ill.”


Conversations in which emotions probably run high.

“I always reassure people at the beginning of a conversation. They talk about their pension so rarely that it often makes them nervous, insecure. And for people who might lose money, yes, some emotions come into play. And I give them room for that. It can also get pretty intense, people sometimes start cursing, they threaten to drive their car through our wall, or they might feel devastated, because they don’t know what to do.”


How do you deal with that?

“To tell you the truth, I’d rather deal with those emotions and questions than with people who stay flat. I have often heard terms like pension crooks and pension mafia. But that’s okay. That is when questions arise and I can go into it in-depth, answer questions and really deal with a situation.”


What qualities do you need for a job like yours?

“You can’t get blown away by anger and you need to approach people without prejudice. I always talk to people at eye level and sense what is going on when I am standing in front of a group.”


It is kind of a luxury to have a conversation with a pension spokesman. When exactly do you take action?

“There are twelve of us pension spokesmen for ABP and for 1.3 million active pension participants that is not very many, so we don’t promote it. We have Relationship managers at APG who will bring us in for employers at the right time.”


You talk about pensions all day long; how do you keep it up?

“Oh, that’s not very difficult. Pensions are not boring at all. They are constantly in the news and they are constantly developing. What I’m doing now is really my passion, so I can keep talking about it for a long time.”


Passion and pension in one sentence: that something you will have to explain.

“If I can solve misunderstandings, that makes me smile. That also happens when I can help people get a grip on making the right choices or when I hear that after they talked to me they realized they are in such a good position that they can retire sooner. And that inspires me to do my best for the participant every single day.”


I don’t talk to a bus driver for hours about how the coverage ratio is calculated

How do you hold the attention of your audience on the lesson?

“By keeping it light. With a joke and a wink. I think that helps them to absorb the content better too. As opposed to people who make pensions unnecessarily complicated and act almost mysterious about it. Then people stop listening. I look at the people I talk to. What is relevant to him or her? That is what I focus on. So, I don’t talk to a bus driver for hours about how the coverage ratio is calculated. I ask people how they want to live in the future and have a conversation with them about how that can be achieved. Pension is about a phase in life where you can do fun things and enjoy your freedom. What could be better than spending your time on that?”


What is the message you give people?

“Take charge of the end of your career. Don’t choose standard options because you don’t want to look at it in-depth, but look at your own desires and your own situation. Working on your pension is making choices for your own happiness and that is never boring.”


Was this what you dreamed of when you were a little boy?

“Not really. I studied criminal law and criminology in university, thought I might want to join the police force and looked for a job in that world and outside of Limburg. But before I even started in that sector, I ended up at the client contact center at APG as a temp. After that I moved up the ranks quite quickly. I accumulated knowledge about pension, spent some time in sales and then landed in my current team. I love the contact with the participant and I find APG so interesting as an employer that I’m not thinking of going anywhere else anytime soon. And in terms of the new pension contract, I actually feel I am very much needed here right now.”


Wouldn’t you like to still pursue the dreams of your youth?

“I want to be among people; that client contact is very valuable to me. I had a staff position before, but that didn’t suit me at the time. I prefer to be out in the field. And that is exciting for me, because I don’t want to start doing anything on autopilot.”


Volgende publicatie:
Bitcoin pension

Bitcoin pension

Published on: 15 April 2021

Early retirement thanks to the Bitcoin. Someone in my circle managed to do just that. In particular the price explosion as of last summer was a major contributor. Would this be an idea for pension funds? APG has received some media questions on the topic over the past few weeks. This resulted in articles, concluding that major investors still hesitate.


Please pay attention to the word ‘still’. Is it just a matter of time? I will get back to you on that one. Let's first take a look at the investment approach of pension funds. The goal is to provide participants with a good pension. An important question is the amount of investment risk you are willing to take. Avoiding all risks leads to a pension that's quite certain, but also quite low. Accepting more risk leads to higher pensions on average, but also to a greater 'variety’ surrounding it. The ultimate investment policy has to match the needs of the participants.


Are Bitcoins a good fit? The price movements are rather substantial. This has very likely disturbed the night's rest of the friend of a friend mentioned above. The price decreased by 70% or more three times in the past ten years. It eventually worked out well for her in euros and she can now catch some extra hours of sleep. My point is that you have to relate the phenomenal price increase to the huge volatility of the prices. When risk-adjusted, the reward over the past ten years is similar to the reward you get from a (50/50) portfolio composed of global shares and bonds (for the wonks: the Sharpe ratio is the same).


But it's all about the future. Do Bitcoins provide added value to a portfolio? In order to establish that, it is important to first determine the return expectations in several ‘weather conditions'. What is the so-called ‘investment case’? Where does the return come from? Just take shares or real estate for instance. Those sectors have recurring revenues - dividends and rental income - that move along with the economy or inflation. That's something you can count on.

To what extent the price is still able to rise is very hard to say

That doesn't apply to Bitcoins. There is no cash flow. It is therefore impossible to determine ‘fair value’ or expected returns. The return is determined entirely by the price trend of the Bitcoin. And as the supply barely increases, the price is primarily driven by demand. And what is it that drives the demand? Probably not buyers who are looking to use the Bitcoin as a means of payment, as that process is slow and expensive. That leaves us with: buyers who speculate on (further) price appreciation. But what is it that would trigger an increase of the price? Simple: it just does. That mechanism really exists. Increasing prices often trigger new demands and drive further price appreciation.


To what extent the price is still able to rise is very hard to say. Another 20%? A doubling? A tenfold increase? I don't rule out any of these possibilities. I can be a bit more precise on the timing of the peak. That will be once the bottom of the maximum width of the pyramid has been reached. As soon as the inflow of new groups of buyers comes to a standstill, the price cannot increase any more. If ‘Bitcoin-pensionados’ then want to pull out, the process may very well reverse (decreasing prices, increasing sales, etc.). Try to explain that as a pension provider to your constituencies and the regulatory body.


The Bitcoin will probably already tumble prior to the investment case, as it doesn't fit within the investment convictions. You cannot call the Bitcoin sustainable when you look at its considerable energy consumption. It is a bit pointless to have the energy provided by the new wind and solar parks immediately absorbed by the Bitcoin.


Returning to the word ‘still’, I think it will still take a while before the pension investors have overcome their hesitations. How long? Longer than it takes to build a pyramid.



Charles Kalshoven is Senior Strategist at APG

Volgende publicatie:
“I don’t look for loopholes in the law”

“I don’t look for loopholes in the law”

Published on: 14 April 2021

“You work in the pension sector? Wow, exciting...” Plenty of preconceived notions about working for a pension fund or administrator. Perhaps not all justified, as shown by a series of portraits about people who work there on a daily basis. People like Jill Kleuters, who is a lawyer: “I think about the opportunities and risks for the fund and always keep an eye on the interests of all the stake holders in this. That that is more than just telling them what is and what is not allowed, according to the Pensions Act.”



You are a lawyer at APG. What do you do?

“I work in the Fund Services department and, in nutshell, that means that my coworkers and I provide advice to our funds, committees and social partners about all kinds of legal pension subjects.”


Like what?

“One of the main themes in the coming years is the new pension system. We help funds to make good choices around this new system. In addition, we also support the funds in legal procedures of participants or employers.”


Giving advice, helping... can you give a concrete example of that?

“We help pension fund managers to carefully weigh the interests of all the stakeholders within a fund. And we deal with objections and appeals, which puts us in direct contact with the participant. We include that information in our advice about a future arrangement. For example, the retirement age, which rose to 68 a few years ago, because our average lifespan is longer than before. Raising the age to 68 means that the participant accrues less pension per year; he or she gets more time to save up for their pensions. In the game of negotiations for a new pension arrangement, it is therefore said that something should be provided to offset that lower annual accruement. That may be a premium reduction or more of a pension in a different part of the arrangement, such as the partner pension. My coworkers and I also help the pension funds and social partners, such as employers’ organizations and employers’ representatives in these negotiations. What are the options based on the law, what costs are related to that, what does that do to the participants, how do you communicate the new arrangement to the participant and how can we execute the decisions?”


You are working a lot with the law around Wage tax and the Pension Act. Do you look for loopholes in these laws?

“Haha, no. You run into that mainly in advocacy, when you want to get the best for your client. And yes, I do try to get the best for the pension fund and the social partners too, but not through loopholes in the law. I show them an article and indicate to them how we can best apply it and what kind of consequences that will have. I also provide advice as a lawyer for ABP and that pension fund has a certain reputation. So, I can’t afford to always be looking for the boundaries and exceptions.”

People always do know where to find me as soon as they start to get closer to retirement age

How do you differentiate?

“As a lawyer, I don’t just say ‘this is allowed’, or ‘you should do that’. I don’t open a law text and read what it says literally. What I do is to indicate the pros and cons so that a fund has a clear idea of what risks come with a particular choice.”


Is this the kind of work you dreamed about when you were a little girl?  

“No, not really. I wanted to be a ballet dancer. But I’m not very good at that, so that dream didn’t last long. What then? I always know right away what I don’t want, but not what I do want, because there are so many things I like. And so, after I graduated from high school, I opted for general economy in university. When I finished that, I still didn’t have a concrete goal in mind. Through a little side job at the Revenue Office, I landed in the field of tax economy and tax law.”


Do people walk away from you at a party when they hear what you do?

“No, but I don’t talk about my work at parties. My peers are not thinking about their pensions yet, so that subject just doesn’t arise. What we do often talk about is the career steps we make or the development opportunities you get from an employer, and as an APG employee, I look pretty good in those respects. I have a lot of opportunities to take course and a few years ago I became a team leader of several lawyers. And those are things you can talk about. Incidentally, people always do know where to find me as soon as they start to get closer to retirement age.”

Volgende publicatie:
Good pension for self-employed persons requires more room to experiment

Good pension for self-employed persons requires more room to experiment

Published on: 7 April 2021

More than a quarter of the independent entrepreneurs is not saving money for their retirement.  Three out of five of these people are at risk of accruing less than 70 percent of their income. It is therefore good news that the pension funds will be able to offer pension solutions to self-employed persons in the near future. But more room is required to experiment in order to offer suitable solutions, claims strategic policy officer Tinka den Arend. That room is insufficiently offered in the current draft Act on the new pension scheme. That's the reason why a new cabinet still has to make sure that room will be offered. 


Most independent entrepreneurs have to make their own arrangements when it comes to their retirement and their surviving relatives, if any. However, saving for pension does not come natural to them. Approximately 40 percent of the self-employed persons have arranged their pension well: they accrue pension in the amount of 70 percent of their income (this is excluding assets accumulated as a result of having their own home). The others are at risk of experiencing a financial black hole between the intended income upon retirement and the income they will actually get paid. More than a quarter of these independent entrepreneurs is not saving any money for their retirement.


For the self-employed persons who are saving money for their retirement, the most popular ways are saving money on a private account, investing and paying off the mortgage on their own home. And that's a shame, as they are missing out on the tax benefits applicable to traditional pension savings - excluding those who take out life annuities which only 1 out of 10 self-employed persons is doing.


What is the reason that many people are not showing interest in the details of their pension? Why are they not taking measures in order to avoid pension deficits? Research conducted by the AFM (Netherlands Authority for the Financial Markets) shows that consumers have to overcome huge obstacles in order for them to take action on his or her pension. Many people don't like to think about the future in which they are old and no longer working. They know it is important to accrue some pension but are more focused on the needs of the present. They are also not very worried about their retirement provision because others in their social group are also not thinking about it. Moreover, it is difficult for people to oversee this type of choices and the consequences thereof - also because a changing (financial) situation requires new decisions. The insecurity about those decisions causes them to largely block the topic and to not take any decisions at all.


All of these behavioral-economic obstacles are important to keep in mind if we want to encourage self-employed persons to accrue adequate pension provisions.

Independent entrepreneurs who are not saving money for their pension have been asked why they are not making any arrangements. The reason mentioned most is that they cannot afford it. Others state that their pension age is still very distant in the future or that they haven't got round to it yet.


APG collaborates with bpfBOUW, ABP and self-employed persons’ organizations in order to perform experiments with the goal of eliminating these obstacles. Other implementing organizations and pension funds are also participating. Depending on the implementer and the fund, the experiments are used to test a number of solutions. One of these solutions pertains to automatic participation with the possibility to deregister. The choice to save for pension then shifts to the present and procrastination will lead to saving instead of not saving. In addition, enquiries made at the peers of the self-employed persons will in that case also encourage them to think about this choice. A second solution is simplification of the product by means of less administrative hassle. This can be done through data exchange and simple tax rules. A third solution is sought in the improvement of the affordability of pension by having the clients of self-employed persons contribute to the pension pay. Possible fears of needing the pension capital set aside for necessary business investments in the future, is eliminated by allowing the intermediate withdrawal of the annual premium.


A pension solution for self-employed persons has to be appropriate. The differences between the target group are huge. In order to meet that variety of needs, it is important that some experiments are conducted using several solutions.


The (draft) Act on the future of pensions provides too little room to conduct those experiments. None of the three solutions mentioned above will become possible. The draft Act makes it possible for self-employed persons to join a pension fund on a voluntary basis. But other voluntary possibilities, such as automatic participation with the option to deregister, are not allowed. The same applies to an element such as data exchange. By providing pension funds access to all data of the Chamber of Commerce, it would be possible for them to see who is registered as self-employed person and in what sector. That enables a certain pension fund to approach the self-employed persons who are eligible for participation in that specific fund directly. In that case, those independent entrepreneurs would have nothing to worry about.  

The current draft Act doesn't provide any room to experiment with simpler tax rules either. Based on the income and the hours worked three years ago, a self-employed person now has to demonstrate that he or she is eligible for tax-friendly pension accrual. The barrier will become much lower for this group if an agreement would be made, allowing them to accrue a certain amount without having to provide any data.


It is a missed opportunity if these solutions are not being tested in practice. My appeal to the new cabinet, is to still provide sufficient room to conduct those experiments. The goal would be to jointly take the steps needed towards a good pension for people in paid employment as well as for self-employed persons.

Volgende publicatie:
“Funds Should Be Able to Coach Employees Financially”

“Funds Should Be Able to Coach Employees Financially”

Published on: 6 April 2021

Gerard van Olphen calls for a middle ground between advisory services and “execution only”


“It must be possible for employees to receive assistance and coaching from organizations they trust, such as their employer, pension fund, or trade union. Moreover, as a pension fund you want to be able to coach your participants without directly providing them with full-scale financial advice.” These words were recently spoken by APG’s departing CEO Gerard van Olphen at a meeting of the Netspar network for studies on pensions, ageing, and retirement.


Van Olphen: “There are only two flavors. One is ‘execution only’, in which the client has to handle everything independently. The other involves the client paying for advisory services.” This is why he is calling for a “middle ground”, in which a fund can coach a participant “without directly providing full-scale financial advice.” Van Olphen calls the fact that the Netherlands Authority for the Financial Markets (AFM) is giving some thought to alternatives in addition to the two currently available consultancy concepts “a positive development.” The subject of Van Olphen’s lecture was the transition towards a new system – a transition in a sector that he referred to as “relatively traditional.” Van Olphen: “There are considerable social benefits to mandatory participation, such as the virtual elimination of poverty among the elderly, but it also leads to a lack of incentives in the way of innovation and renewal. Innovation will not lead to a growth in participant numbers. Neither will poor performance cause these numbers to dwindle. Growth or shrinkage depends on other factors.”

Nevertheless, the pension sector needs to regain the confidence of participants when introducing the new system, says Van Olphen. “This means that the services offered need to satisfy the expectations of the participants. They are used to the delivery speed of Coolblue and the convenience of Netflix. Furthermore, they expect their fund to keep them informed at relevant moments. And they expect their pension fund or administrator to provide insight into its financial health and to help them make difficult decisions in relation to their pension.”

Visit Pensioen Pro for more in-depth information and listen to the podcast

Volgende publicatie:
“Eyes on the ball and do what we have agreed on”

“Eyes on the ball and do what we have agreed on”

Published on: 1 April 2021

How do you survive as a pension administrator of eight funds in a year overshadowed by Covid-19? Annette Mosman, our recently appointed CEO, believes it was the ultimate test case and that APG really held its own through it. “In 2020, employees started working from home overnight, we kept the pension administration of 4.7 million participants running from three thousand home offices, and we didn’t panic when the stock market fell hard. We turned out to be a robust, agile organization.”


A new CEO, a new sound? What will we notice about Annette Mosman’s approach?

“I’m starting this job with a clear premise. I am from within the organization, and I know the sector. As CEO, I am going to do things my own way: often by listening first and reacting later. I am always curious about other people’s visions. Accents will shift, but the route is rock-solid. First of all, we are going to perform really well. The coming years will be geared towards the end result: implementation of the new pension contract (NPC), in collaboration with our funds, in 2026 and being a strong social player at the same time. Because we are doing this for the financial fitness of 4.7 million people. To reach that goal, we will have to be consistent in the next few years: eyes on the ball and do what we have agreed on. We have to do it right: with our attention on our funds, employers and their participants, on each other and on our environment. We are in this for the long haul and the trajectory will have its ups and downs.”


What will be the highest priority for you in the next while?

“Our established strategy for the coming years. Our focus is now on its execution: introduction and implementation of the NPC is our first priority; everything comes after that. We will be making clear choices and carrying them out superbly. We will be doing that with a strong social profile: we are inextricably linked to the 4.7 participants of our funds, with employers and with other partners in society. If we do our job well, we will be a thought leader as a pension administrator and a key player in the sector.”



This is the first annual report where you are the CEO. Transparency plays a central role in the report. Why was that decided?

“For the second time in a row, we are publishing an integrated report. In it we show what value we add to our stakeholders: our clients, society, shareholders and the funds. We are aware of our role and are taking a critical look at it. This is the main theme of this annual report. We are not an ordinary company. We work for 8 funds and 4.7 million participants and manage almost 600 billion Euros. In addition to being a learning organization, APG also focuses on the social impact we have. Being transparent, like we are in this annual report, means that we are also showing our vulnerability and therefore also showing what did not go right. If something is wrong with out execution, or the collaboration with the Works Council is not running smoothly, we will communicate about this.”

The road to the NPC is long and complex. What exactly does that road look like now?

“We don’t want to be faced with any unpleasant surprises when we start the transition to the new pension system with our funds. That is a crucial component of our strategy and that is what our clients expect from us. It is also a precondition for transitioning to the new pension system. Compare it to an attic you need to clean out before you move. In our case, for example, that means working with our funds to tackle the complexity in the current plans. But it also means going through the pension administration and fixing it if something is unexpectedly wrong somewhere. Fixing this is complicated, especially when it has an impact on people’s wallets. In collaboration with the funds, we are trying to find solutions that are in the best interest of the participant.”

We play a certain role, but we never do this alone

What does that mean for APG in concrete terms?

The transition to the new pension contract will affect the work of almost all employees within APG in the coming years: from IT, pension administration, asset management, risk management, client contact and communication to HR. It will change our work in almost every respect. This will demand a lot from us as an organization and from our employees in the coming years. At the same time, it offers APG the opportunity to show that even in a new system we can live up to our position as a leading administrator. Because we are a leader in our field for good reasons. With our digitalization, participant orientation and pension expertise, we have all the ingredients needed to create a new proposition and to measure up to other financial parties. We also have eight loyal clients who are going to go through this process with us. So, let’s not stare into the headlights, but get on with implementing.”

In the past year, things went wrong in the execution a few times. How do you look back on that?

"That’s true. In August 2020, for example, an action surrounding the disability pension was completed. In the process, a total of 8,352 participants were retroactively awarded the pensions they were entitled to. Some 8,500 participants also received a rightful supplement for coinciding periods of service. For the participants in question, this made a big impact. And as a pension administrator, we understand this very well.  That is why we are doing everything we can to carefully inform participants and assist them in these kinds of situations. And we also learn from them. Over the past year, despite the Covid-19 pandemic, which forced us all to start working from home, we have improved our processes enormously and where there were problems for participants, we have solved these as quickly as possible.”

Is the chance of errors really going to be less now?

The store is being renovated while sales continue. It seems like Covid-19 barely affected APG.

“The switch from office organization to home-based organization went smoothly. Operations - including paying pensions, collecting premiums, investing - were not compromised at any time. Pension fund clients, employers and participants hardly noticed that we supported or spoke to them from home instead of our offices. And in many cases, we are still doing that. I am very proud of that.


There is a lot of talk about APG’s role as a social player. How is APG going to fulfill that role in the next period?

“APG is a company, but it is really much more than that: as the biggest administrator, we play a certain role, but we never do this alone. If we do our job well in the coming years, other parties, such as funds, will want to collaborate with us and join forces with us. At the same time, I want to look beyond that: because with our knowledge and skills, we could mean a lot more for people and for society. Financial security affects your health, your wellbeing and your opportunities. Your pension is not a stand-alone thing. That is why I want to seek more connection with social partners, for example, around themes like health, financial education and poverty reduction. APG employees can actively contribute to that. Taking care of our environment means also taking care of the planet. We are investing with a view of the long term and in as sustainable a way as possible. Our operations will be climate-neutral by 2030. That is why we are moving to a new, sustainable building at the end of the year. And we are working on a new mobility plan for all APG employees. We will be looking without any dogma at what is good for us and for our environment.”


Finally: what are you looking forward to most in 2021?

“Seeing coworkers again and being able to go back to the office. But I'm also looking forward to the steps we're going to take towards the new pension contract. That is really a very complex process. So, I hope that the politicians in The Hague will stick to the established timeline. I am still assuming that on January 1, 2026, all funds will have to make the transition, and we really need that time.”


View the Annual Report 2020 here. 


Read the interview with Ronald Wuijster, board member and person responsible for Asset Management and HR: “Selling from a sense of panic is never a good idea” - Ronald Wuijster on investing during a Covid year. 

Volgende publicatie:
“My wife would be proud of me because I am enjoying life”

“My wife would be proud of me because I am enjoying life”

Published on: 25 March 2021

How do you deal with work and money for now and later in life? Do you live day by day or do you deliberately plan your financial future? And will you deal with “later in life” yourself, or are you part of a pension fund?

Ruud Vorstermans has been enjoying an excellent pension for the past year and a half. But he would trade it all in if it could bring back his wife.



Ruud Vorstermans (68)

Profession: retired, worked in automation and as a labor expert

Weekly hours: full-time

Income now: 3,200 Euros net per month

Saving: about 50,000 Euros

Pension arranged? Yes


You have been retired since August 2, 2019. How do you like it?

“I did not experience any black hole, even for a second. In fact, I don’t have enough time. I was really ready not to have to do all kinds of things anymore. That is also because, in addition to my work, I was the primary caregiver of my wife for years. She had metastasized breast cancer and died of that in 2018.”


That is sad, you must really miss her.

“Yes, my wife brought out the bet in me. We were married for nearly 43 years; what we had was unique. Of course, I miss her, but getting stuck there doesn’t help anything. Four weeks after her cremation, I went to Italy for a month with a camper. I traveled around Toscani, to places where we used to go together every year. A trip down memory lane. I enjoyed it a lot. I am keeping the memory of her alive. On our first wedding anniversary after her death, I got dressed up and went to her favorite restaurant, in a suit and tie and sat down with a picture of her across from me. I really enjoyed doing that and I still do it every year.”


How do you spend your days, now that you are no longer working?

“To start with, I walk and ride my bike a lot. I have made it into a daily routine to walk about seven kilometers. I ride an electric bike, because then I can also cycle on vacation in hilly landscapes. And I have given myself a new hobby: doing jigsaw puzzles by Jan van Haasteren. Once in a while, I buy a second-hand puzzle through Market Place or Facebook. If the seller lives within a 20-kilometer radius from where I live in Bergen op Zoom, I go and pick it up on my bike. That gives me a nice goal for my bike trip.”

And what else do you do?

“Sudoku, cross word puzzles, sometimes I write poetry, I have a blog, I cook. My wife was a great cook. When she got sick, I started to use her recipes so that she could give me instructions. I took pictures of everything and made it into a cooking blog. That helped me a lot, especially right before she died. I also do volunteer work for the breast cancer society. My wife did that too, from the day she got breast cancer until she died from it. She was given an honorary membership for that. It soothes me to continue her work. I have a Facebook group for women with metastasized breast cancer. Because I see the positive in everything, I try to give others who don’t do that a different vision. Life doesn’t stop when you’re sick; try to enjoy what you do still have as much as possible.”


Don’t you miss your professional life at all?

“No. I enjoyed my work for 46 years, but that was enough.”


What kind of work did you do before this?

“In 1975, I started at the former GAK (common administration office, ed), my dad worked at the head office in Amsterdam. I had no idea what I could do with my high school education and my dad said: why don’t you try working here. I got to try out automation and I stayed there for 25 years, and eventually became a manager. But at a certain point I needed a change. In the early nineties, I went back to school and completed 3 higher education courses; a legal one, related to personnel issues, commercial economy and business management. After that I started to work as a labor expert. First at the former UWV and later in health and safety services. That’s what I did until I retired.”


Did you do that full-time?

“More than that. I started at six in the morning and didn’t go home until after rush hour. I worked about 12 hours a day. But that really paid off. All those extra hours provided me with a 30 percent bonus and if you achieved a certain target, you could get an extra bonus on top of that. That’s what I used to buy our first camper.”


What was your income before you retired?

“My monthly salary was 5,500 Euros gross.”


And what is your income now, from your Old Age Pension and your company pension?

“Annually about 55,000 Euros gross, which works out to about 3,200 net a month. In addition to Old Age Pension and my own pension, I also get a survivor’s pension of 87 Euros a month. My wife only worked part-time for about fifteen years.”


Are you happy with what you get?

“I realize every day that I have an excellent income. I would trade all the money in the world to get my wife back, but that is not an option, and I’m very happy with this. It is very comfortable. In fact, I am able to save 1,000 Euros every month. My kids, who make a lot more money than I ever did, say: come on, Dad, why don’t you buy a new TV? But why should I? Would it make the programs any better? I spend my money consciously. When I didn’t have a lot of money, I bought all kinds of things, but now that I have money, I’m like Uncle Scrooge.”

When we realized that my wife was not going to get better, we shifted our life into 6th gear

What are your regular expenditures?

“I spend about 1,500 Euros a month on my mortgage, car, taxes, insurances and subscriptions.”

What else do you spend money on?

“I enjoy eating out and going to the theater. These days, during corona times, I sometimes order take-out. And I regularly go on vacation. The camper is ready to go to the Veluwe in two months.”


How much do you have in savings?

“About 50,000 Euros. It used to be a lot more, but when we realized that my wife was not going to get better, we shifted our life into 6th gear. Before that, we already did a lot, but instead of going to a concert in De Kuip, for example, we would go to concerts in London, Dusseldorf or Dublin. Just to make it even more memorable. We also took trips to America and Indonesia. In about six years we spent about $100,000 in savings. It was a little scary to my wife sometimes; she would worry that we wouldn’t have enough left for the maintenance of our house. But I wanted us to enjoy our life together while we still could and make memories. And I still enjoy them every day. I think she would be proud of me, because, despite the fact that I miss her, I am enjoying my life to the fullest.”

Volgende publicatie:
“When an employer wants to take action, that’s when I get excited”

“When an employer wants to take action, that’s when I get excited”

Published on: 12 March 2021

The people behind your pension


“You work in the pension sector? Wow, fun...” There are a lot of preconceived notions about working for a pension fund or administrator. They may not all be correct, as shown in a series of portraits of the people that work there every day. People like relations manager Marco Alberts: I get to advise people from my heart.”


What does your job entail?

“Employers have a responsible role by virtue of legislation for the increasing of pension awareness of their employees and for improving pension communication. They are also the first point of contact for their employees with pension issues. I help them to take on that role and carry it out. This generally means that I make employers aware of the law that applies to them and explain to them what it means. This makes me a main link between the pension funds and the employers.”


Do you visit the employers all the time?

“No, not at all. Relations managers visit employers once or twice a year, depending on the need, and discuss things like the developments of the secondary labor conditions as they relate to pensions.”


And that makes you happy?  

“It triggers me to help that employer take action.”


Because they would rather not?

“What I’m doing now is something we didn’t dare to do in the past: I really make the employers aware of their responsibility. And I must say, it is quite successful. And that is good, because in the Netherlands, when people hear the word pension, they immediately way that it’s far in the future. ‘We don’t have to think about that yet’, is a common reaction. I then explain that it is not only about old age pension, but that the pension fund will also provide an income for survivors if you die, as well as an income in the event of disability. And for me, the challenge is to make the employees understand that. And I need the employer for that. He or she must understand the importance of the financial fitness of the employees.”


And how exactly do you help the employer?

“There are various tools, but I don’t pull all kinds of tricks out of a hat, just to give out some random stuff. First, I find out exactly what the employer wants to do. Then I customize those wishes and needs. For example, there is pension academy where we polish up how much the HR department knows about pensions.”


Are there any employers that don’t want your advice?

“Not many, but there are some employers that send their employees directly to the pension fund. And if they don’t want our services, that’s fine. Then we’re done. This partnership has to come from both sides. That may sound harsh, but that’s the way it is.”


Is this job challenging enough for you?

“Pension is a complex matter. That is why participants often give up. Our challenge is to make pensions accessible. That makes it easier for both the employer and the employee to take action. I’m kind of a guide for that. The moment an employer understands the importance of my advice and asks me to help them, is one of the best aspects of my job, as far as I’m concerned. That’s when I get excited.”

You used to work for commercial insurances, how did you end up here?

“Where I worked before, targets and return were very important. The people not so much. And that didn’t sit well with me. I didn’t want to recommend or sell anything if I knew it didn’t suit that person. As a relations manager, I get to advise people from my heart.”


What did you bring with you from that commercial experience?

“I’m clear; I tell things as they are. I directly make people aware of their responsibility and at the same time show them the benefits of their effort; what the return is. And then a conversation naturally ensues.”  


Do you really make a difference for people?

“Look, collection the premium and paying out pensions is not that exciting. Aside from the fact that we are investing billions of Euros. But what I do is to create pension awareness. I show people that once you’re dead, you simply cannot provide a pension for your surviving family members. And that you’ll miss out on a lot of money if you don’t arrange a disability pension in advance and you are suddenly injured in the workplace. And if you find out that your pension is insufficient once you’re retired, there is nothing we can do about it then. When that penny drops for the employer, I can see the wheels turning and I recognize the beginning of pension awareness. And this is beneficial for those employees because they will then be given that information.”


Do people avoid you at parties when they hear what you do for a living?  

“No, on the contrary. I always get a lot of questions. People want to know what happens to their money or why we don’t do indexing. How is it possible that you may have decrease people’s pensions, is another question I often hear. Or they want to know why there is going to be a new pension contract.”


And what do you tell them?

“People often know that ABP has 493 billion. That’s a tremendous amount of money. But what they don’t realize is that if everyone continues to live longer, we will not be able to pay their pensions out of that pension pot. At some point it will run out. Answering all those questions is kind of a sport for me, otherwise I wouldn’t be a relations manager.”


Volgende publicatie:
For affordable state pension, men have to perform more care tasks

For affordable state pension, men have to perform more care tasks

Published on: 12 March 2021

Regardless of the demographic development of the Netherlands in the coming years, the state pension will become less and less affordable. Unless female part-timers start working more hours and the Dutch work longer on average, argues Johan Barnard. Every year, the state pension is paid by working Dutch people so the more people work, the easier it is to bear the state pension. However, men do have to take on more care tasks. And for the lower incomes, 'part-time retirement' will have to become more attractive from a tax point of view.    


In 2020, the  Netherlands Interdisciplinary Demographic Institute and Statistics Netherlands published “Bevolking 2050 in beeld: drukker, diverser en dubbelgrijs”. This report about the Dutch population pictures various scenarios: how is migration developing? How many children do we have on average, and until what age do we live? The report then predicts the impact of those scenarios on the size and composition of the Dutch population.


This predicted demographic development makes it clear once again that the state pension will become less affordable in all scenarios. In contrast to the pension you accrue through your pension fund, the state pension benefits are, in principle, financed each year by the contributions and taxes collected from workers (pay-as-you-go system). An aging population means fewer people in work, who effectively have to pay the state pension for a larger group of Dutch people. In 2020, for example, there were almost 3.4 potential workers per state pension recipient, while the central Statistics Netherlands forecast for 2050 is slightly more than 2.7. The pressure on the ability to finance the state pension is therefore increasing.


The report also shows that a larger size or more favorable composition of the population will not be enough to solve this problem - even in the most positive scenario, with the highest number of workers. Moreover, important factors such as the number of children and migration are difficult to control. The Netherlands will therefore have to look in a different direction to solve the problem of the financing of the state pension.  


Which buttons can the government still turn? In theory, you can raise the state pension age even faster, lower the state pension yourself or significantly increase the premiums and taxes for the state pension. But some solutions are more effective, aimed at actually keeping or getting people who can work into work. Older employees and women are particularly interesting in this respect.


The Netherlands strives for a situation in which we retire later, as close as possible to the - slowly rising - state pension age. That's another trend we've noticed. But it turns out not to be easy for everyone to retire later. In the long run, you can do something about that problem through more periodic training and education during the career, so that people can go in new directions in time and don't get stuck so easily.


Possibilities that can help in the shorter term include demotion - going back from a higher position to a lower one - and/or part-time appointments. Of course, an employee must be left with enough income. For those who would in that case end up below a certain income level but who can bring their supplementary pension forward, you can make part-time retirement more attractive from a tax point of view. This way, you prevent large groups of people from making use of that possibility - and labor participation actually decreases - but you do help the people who really cannot work that much anymore.


In terms of part-time work, the Netherlands top the list in OECD countries. Nor is there any other country where the percentage of women in the total number of part-timers is so much greater than that of men (see also the OECD report  "Part-time and Partly Equal: Gender and Work in the Netherlands").  A report from the Ministry of Social Affairs and Employment and the Ministry of Education, Culture and Science last year also extensively discusses the great preference in the Netherlands for one and a half jobs per family, whereby men work full-time and women part-time - and women account for the lion's share of the unpaid domestic work and other care tasks. The report outlines potential alternatives, but leaves the choice to politicians.


When those choices are made, perhaps as early as the formation of a cabinet, the consequences for the affordability of the state pension, in particular, will have to be taken into account. If we opt for more equality between men and women and encourage women to work more, this will also work out well for retirement. Ideally, the number of hours worked per family will increase, with the number of hours spent by husband and wife coming closer together. And all Dutch people who are capable of this will have to be encouraged to continue working until their retirement date. We need solutions for those who are unable to do so and therefore run the risk of poverty. And if we want women to work more (paid) hours and not fall over, they will have to be enabled to do so. This is only possible if men take on more care tasks and we also better organize society accordingly - primary education and childcare, for example, but also the (financial) appreciation of informal care.


A pleasant - but not unimportant - side effect is that the existing 'gender pension gap' in supplementary pensions from pension funds can also become a lot smaller.




Volgende publicatie:
"There's nothing I can do for my pension, even if I wanted to” Alexander is living on welfare

“There's nothing I can do for my pension, even if I wanted to” Alexander is living on welfare

Published on: 3 March 2021

How do you deal with work and money for now and in the future? Do you live from day to day or are you deliberately planning your financial future? And do you arrange ‘later’ yourself or are you a member of a pension fund?

Alexander Mullenders had his own company, but now has to make ends meet living on WIA benefits (Occupational Disability Benefit).


Alexander Mullenders (48)

Profession: None at the moment, previously interim manager and consultant in the field of marketing, sales and customer service

Weekly works: Not, he suffers from a burnout

Income: WIA benefits of 990 euro per month

Savings: None

Pension is arranged? No


How did you become incapacitated for work?

“I ended up suffering from a burnout and depression when I was in deep financial trouble. Things started to go wrong when I wanted to expand my business by taking over another company. The other company had the legal status of a general partnership, with existing clients I thought could just be transferred. As it appeared, the latter wasn't the case when it comes to a general partnership. All clients were able to leave and so they did.”


Leaving you with a company without revenue?

“Yes, and that while I had made significant investments. There was no money coming in at all and I was unable to pay the instalments. In such situation, your money is fading rapidly. I tried getting things back on track for a couple of years and even started working for an employer for a while in order to make at least some money, but by that time I was already completely burned out. You just cannot imagine what it is like to worry about money day in, day out. You are only busy trying to survive. I think that situation breaks down nine out of ten people. You are constantly living in fear that another bailiff shows up on your doorstep and yet another letter from a debt collection agency arrives by post. And that is not to mention the shame. It took me about four, five years before I finally dared to ask for help."


What was the amount of your debt by then?

“Approximately 150,000 euro.”


How did you manage to get out of that situation?

“After a lot of hassle, I finally received debt counselling from the municipality of The Hague. For many years, I lived on the absolute subsistence minimum. The process is completed now, but there are still some unpaid bills from that time that have meanwhile increased to an extent for these bills to create new problems. I am not quite worry-free yet when it comes to money.”


You now receive WIA benefits for partially disabled.

“Yes, those benefits amount to around 990 euro per month, but these payments will come to an end in three months. My income then decreases to 70 or 80 percent of the level of welfare which is about 852 euro. I am barely able to make ends meet receiving 990 euro. It is a big help that my mortgage payment is even less than 200 euro, but I would have major problems should the interest suddenly rise.”


How will you manage?

“I honestly don't know; I think I have no other choice but to work. I don't receive any supplements to my welfare payments from the municipality because I am a homeowner. They just tell me I should first sell my house. That seems a bit weird to me because, when I sell my house, I am entitled to social housing and housing benefit which would cost society a lot more at the end. The government is so much focused on not having one euro end up in the wrong hands, that a lot of money is not awarded to people who actually need it. It is definitely not my intention to plead for simply cancelling debts, but I do believe society has the wrong image about people who have debts. These people really aren't profiteers who are unable to handle their money. Most of them suddenly ended up in a situation of disproportionate hardship, for example because they lost their job or partner.”


How much did you earn previously?

“Back when I was still an entrepreneur, I easily earned between 8,000 and 10,000 euro per month. I used to go out for dinner very often, took extensive winter holidays and long weeks of summer holidays, wore fancy suits and shoes. I didn't have to think twice about any of that. The contrast is huge. It is my birthday today but I cannot even come up with a present I could ask. I am no longer thinking about new shoes, clothing or fragrances. I no longer have any wishes because I know I won't be able to buy anything.”


I assume we don't have to ask you about your savings…?

“No, I am not saving any money. I just make ends meet every month. The entire house of cards collapses should something unexpected happen.”


What is your plan for the future?

“I am currently in the process of retraining, made available by the UWV (the Employed Person's Insurance Administration Agency), to upgrade my CV in order for me to be eligible for a job in policy advisory. I have also established a foundation, Stichting Scipova, in an attempt to improve the process of debt counselling. I hope to be able to turn this into paid work in the future. I have been through so much myself; I want to prevent others from having to go through the same. It would already help if policymakers would talk to an experience expert such as myself more often, prior to hem preparing new plans with the intention of helping people in debt. I really want to commit to that goal.”


Do you think about your old age sometimes?

“I would like to, but I am not sure how. I always said I wanted to be able to stop working at the age of 50, but that's no longer feasible. I used to have a large sum of money on my banking account, but that money all disappeared. I do have an apartment at an attractive location and I expect that apartment to be worth a lot more in a number of years. Other than that, only AOW (state pension) will be available to me and a very small pension on the few years I worked as an employee at the start of my career. But if I get a job later on and have 600 euro per month more to spend, I can easily save a few hundred euros per month.”


Is that enough?

“I don't know. Maybe, if I am able to save 200 euro per month over the next twenty years, it could possibly be enough. My life currently revolves around the short term and I cannot afford the luxury of looking further ahead. It is just not possible for me to put any money aside. Fortunately, I still have some time left. And it's also a big help that I have meanwhile become accustomed to living on very little money.”


Volgende publicatie:
“Free time is more important than earning a lot”

“Free time is more important than earning a lot” (Copy)writer Erica (45) about work and money

Published on: 24 February 2021

Series: Work & Money

How do you deal with work and money for now and in the future? Do you live from day to day or are you consciously planning your financial future? And do you arrange ‘later’ yourself or are you a member of a pension fund?

In this edition: Erica Pierik, (copy)writer, keeps her expenses as low as possible to have more leisure time.


Erica Pierik (45)

Profession: (copy)writer

Weekly works: between 15 and 30 hours per week. On average 1 day as a copywriter and the remainder of the time as a writer of books.

Income: approximately 1,500 to 1,600 euro per month

Savings: 4,000 euro in a joint account, 10,000 euro in private

Pension is arranged? Yes


What is it that you do exactly as a writer and copywriter?

“I write books. My first book, Een boek over wereldvrede (A book on world peace, ed.), was about my search for a more beautiful and sustainable world. My second book is almost finished and is more about world peace in miniature, about my attempts to find peace and quiet in my head and, eventually, also in my life. In order to earn some additional money, I take on writing jobs for local authorities for instance.”


Is that enough to make ends meet?

“I have calculated that, if I get paid about 1,200 to 1,300 euro on assignments, it is enough for me to earn my keep. I usually succeed in doing so.”


Are you satisfied with your income?

“It is enough. Time is more important to us than money. We have truly made an effort to lower the significant costs, such as mortgage payments, as quickly as possible. We are also almost energy-neutral. The investments we made, now pave the way for financial peace of mind. We don’t have to work a lot. I allow myself some ‘time off’ whenever I feel like it.”


How much savings do you have?

“We have a joint buffer of 4,000 euro, our own buffer separately and an investment account amounting to 20,000 euro. It is our goal to have the latter grow so we are able to work less in about ten to fifteen years and can live on the proceeds. My corporate buffer amounts to 10,000 euro which is enough for me to live on for about seven months should I not have any other income. My husband’s buffer is approximately 3,000 euro.”


How much do you pay on fixed costs?

“We live on approximately 2,000 euro per month. We have almost repaid the mortgage on our house in Amsterdam-West and we only pay 150 euro per month on housing expenses. We used the excess value on the house we lived in previously to pay towards the mortgage on the new house. We deliberately chose to move to a house half the size and less expense. In addition to our mortgage, we pay fixed costs such as the association of owners, internet, telephone subscription, insurances and our private lease car.”


How do you divide those expenses?

“My husband holds a permanent position as a college teacher and team leader which earns him about 2,700 euro per month. He contributes slightly more to our housekeeping than I do. And he made the conscious decision not to work more than four days per week.”


What else do you spend your money on?

“Being a writer, my laptop is extremely important. I have now also purchased a quite expense Apple Watch, motivating me to exercise more as I spend a lot of time sitting behind my computer, especially during this corona pandemic. Apart from that, I spend some money on my hobby art journals, but that mainly involves beautiful pens and washi tape and doesn’t involve huge amounts of money.”


What do you arrange for the future?

“To be honest, I believe that by the time I would be allowed to retire, the pension funds will have evaporated for the large part. The AOW (state pension, ed.) also doesn’t seem sustainable to me, as increasingly less employed people have to pay for an increasingly larger group of older people. In my opinion, the best pension scheme is to have as little expenses as possible and to wish for as little as possible. But that doesn’t keep me from putting some money aside. I transfer an amount of 150 euro to BrightPensioen every month and that amount is invested on my behalf. In addition, I also accrued some pension at ABP from the time I was working for the municipality of Almere and prior to that, Kunstenaars&Co, currently known as Cultuur en Ondernemen.”


How much money will you receive every month once you retire?

“I have currently deposited 11,100 euro at Bright. The way it stands today is that I will receive 1,625 euro net per month as of the age of 67 and 3 months, including AOW.”


What could you still improve in terms of your pension?

“Our fixed costs could be lowered even more and I would like to invest a bit more money. But in particular, I think I just shouldn’t want too much, later on. When I hear all of those people saying they want to travel the world once they retire, I think: Oh, come on, by then your legs are sore or you may suffer from rheumatism, surely you don’t want to do all of that? As a writer I am able to continue my work until I’ve reached an advantaged age and I won’t be needing a lot more than just my laptop. That’s the thought I hold on to. A laptop, the internet, three meals a day and a roof over my head, that’s all I really need.”


Volgende publicatie:
"My life had to be more exciting"

"My life had to be more exciting"

Published on: 15 February 2021

When retiring is extremely disappointing

The dreaded black hole and how to rise from it


Retirement. Finally, doing what you like. That turns out to be more difficult than expected for many people. Some fall into a 'black hole'. How do you prevent that? And can you recover? Retired Joep Athmer has the answer to those questions. Experienced first hand when he hit the bottom of the hole. "Every day, I make sure that people see me, that I remain of value."


"Days without a deadline, with plenty of time, while that time - conversely - is shrinking rapidly in volume." Does the world shrinking continue? The narrowing of the horizon?" Signed: journalist Wim Boevink, who as a retiree in his column in Trouw wondered what life looks like after your retirement. Once retired, he said in an interview: "That retirement date has been fixed for years, and there's something nice about that. I think it's good not to go on too long, you shouldn't live off your success forever. You also just have to go at one point."

"Just going" turned out not to be that simple for Joep Athmer. He was a board member of a large internationally operating multinational and regularly flew to distant, exciting destinations. "In the job I had, you keep growing. You think you're untouchable, but then when you retire, everything is suddenly gone. Instantly, you go from someone with appreciation, interest, someone everyone knows, back to 'this is just Joep Athmer'. I found that hard."

Where did it go wrong?

"Six months before my retirement, I was already heading for that dreaded black hole. I managed one more important final project at work, estranged from my wife and children, and liked everything in life better than what I already had. It was a combination of the fear of what was to come and the exciting things that came my way. And I didn't talk about that feeling at home.

Suddenly, I wanted to catch up with everything, build a new life of my own. Everything had to change. I got my motorcycle license and met new people. I didn't think about going back to a life of suburban bliss. And I kept that up for quite a while. Until about three quarters of a year after my retirement. At my lowest point, I even lived on my own for six months. I was just lost for a while."

Joep Athmer

How do you look back on that time?
"I learned a lot about myself, while I had been managing and coaching people for years. I was half psychologist and half priest, and I said the right things to employees at those times. But I just didn't know what to do to get out of there.


I found out that I threw away a lot. That I would be much happier living a life with everything I had built and loved than a life of partying. With the help of two people who have never criticized me, I found my way back. And now, I find happiness in small things. That wasn't an easy route. Because pride and loss of face got in the way. I really had to rise above myself for that. "


Did you seek help?
"I followed a Pensioen in Zicht course with my wife. For us, it went beyond thinking about where we wanted to go on holiday: it was also a way to rethink relationships within the relationship. We needed that to be able to continue together, as partners and as a family.

By the way, it was good to see during the course that other men and women in managerial positions, each in their own way, struggle with the same thing: 'do I still matter?'.


Did the roles change?
"To be honest, I was married to my job more than to my wife. But then you retire and you sit at home, without that important position. Your family already knows you, so they act normally and expect you to clean out the dishwasher too. I really had to get used to that."

It takes a lot of effort for me to do nothing for a day

You've now been retired for two years, what do your days look like now?
"It takes a lot of effort for me to do nothing for a day, to read a book. Even though I rationally tell myself 'come on, Joep, you have worked hard for 41 years, so it's fine now'. I want to do something active, something useful. I also need structure. So I plan something in my agenda every day, business and private. That gives me peace of mind. And I'm getting better at scheduling more and more private things."

Do you still work?
"I don't sit still, that's for sure. I'm an informal caregiver for an elderly neighbor, I'm the chairman of a museum and member of a cycling club. I've also followed various courses, because I think you're never too old to learn. I currently have about five freelance jobs in which I advise and coach professionals and (family) businesses. I just like to get involved in everything!"

What do you get out of it?
"I make sure that people see me, that I remain of value. And that goes beyond the status I had. Of course, I loved being made a leader, traveling around the world of Peter Stuyvesant and meeting the rulers of the earth. But what I really want is to train people, to transfer experience and to be of use. I really enjoy that."

And you can do that, as Joep?
"Absolutely. I don't have two secretaries to give tasks now. I don't have 380 people I can rely on. If I start something, I will do it myself. Based on my strength and knowledge. And I love that. I'm not physically and mentally ready to be sitting around idly."

Is that lost feeling of the black hole completely gone now?

"I still struggle with the fact that I'm retired. It's difficult to find the right balance. But I did find a trick for that, because I turn everything into a project that I plan. Even when I'm going to read a book. But I think I should do that too."

"A former boss of mine also took on anything just after he'd retired. 'But', he said to me, 'there comes a point, physically and mentally, when you can no longer keep up. So arm yourself for that. Plan for that to happen.' So I'm working on that too now. I read that book a little inexorably, according to schedule at three o'clock in the afternoon."

Do you have tips for other pre-pensioners to start their retirement unscathed?

"Very important: confide in someone to talk about your feelings and concerns. Second, look for hobbies, courses and side activities during the last years of your working life. Because that's when you're in the middle of society and people still know you. That's the time to bait a line. If you wait until after retirement, people will forget about you. I see that happening with retired friends of mine. They're fed up with gardening after two years, want to fulfill a position again, but can no longer get a foot in the door."



Previously published in the Retirement series: Part 1, the preparation - 'It's okay for retirement to be difficult' | APG

Retiring does not only require an adjustment from the pensioner. The partner also has to get used to it. Research by Nobuo Kurokawa from Japan shows that the wives of retired men can suffer from a rash, abdominal pain and stress. They literally get sick from their husbands sitting at home and his meddling in domestic chores. Japanese doctors call this 'retired husband syndrome', or in full One's Husband Being at Home Stress Syndrome. You can even buy special small rooms with TVs and computers. Japanese women can temporarily 'store' their husbands here to catch their breath.

Volgende publicatie:
“Why wasn’t there a clearer choice between two different contracts?”

“Why wasn’t there a clearer choice between two different contracts?”

Published on: 11 February 2021

APG reacts to the Bill future of pensions

In 2026 the new pension system will start. Everybody who wanted to could react on the ‘Bill future pensions’ of Minister Koolmees until February 12 February. APG is one of the parties who had a reaction. The scope: the new system offers an opportunity to start with a clean slate and to make the Dutch pension system easier to understand for the participants. But to take away some of the disadvantages of the current system without losing the advantages for the participants, there are a number of points that deserve explicit attention.

APG head of Policy Peter Gortzak and strategic policy employee Tinka den Arend explain this.

APG is a pension provider and therefore has mostly reacted from that perspective. That reaction focuses on the main points of attention for a successful new system. ‘Taking away disadvantages of the current system without losing the advantages for participants’ is one of those. ‘Solidarity’, ‘freedom of choice’, and ‘open norms’ are also keywords. Gortzak: “The combination of much freedom of choice and solidarity creates a tension field. As a pension fund and provider, you must be able to take a certain measure of investment risk. But you can only take that risk in a responsible way if you do that together and therefore invest together. If you think it is more important to give your participants much freedom of choice in how there will be invested for their pension, then you can share fewer risks. And if there are fewer people to carry that risk, then you can also take less risk.”

Written towards each other
In the new system, two pension contracts are possible: the new pension contract and the improved premium agreement. In the improved premium agreement, there is less solidarity, more risk, and more freedom of choice. In the new contract, the participant runs less risk than in the improved premium agreement, because of the risk-sharing, as mentioned. However, from the bill, it appears that both contracts differ less from each other than what Gortzak and Den Arend had hoped for. Gortzak: “Now both contracts are written towards each other. Because of that, there is a threat that in the one contract there is not enough room for sharing of risks, and in the other contract not enough room for freedom of choice. The question is if that is wise. Why not choose much more explicitly for two completely different contracts?”

It is also important to offer sufficient wiggle room for the board of the fund. In the one hundred and sixty pages of the consultation document, it is indicated in twenty different places that further elaboration in the regulation is needed. Shouldn’t there be a new consultation around then as soon as that elaboration has taken place? Den Arend: “Indeed, partially you now don’t know exactly what you are reacting to. Actually, you should propose the whole thing again. But you can also waive that detailed elaboration and leave the details to the board members of the fund. Directors of pension funds are subjected to high standards nowadays. So, give them the responsibility and the space to move within certain norms and to be accountable for it.”

Den Arend illustrates the principle with an example. “The consultation document gives three criteria to measure the risk attitude of participants. But two of those are untested norms. We don’t know if the participants understand them and how they react to them. It would be better to do some research about that first. And then let the fund boards make the choice themselves. But even then that preparedness for risk with participants is just one of the factors that a fund board should base its policy on.“

Clean slate
No matter how important solidarity is for a good pension; you can hardly find that word in the consultation document. Gortzak and Den Arend find that worrisome. Den Arend: “In fact, you could call the new contract ‘the solidarity contract’. But it may not be called that because you could then draw the conclusion that the other contract is not solidary.”  
The faster and more direct the participants are taking advantage of the new system, the better it is. Therefore APG emphasizes in their reaction the importance of a clean slate. Gortzak: “In order to start with that clean slate, we plead for two things. First: make intercalation into it the standard option. That means that you carry over the existing pension agreements to the new system. If you don’t do that, then there will be two systems side by side. That is a nightmare for the execution, because then you have to do everything twice. The participants cannot take advantage of the advantages of the new system and you make them pay unnecessarily much. If you do intercalate, you are left with a single system for which you strive for maximum explainability for the participants.

The second thing that we plead for is that the rules of the new system apply for all new regulations of all types of pensions and coverages of risks – so including for the survivor’s pensions and the disability schemes. It now looks like the FTK (Financieel Toetsingskader [Financial Assessment Framework], part of the Pension Law in which the financial demands for pension funds have been recorded, red.) still remains intact for the payment phase of the improved premium regulation and possibly also for the disability pension and the orphan’s pension. APG pleads to not do that and to completely release the financial demands of the FTK.”

Blind faith
In order to make the transfer to the new system successful, that transfer must be ‘explainable, trustworthy and executable’, which is written in the reaction of APG. Den Arend: “In the bill, a framework is sketched to have the transition run carefully. For instance, steps to be taken, roles, and competencies. We can find ourselves for a large part in that proposition. But we still see a number of large risks. Trust can only arise if we can explain to participants, employers, and fund bodies that the transition will happen in a balanced way. For that, we need to use criteria and calculation methods that people understand. In order to transfer to the new system, you will have to convert pension agreements of participants according to capital – in fact, a pot of money. The methodology that is proposed now for that conversion should be scrapped from the law completely. It is too complex and not transparent enough. That makes it hardly possible to explain it. We need the trust of the participants very much. But if they don’t understand what it’s about, then you actually ask them to have blind faith. I think that is asking too much. On top of that, while using that methodology, there are many – debatable - suppositions.”

Are there any more risks? Den Arend: “Yes, because it remains to be seen if the funds and the providers can realize the new system on time. For a careful and well executable transition, additional measures are necessary.”


The complete reaction of APG on the consultation Bill future pensions.

Volgende publicatie:
"This year will be better than 2020"

"This year will be better than 2020"

Published on: 8 February 2021

What will 2021 bring in economic and political terms? What will happen with the new pension contract? And with which innovations does APG respond to this? Five APG specialists tell us about their anticipations.

When the lockdown is over, you don't suddenly go to the hairdresser three times in a row"

"I assume the economy will do better in 2021 than it did in 2020. But I do keep my options open. How often will the lockdown be extended? What is the impact of the coronavirus mutants? How smoothly does the vaccination process go? There's still a lot of uncertainty. If everything goes well and we get the virus under control quickly, there's a bigger chance that governments will phase out the support measures and companies will still have to pay tax. Which in turn can lead to a wave of bankruptcies and rising unemployment.

Sentiment in the stock markets is still surprisingly good, helped by the low interest rates and the intervention of governments and central banks. Even though entire sectors were paralyzed by the lockdowns. But those stock prices don't tell the whole story. Don't forget, SMEs and freelancers aren't listed.


It's not just the stock prices that can go either way, the same goes for consumer spending. On the one hand, many permanent employees have been able to spend little money since corona; perhaps they'll start spending a lot again as soon as the shops and the catering industry reopen. But then again, that catch-up demand will be limited: you don't suddenly go to the hairdresser three times in a row. Or eat out every day. On the other hand, some people are financially stuck or keep a tight hand on the purse strings because of all the uncertainty.


Hopefully, once most people are vaccinated, consumers and businesses alike will start spending more on major purchases or investments over the course of this year. Then the global economy will gather steam again. And we may even get to a point where inflation temporarily rises due to bottlenecks. But interest rate hikes by central banks are really still a thing of the future. On the positive side, gone are drawn-out problems like Brexit, and the question of who will be the next US president. I expect a positive stimulus for global climate policy from Biden."  


This year, we'll investigate how high or how stable people want their pension to be"

"There is quite broad political support for the Pension Agreement. In addition to the coalition parties, Groen Links, PvdA and SGP were also in favor. So whatever the composition of the new government, that new pension system will most likely come. Despite the fact that political parties - now that the Rutte III government is outgoing - are no longer bound by the coalition agreement.

Several important milestones towards the new Pension System are planned for this year. For example, anyone can now respond online to the "future pensions bill". This consultation round will run until February 12th. This bill is part of the broader Pension Agreement. It includes the new rules for the pension accrued by the employee and employer. The responses from this Internet consultation will be used to improve the bill so that the law can take effect in 2022, as soon as the House of Representatives and the Senate have approved. After that, the social partners and pension providers have until 2026 to switch to the new system.

The pension sector hopes to receive details about the new pension system and how to get there as soon as possible. At APG, we will of course see whether the system can be explained and implemented. We also look at possible implementation risks and the best way to deal with them. In the new system, the pension will be more directly in line with what is happening on the financial markets. This year, we'll be investigating what people think of this, and "how high versus how stable" they want their pension to be. We want to facilitate pension funds to meet the wishes of pensioners and employees as closely as possible. That's why we'll be discussing this with them this year. I think the great thing is that the new system is becoming simpler and easier to explain.

APG is going to collaborate more with other companies, because together, you really do know more"

With the arrival of the new pension system, a lot will change for employees and pensioners. They will have their own pension account into which the pension premium will be paid. You save for yourself, see the fluctuations in your own pension fund. A complicated change. We have to divide the total assets of over 1500 billion euros fairly over millions of personal pension assets. The new pension scheme will be less complex and easier to understand, but getting there still throws up many obstacles. Things like adjusting ICT systems, legal issues, you name it. Fortunately, we still have a few years.


All pension players have to deal with this. That's why APG is increasingly collaborating with pension funds and other pension providers, such as PGGM and MN Services. Not only to collect premiums together and to pay out pensions, but also to learn from each other and save costs. And to find out how we can best communicate with our participants about the coming changes.

In the coming years, people will have plenty of questions about their financial future. They are increasingly in need of a guide to help them with user-friendly solutions and tailor-made advice. Who gives them control over all their financial affairs and prepares workers well for the transition to retirement, for example.


To be able to work in a more customer-oriented way, we want to collaborate more in the coming years with specialized companies with whom we can develop apps, devise new ICT solutions or use data more intelligently, for example. Such as a digital planner that gives you an instant overview of your financial future. Together with other companies, from startups to Nibud, we want to ensure that, as a working or retired person, you can use all kinds of data to see, for example, how much money you will need later on for any desired standard of living. Reasoning from your current lifestyle. We know from research that employees often overestimate how much money they really need later on.

Thanks to cloud technology, we're increasingly able to get the most out of our data"

Innovation specialists Tom Romanowski and Anne-Marie le Doux about innovations and APG's innovation lab.


Tom Romanowski: "Under the new pension contract, every participant will soon have their own, personal pension. This is in line with the social trend towards more individualization. The sector is facing the necessary challenges.

Pension administrators such as APG are now working on all kinds of innovations. And technology continues to increase the possibilities. For example, thanks to cloud technology, we can get the most out of our data in a secure way, without this being at the expense of the privacy of participants. For instance, machine learning helps call center employees so that they can better predict the participants' follow-up questions.


Participants will be given more responsibility and will need advice when making financial decisions. Partly for this reason, APG has already launched, where you can get answers on all conceivable financial questions."

Anne-Marie le Doux: "We come up with these kinds of innovative solutions in the GroeiFabriek, APG's innovation lab. In this breeding ground, we focus not only on participants and pensioners, but also on employers and the pension funds that are customers of APG. Employers, for example, they want to know how they can help their employees to be better off financially. Together with a number of employers, we've developed an online platform that enables employees to learn more about their 'financial fitness score' and help them set realistic goals to improve them. And this year, we're also working on innovations that enable employers to make better HR decisions."

Volgende publicatie:
"I invest for the pensions of more than a quarter of all Dutch people, which makes me proud"

"I invest for the pensions of more than a quarter of all Dutch people, which makes me proud"

Published on: 3 February 2021

Who are those people who consciously choose to work in the pensions industry? What do they do all day for your retirement? And what do they like about their jobs? Come along for a journey behind the scenes.

Anke Cornelisse (26) did a traineeship at APG and now works as a portfolio manager.



So you just woke up one day and thought: the world of pensions, that's where I want to work in?

"Ha right, well, not quite. I actually wanted to work in a bank, because my father believes that's reprehensible, which only spurred me on. After an internship at a bank, I discovered that I liked asset management. That's where I discovered the combination of financial markets and economics. So when I started looking for that, I ended up at APG."


And then you got excited?

"Well, not straight away. At the time, the APG site was still rather boring, with photos of women in dull office suits, but I nevertheless decided to look into it further. I saw on LinkedIn that they also employed young people and after I called an APG trainee, I was convinced. It sounded much more interesting than I'd expected."


You were sold and signed up to do a traineeship. Just for the outsiders among us: what exactly does that mean?

"It's a kind of training within the company that lasts two years. You learn a lot in the full spectrum of the field and it's the perfect way of finding a job in asset management as a junior. There are hardly any junior positions available in asset management; everyone working in it already has an awful lot of experience. It's not easy to get a foot in the door when you're fresh out of school. A traineeship is your ticket in. By doing various assignments, you can find out which way of investing suits you and what you like best. Do I prefer to invest in 'fast' stocks and bonds or do I prefer to invest in property or toll roads, which involves you working on a deal more. I was more attracted to stocks and bonds, because they're closely linked to the daily fluctuations in the economy."

So now you have a job as a portfolio manager and you work with bonds. Isn't that the most boring asset class?

"It's true that there's not much return to be achieved now that the interest rates are so low. Bonds are the most risk-free asset class. Our main goal is therefore not to make a lot of money with the money we manage, but to ensure that the actual value of money does not decrease. But it's certainly not boring. It is in fact very dynamic. When something big happens in the world, it's immediately reflected in the bond market. Economics isn't an exact science, it's an ongoing quest for answers. The puzzle is never finished. There are so many factors involved. Just as you're thinking that you're finally starting to get the hang of things, a Covid crisis comes along the effects of which no one can predict. You never stop learning in this profession. You're in the middle of this economy that's constantly on the move."

Which qualities make you a real pension tiger?

"Well I'm very curious, I'm always trying to answer people's questions. I also really enjoy explaining how it all works. What about the coverage ratio? Why should or shouldn't you cut pensions. The people who understand least of it all are also the ones whom it matters to most. I therefore find it extremely important to explain this complex subject matter to my grandparents, for example."


Do you never think: if only I had chosen a bank?

"No, not all, I'm much better off here. Colleagues in the Zuidas district sometimes say condescendingly: "Oh APG, aren't they civil servants?" That just makes me laugh. At least I don't have to work until eleven in the evening like you guys, I'm just saying. At a commercial organization, you actively need to look for clients, that's not necessary at APG. That frees up a lot of room to focus on the content side of things. Instead of making rich individuals even richer, I now invest for the pensions of a quarter of all Dutch people. That motivates me enormously. Even though we don't see or speak to them, we all know whom we're doing it for. We work for the Netherlands plc. That makes me proud."

When I get into the nitty-gritty of things, they quickly lose interest

So what do you actually do in a day?

"I'm on the treasuries team. We invest in government bonds in developed markets such as Europe, America and Australia. Each day, we keep a close eye on the economies in those countries. In the mornings, we go through the relevant market and portfolio developments and check the political news. Are we seeing any crazy things happening in the market? What's going on in politics and what does that mean for our portfolio? Each quarter, we discuss among each other and with insights from external specialists how we view the world, and in particular the countries we invest in. What's our view of the economy and what does that mean for our investments? We use certain models to try to predict what the markets will be doing. Each day, we check whether the portfolios we manage are still in line with what the pension funds have asked of us. We pass on new orders to trading and they carry them out."


Are your friends and family as enthusiastic about your work as you are?

"Uhm, not as much, I'd say. For example, they like it that I can explain how the new pension system works, but when I get into the nitty-gritty of things, they quickly lose interest.  That's when they say: 'Anke, I really appreciate you telling me all this, but you don't have to explain it any further'."

Volgende publicatie:
“It’s okay if retiring is difficult”

“It’s okay if retiring is difficult”

Published on: 1 February 2021

We generally don’t think about how we are going to spend our time after we retire, until we’re there. Although some people have been dreaming about a trip around the world, or enjoying just puttering around the house in anticipation of this milestone, most people prefer not to look ahead. Do most people underestimate the consequences of retiring? Experts say they do. “That impact is huge. Make sure you are well-prepared. It doesn’t just happen.”



Your life really does change when you retire. And that is wonderful and a little stressful at the same time. How do you prepare for that?


New life phases go hand in hand with good preparation. Before you started elementary school, you got to spend a few mornings getting used to it, and before you get married, you try out living together to see how it works out. But when it comes to retiring, we often just want to see if we can figure out what we can expect financially. How we will spend our free time is something we’ll decide when the time comes. And that’s a bit late, says Marjoleine Vosselman, psychologist and author of the book Pensioen in zicht (Retirement in sight). “When you retire, you finally get time to do all those things you didn’t get around to during your working life. But sometimes that can be disappointing. How do you deal with all that time, family members’ expectations and possible old age defects? When you stop working, you lose a significant part of what has been giving your life meaning. You will need to make conscious choices and sometimes you also have to accept that not everything is within your reach.”

Always “time”

The transition from an existence in which paid work was the determining factor to a phase of life full of freedom can be interpreted in many ways. Anneroos Gerritsen, senior trainer and advisor at Odyssee discusses this with retirees. On the beach, being active outside or inside. Do we really need preparation or even a course for that? “A retirement course is obviously not the same as learning a new language,” Gerritsen answers. “It’s about becoming aware of what you actually already know. It’s about taking time to think about your next step. What used to be free time becomes new time, or just ‘time’. What do you do with it?” The trainer recommends taking the training a year, or at least a few months, before retirement.

What gets you out of bed in the morning?

“In the course, we discuss five life domains. The first is health of body and mind. What do you already do in this area, think of exercise, and what could you do more or less of? What does your body need, what can it still do? The second domain is social relationships. Soon, the contact with coworkers will fall away. Are there other relationships that you can breathe new life into? Do you want to have more social contacts, or do you have no need for them? And what will it be like living with your partner after you stop working? What kind of space do you allow each other and what do you want to do together?” The material situation is the third domain Gerritsen deals with. “You've arranged your pension by now, and your state pension is coming up. But what about your financial planning, inheritance and gifts and your housing situation? During the course, a financial expert will come as a guest lecturer to cover these topics.” Labor and performance are also discussed. “Course participants still want to do something. But what? And what do you do first? Do you tackle overdue maintenance on your house, take a course or do volunteer work?” The final domain is values and inspiration. “That’s a theme that the course encourages participants to get into together in depth. What is it that  still gets you out of bed in the morning? We also have a lot of tips on all these domains in a digital manual.”

What is it that still gets you out of bed in the morning?

Sweat out your work

Psychologist Vosselman is also in favor of a course. She certainly doesn’t see education as a luxury time commitment. “Anyone who thinks that underestimates the impact of the transition to retirement,” she says. In her book, she focuses on meaning and uses personal stories to describe the two extremes of retirement preparation: doing nothing or preparing too much. “Expectations about retiring don’t add up. People are unprepared or even have too much of a planned approach. And yet you want to get off the treadmill of working life. Sweat out your work. Realize that retiring is not just fun. It’s allowed to be difficult. It is this feeling that gives you the space to let go of your working life. Give yourself the chance to change. Prepare yourself without shutting down everything. Gerritsen agrees. “It’s not about ticking items off a list you’ve made in advance. It’s about getting to know yourself again. Couples see retirement as a pink cloud. Now they’re going to enjoy it. Then I ask why they are only doing that now. It turns out it’s the freedom they’re looking forward to. Something singles dread. They are afraid of missing out on structure and coworkers.”


Wrestling with questions

One of Gerritsen’s course participants was Joep Athmer, a former board member at dredging and maritime construction company Van Oord. For his work he regularly traveled to distant destinations. At age 62, with a great career behind him, he was thinking about the time after he retired. He had all kinds of practical questions: “Should I stay home and putter? Should I go cycling? Or look after the grandchildren full time?” But he also had deeper questions like, “Will I still matter when I no longer have the charisma of my job? What am I worth at home? What will it be like to be at home with my wife all the time?”

So, Athmer and his wife took the retirement course at Odyssee. “If we wanted to continue having a good life together, that course was welcome. And it proved to be so.”  Athmer was glad to see that he was not the only one with questions. Plenty of other men and women in leadership positions were wrestling with the question of whether they would still matter in that phase of life.

“The answer to that question is: yes. This course got me thinking and that went beyond thinking about where we want to travel. I gained insight into who I am and what my wife and I both want.” Meanwhile, Athmer, now that he is retired, has five side jobs and he sits on the board of several foundations. But he also tours the Faroe Islands on his motorcycle. And he has a bunch of other beautiful trips on his bucket list.

Sense of futility
The biggest impact that retirement has is psychological. People who have just retired lack the context of working life. The tragicomedy About Schmidt with Jack Nicholson illustrates this perfectly, Vosselman believes. “The movie shows how the retired Warren Schmidt is overwhelmed by a sense of futility.” According to Vosselman, we often hang our identity and value on our work. “Those who work have challenges in many areas, are expected somewhere and have a (full) agenda. Work gets priority, work is urgent. When you stop working, you have to make sure you’re still expected somewhere.” The psychologist strongly emphasizes that the bar need not be set too high. “Even something relatively small, like signing up for a drawing course is good. Just get out of the performance atmosphere of work.”

Should I stay home and putter?

Saying goodbye helps
And she means that literally. After all, research shows that saying goodbye is beneficial and can really make a difference. “Transition requires a ritual. It helps you close the door to the old and open it to the new,” says Vosselman. And in her view, employers and coworkers play a big role in this since the person retiring usually modestly exclaims that a farewell party is unnecessary. “During corona, saying goodbye is harder, so be creative. It’s very important to close your working life and hear how meaningful you were. It is precisely after a good farewell that you can move forward.”

If you choose to just let retirement happen, it carries risks. “You may be looking forward to the peace and quiet,” says Vosselman, “but empty, meaningless days can also cause a lot of anxiety. Or maybe your days will be filled automatically by babysitting the grandchildren. But is that what you really want? And what will it be like at home when one partner is working and the other one isn’t? Take time to explore that.”


Employer responsibility
Retirement courses, by the way, are not a fad. The idea originated sixty years ago at Hoogovens, the current Tata Steel, in IJmuiden. Gerritsen: “At that time it was a real family business where employees started as fifteen-year-olds and stayed until they retired. Until, for the first time in history, people had to be laid off in the 1960s.” That went against the tradition that Hoogovens had. And the company did not want to just throw people out on the street. A social plan was drawn up and the precursors of Odyssee facilitated the transition to not working. Gerritsen: “That offer was supposed to be a one-off. But everyone liked it so much that the initiative has remained. And we’re seeing that more and more employers are taking responsibility and offering a Pension in Focus course. Companies like Philips and Heineken, as well as the government, are making sure that their employees can have a positive experience both when they start working and when they stop working.”

“Swiss life feeling” is unfair
Will we end up in a black hole if we don’t make preparations? Vosselman says we won’t. She thinks the dreaded black hole is a vision of doom that fits in with the spirit of the times, where we should all be happy. “That Swiss life feeling can instill unnecessary fear. It’s not a fair picture. You get older, appear more vulnerable. Then not everything is possible anymore.” The psychologist predicts a black hole only if you’re afraid to go through that transition process. “Suppose you’ve always been a doer, but around retirement your body gives out. That is very difficult. Then you have to reinvent yourself.”

Next time: Retirement in sight - Does the black hole exist?

Retiree Joep Athmer ended up in the dreaded pension hole despite a retirement course. “With a job like I had, you just keep growing. At some point you think you’re Jesus and can walk on water. But that’s dangerous. You think you’re untouchable, but when you retire, suddenly everything is gone.”

Volgende publicatie:
Elections 2021: what do the parties want with the pensions this late in the game?

Elections 2021: what do the parties want with the pensions this late in the game?

Published on: 28 January 2021

Imagine being responsible for the paragraph on pensions in an election platform. After more than a decade of pushing and pulling in the polders, a detailed pension agreement is now in place. The Ministry of Social Affairs and Employment hurriedly published a corresponding series of detailed legislative proposals for consultation just before Christmas. What on earth is there to write about pensions at this point that could still score a political point?


To answer this question, we examined 14 draft election platforms. Three themes stand out with regard to funded/second-pillar pensions, on which (almost) the entire political spectrum has included something.


Starting with the proposed pension system. The current outgoing coalition parties, VVD, CDA, D66 and CU, are carrying the noise of the pension agreement. This was to be expected, of course. We also know that the PvdA and GL have endorsed the pension agreement, although GL makes no mention of the agreement and its contents in its program. These six parties alone represent more than two-thirds of the seats in Parliament in the polls.¹ Support for the new system thus seems assured for the coming term of office.


The theme of freedom of choice is seized upon by all parties - with the exception of CU and DENK  - to raise their profile. With regard to second-pillar pensions, D66 and VVD both argue for pension premium vacations for employees, so that they can use them for their own homes, for example. This fits in with the parties’ reasoning, which is primarily based on the individual. It is also a convenient way for these parties to continue to push for further individualization, without dismissing the pension agreement. At the same time, it clashes with our collective system, which is grafted onto paternalism. 


Finally, the topic of pension accrual by self-employed individuals. This is a classic theme that attracts a great deal of attention, but one on which there are (very) diverse views as to possible solutions. It is a theme that was also discussed extensively, but with little result, in the context of the pension agreement, and on which - apart from the Labor Party, which proposes a general pension obligation for all workers - most parties do not seem to want to burn their fingers. Pension accrual by self-employed individuals will be discussed at length in the cabinet formation as part of an integral vision of the labor market (balance flex / permanent).


The originality/consolation prize - depending on your political preference - goes to Forum voor Democratie, who are the only ones to propose a fundamentally alternative pension system with ultimate freedom of choice for all workers and no obligations for self-employed workers. In their ideal world, second-pillar pensions would be managed by “experts rather than social partners”, there would be more freedom of investment with less strict supervision by the Dutch Central Bank, a higher actuarial interest rate, and all of this would be based on voluntary participation in pension plans.


It is also interesting to consider what is not included in the election platforms. Subjects such as taxation, the calling into question of compulsory insurance and geographical investment rules are, with a few exceptions, not found in any of the platforms. On the one hand, this is striking, given that several of these topics were (prominently) mentioned in previous elections and/or were part of the public debate in the past cabinet term. On the other hand, with the conclusion of the pension agreement in outline form from 2019, and the agreement on its elaboration from 2020, a lot of political attention has already been given to the new system. Political parties have, probably for that reason, mainly profiled themselves as for or against the new system, rather than addressing “new”, potentially divisive topics.


Thus, despite the pension agreement and the resulting legislation, the subject of pensions has certainly not turned out to be an underdog in the current election programs. Quite the contrary, in fact. If not paragraphs, then entire chapters have been devoted to pensions by program committees.


At the same time, in the end, it is not so much about the programs, but about what will ultimately be in the new coalition agreement. At least three, and possibly more, parties will be needed for a majority after the elections. And those parties all want something different. The chance of quartets being formed is therefore very real. As a result, political parties’ wishes that were not included in the election platforms could end up in the next coalition agreement.


Or in other words, despite the high level of support for the pension agreement that can be inferred from the election platforms, our pension system is not a peaceful asset. Certainly not after March 17, when the formation begins.



Nick van de Sande – Korpershoek

Strategic policy officer


Volgende publicatie:
“Focusing on your financial affairs should be as regular a routine as your six-monthly dentist appointment”

“Focusing on your financial affairs should be as regular a routine as your six-monthly dentist appointment”

Published on: 28 January 2021

If people want to make better financial choices, they need to get a grip on their financial affairs earlier and more often, say Paulien van Gurp and Henk-Jan Boersma from Prikkl. APG took a 40 per cent interest in the financial coaching and advice platform today. Both share the same mission of removing the barriers to financial insight. Sounds great, but a bit abstract. How do you do that exactly?


It’s one of the goals that APG sets itself: making people in the Netherlands ‘financially fitter’. In other words, helping people get a good grip on their financial affairs so they can make informed choices. APG has been achieving this by developing various initiatives and tools to support APG affiliated pension fund employers and participants. The partnership with Prikkl is the most recent addition to this armory. Prikkl has been helping companies ensure their employees financial ‘agility’ since 2017, via a combination of software and personal advice. Chris Veerkamp is involved in the partnership as business owner from AGP: “We share the conviction that every person in the Netherlands is entitled to accessible and affordable financial coaching. And we want to encourage people to use this.”


Where does this “urge to encourage” come from? Don’t people simply seek advice if they need it?

 “That’s exactly the point. The barrier is too high for many people. It’s too expensive, or too much work, the result being that they often seek financial help too late. If you only seek help when it’s become a real emergency, the options are very limited. People only talk to the bank if they’re actually going to buy a house and only start investigating early retirement if they don’t feel like working anymore and state retirement age is approaching. But they’d be much better off thinking about this when they’re forty, when they can still do something about it,” replies Boersma.


Veerkamp adds: “And ‘doing something’ means making choices. The introduction of the new pension system is making these choices even more important. It will make pension levels less certain and people will need to know the potential impact of their choices in time. Buying a house, early retirement... How will these affect your finances and income now and later?”


And Prikkl and APG will be helping with this?

“Of course, that’s the aim. We want to make sure that we can offer services to pension participants at the moment that their finances play an important role; give them the right information at the right time. This means offering quick support that’s tailored to people’s circumstances instead immediately coming up with a complete financial plan. We want to help people make financial choices in their lives or careers; preferably before these choices come up,” says Veerkamp.


Isn’t it difficult to anticipate these choices?

 “Of course, and that’s where the challenge lies,” says Veerkamp. “On the other hand, as APG we know from experience which problems can arise, which choices people will make, and what impact these can have on their pensions. Through our funds, we have a lot of contact with clients every day. This means we hear what’s important to people and employers, including with respect to finances. We should be able to use this more so that we can facilitate and help people.”


“And a lot of behavior can be predicted. It’s something you can anticipate,” replies Boersma. “A good example is first-time buyers on the housing market. All they hear about is how low their chances of buying a house are. That may make them abandon the idea. When a first-time buyer starts working for an employer, we can chat to them while the contract’s being drawn up. We can then make a quick calculation of their potential maximum mortgage so they can see whether they’re likely to be eligible to buy a home. This gives people the chance to consider options they wouldn’t normally have thought of.”


Van Gurp continues: “That’s also the core of our approach. We first look at someone’s financial situation and use this to decide which solution or approach is appropriate.”


Do you only focus on employees and employers?

 “In principle, yes,” answers Van Gurp. “The employer is an important and reliable link in helping employees with their financial affairs and encouraging them to take action. We don’t target self-employed persons and freelancers, although we do of course help people who are considering starting for themselves. Who knows? Perhaps we’ll focus on the self-employed and freelancers in the future.”


APG also offers other services aimed at financial fitness, such as Kandoor and Geldvinder. What do Prikkl’s services add to this?

Veerkamp adds: “The services we offer as a ‘trusted guide’ for employers and employees are still very application and platform-driven; they’re largely only online tools. Prikkl combines advice software with personal support from a financial advisor. Moreover, Prikkl focuses on financial coaching and advice across the board – not just on pensions. We can also learn a lot from this. Partnerships with parties outside of APG mean that we don’t need to do everything ourselves to be a trusted guide for employers and participants. It is, however, important that these services enhance each other. They should be a sum of their parts.”


What are the next steps in the partnership?

“We’re going in two directions. We’re investigating how we can make optimum use of Prikkl’s current service for employers and employees of APG's affiliated pension funds. And we’ll also be investigating the development of two new propositions in the coming months. These are new ways to combine Prikkl’s knowledge and services with what we do at APG,” says Veerkamp.


When will you be satisfied?

 “When we can really ensure that improved financial insight is accessible to a large audience,” says Van Gurp. “And when we manage to reach people earlier on a large scale. We can then help them before they get into financial difficulties or before their choices become limited. As far as finances are concerned, I want to prevent that someone thinks, if only I’d....”

Boersma adds: “I’d be happy if people start seeking help with their financial affairs as a matter of course. It doesn’t need to be something you enjoy, but it should be just as regular a routine as a dentist appointment. Just go and see them once or twice a year. And we’ll be there, ready and willing to help.”

Volgende publicatie:
“I quickly put aside all the letters I receive on my pension”

“I quickly put aside all the letters I receive on my pension”

Published on: 27 January 2021

How do you deal with work and money for now and in the future? Do you live from day to day or are you deliberately planning your financial future? And do you arrange ‘later’ yourself or are you a member of a pension fund?

Marielle van Ramshorst works as a manager at a location organizing daily activities, is the owner of a dance school and a trainer.


Marielle van Ramshorst (35)

Profession: manager at a location organizing daily activities, dance teacher and trainer/coach

Weekly works: more than 40 hours (in non-corona times)

Income: between 1875 and 4375 euro per month

Savings: 13,000 euro

Pension is arranged? Partly

How did you arrange your pension?

“I am a member of a pension fund through my employer. In addition, I have created a pension pot on my savings account. That account holds some funds, but I have not yet delved into the purpose of that money.”


What kind of work do you do?

“I manage the team working at a location organizing daily activities for people who, for any reason, are unable to perform paid work. Besides that, I am the owner of a salsa dance school where I also teach lessons and I started working last year as an independent trainer and coach. In that latter capacity, I help single women looking for a relationship to find out why they are still single. I met a lot of ladies at the dance school struggling with questions in that area and that’s how the idea was born. I use plenty of movement during my trainings because that’s the way to experience and feel things differently than if you would only look at it rationally.”


So, you started your coaching business in times of corona?

“That’s correct and it’s not the most ideal time. I was only able to finish one training in full so far. The next one was scheduled for January, 2021, but we had to postpone that training as a result of the corona restrictions.”


How many hours do you work a week?

“Twenty hours per week at the location organizing daily activities. Usually about twenty hours per week at the salsa dance school as well, but that work has come to a standstill due to corona. I spend approximately four hours per week on the training and coaching activities and a bit more when a training is about to happen. My goal is to provide a training once every three months.”


That is more than fulltime.

“Yes, but it doesn’t really feel like work. I work long hours, but a large part of it involves a hobby that got out of hand.” 


How much do you earn?

“Around 1875 euro net per month at the location organizing daily activities. My income varies somewhat at the dance school. At the moment, I earn approximately 300 euro per month which used to be around 1000 euro per month. A training earns me between 1000 and 1500 euro, depending on the number of participants.”


Are you satisfied with that income?

“Yes, it’s enough to make ends meet. I believe it should be possible to earn more money offering coaching, but it’s a difficult time for those activities right now. Of course, you earn a lot less having three participants in your training instead of allowing twenty people to join.”

How much do you pay on fixed costs?

“Around 1400 euro if I add up my mortgage, electricity, internet and insurances.”


What else do you spend your money on?

“Spotify, Netflix, that kind of things. My girlfriends and I also have a pot for ‘fun things’ in which we deposit 20 euro per month. We organize something fun to do when that account holds enough funds. A day to the sauna or a wellness resort for example, with an overnight stay in a cottage surrounded by nature and great food. It feels good to have already saved that money, so you no longer miss it.”


How much money do you have on your own savings account?

“Around 13,000 euro. That really makes me happy, I never had that much money saved before. I probably still have to pay a large part of it to the tax authorities though.”


Do you think about your old age often?

“Not really. I realize things have to be arranged, but I always worked a lot more hours in paid employment previously and never had to worry about my pension. The topic is discussed sometimes in the business club I meet once a month. Expressions such as ‘pension gap’ and ‘annual margin’ are uttered which makes me think: Well, that’s really interesting, but I don’t put my thoughts into action. I really have to start making arrangements this year.”


How much pension would you receive on a monthly basis should you be 67 years old now?

“Good question, not a lot I presume. I always quickly put aside the letters I receive on that topic. Wait, I will get one of those letters… Right, I have been accruing pension since 2002 and the statement says I will receive a gross amount of 18,000 annually. I believe my annual income is much higher right now, so it doesn’t sound as if that payment allows me to do plenty of fun stuff. It also doesn’t frighten me because I didn’t expect it to be a huge amount. This amount will not be enough to make ends meet, but I have hopefully paid off my mortgage by then which makes a bit of a difference. And I will also receive a state’s pension (AOW) of course.”


What could be arranged better?

“I still have to arrange a pension plan for my own business. I want to find out the options that are available. What is a wise thing to do in my situation, being partly in paid employment and partly self-employed? I really have to delve into the topic much more.”

Volgende publicatie:
Economically independent

Economically independent

Published on: 21 January 2021

A man who can do everything himself. Not the ideal image I expect to ever achieve. It’s a question of brothers who are handier. They were the ones who used to fix everything around the house. And so, they deprived me of the chance – I mean motivation, of course – to learn how to do things with my hands. These days, when a kitchen cupboard squeaks, I call a handyman.


This seems to go completely against the spirit of the times. Self-sufficiency is popular these days. Homeowners prefer to generate their own electricity, among young people there are those who want to arrange their own (early) retirement and many dream of their own vegetable garden. By going off the grid, you limit your dependence on others, is the underlying though. It also plays out on a national level: shouldn’t you be in charge of your own medicine and face mask? Let’s build up reserves so we won’t be at the mercy of the IMF.


It’s not just a romantic desire. There is an economic basis. Consumers value a cabinet they have screwed together themselves more than an off-the-shelf one (known in the literature as the IKEA effect). Doing it yourself feels good! It is also a logical reaction to the financial crisis, Euro crisis and corona crisis to want to build a buffer. That cuts down on dependence on others, right? 


There are some snags in this reasoning. Doing everything yourself is not efficient. If the handyman solves my problems and I solve his, we’ll probably be done twice as fast with a better result. In short, you get more out of your time if you use it efficiently. Another point is that building buffers seems to make you more resilient as a country or individual, but it creates new dependencies. 


Here's the thing. I can only save if someone else is willing to take on a debt. The same is true for countries. All global trade surpluses – let’s call it national savings - added together are by definition equal to all trade deficits. One country saves, another borrows. In short, it doesn’t mean that building buffers makes the system more stable. Not every country can be owner of securities. If the debtors collapse, so do the buffers. The “law of maintaining misery” is what my physics teacher used to call it.


It also shows that independence is an illusion. If I’m sitting on a big bag of saving, that actually makes me dependent on others. They will have to accept my money in exchange for goods or services in the future. Maybe they won’t. If everyone decides to retire at the same time so they can enjoy gardening, there will be no one to deliver meals or fix a kitchen door.


Now, in practice, of course, it will not turn out so extreme, but it indicates that in economics no man is an island either. Our wealth is based precisely on close cooperation with strangers. Perhaps capitalism has made us more individualistic, but certainly not more independent. In fact, the term “economic independence” is internally contradictory.


Of course, I’m not saying buffers are useless, just that you shouldn’t be blinded by them. Investing in social capital can also be very rewarding. And if worst comes to worst and you don’t have the money for a handyman, there might be a neighbor who’s willing to help. Or a handy brother, of course.


Charles Kalshoven is a senior strategist at APG

Volgende publicatie:
“Our generation wants to be free”

“Our generation wants to be free”

Published on: 19 January 2021

Work till you’re 67 and then enjoy your retirement. Or could it be different? A search for Plan P: innovative ideas and alternative scenarios for organizing your life, work and retirement. Rethinking for and by young and old.

In this edition, Millennials Saska van Engen and Puck Landewé speak about financial independence and early retirement.


December 31, 2025 is D-day for Saska van Engen (30). That is the date on which she wants to have saved and invested enough to be able to say goodbye to her steady job. A job she likes, incidentally, but freedom beckons. “If I want to go for a walk then, one of my passions, on a Tuesday morning, I want to be able to just do that.” And she has a dream: to live in the forest in Sweden and really enjoy nature, far away from the rat race.

Puck Landewé (33), thinks she will be financially independent in about a year and be able to live on the revenue from her investment portfolio. For her, freedom is a keyword too. “I want to be able to follow my heart, even if it doesn’t pay much or at all. I’d like to be a forester someday.”


Open-plan office or your own garden?

Van Engen and Landewé are both supporters of the FIRE philosophy, which stands for: Financial Independence, Retire Early. In other words: become financially independent, so that you can retire before you’re even forty, instead of waiting till you’re 67. Or so you don’t have to sit in front of a computer screen in open-plan office, but instead have more time for your own garden, traveling or your own enterprise. That freedom must be bought with striving for financial independence: spend less than is coming in and invest the difference, so that you can eventually live on the returns and the dividend.


From dealing room to beeswax candles

After earning two master’s degrees in economy and finance, Van Engen worked at audit firm EY and ABN Amro’s dealing room, as a risk controller. “I quickly realized that I was not really attracted to that world after all: too hard, not people-oriented enough and I missed social relevance.” At the beginning of this year, she became a business controller at healthcare facility Beweging 3.0. “In the care sector there is less back-room politics and competition: you’re working together to help other people. That’s a much better fit for me.”

In addition to her job, she has a company that makes beeswax candles, she has a hiking blog and a website where she gives advice and blogs about consciously dealing with finances and investments:, with about 22,000 followers a month. The latter activity provides her with extra income and contributes to her ultimate goal: to be financially independent at age 35, along with her boyfriend. “Then we can trade our nine-to-five jobs in for freedom to live differently, with more time for ourselves and for helping others in society.”


Read also in this series: 5 caveats to the FIRE-philosophy

Turning point

Landewé worked for Wehkamp, then for VodafoneZiggo and then for listed bicycle manufacturer Accell Group as a brand and communication manager, after her education in fashion. She quit her job at the end of last year. It was a turning point. “My mother was seriously ill and died, my relationship ended, and I got mono. That’s when I started to think: how can I get more peace in my life?”


She took an Eat Pray Love sabbatical, lived in Rome for a while and started the platform 27,000 followers monthly and 1,400 community members. Landewé now has three women working for her and makes good money with her website, where she wants to help Dutch women become more financially savvy. There is a great need for that, she says. “Even my highly educated friends responded very reluctantly to my FIRE plans: ‘Isn’t investing on your own very risky?’ My answer is: not if you know what you’re doing and you do it in a smart way. The media also has a stigmatizing effect: personal finance articles for men are often about accumulating capital; the same articles for women are mostly about saving opportunities. Apparently, investing for and by women is still a taboo; one which I want to break.”


Be careful with every Euro  

Saving and investing the money you have left in a smart way: you need both for financial independence. Van Engen and her boyfriend put half of their income aside every month. “We made some conscious decisions: we don’t drive a car, we moved outside of the Randstad, and we are careful about how much we spend at the supermarket ... we literally watch every penny.”


99 Percent of the saved money is invested: through index funds and pension investors. But what if the stock market crashes? Would the millennials chasing FIRE be left without a decent pension later in life? That fear is unfounded, according to Van Engen. “I’m only 30. In the beginning you can take bigger risks and focus mostly on shares for the returns and the dividend. As you get closer to retirement age, you can take less risk and, for example, get more into bonds. Pension administrators do the same thing.” Van Engen also points out the importance of a good savings buffer and nerves of steel. “When things slow down, don’t sell in a panic, but keep a cool head. The stock market will pick up again. The coronavirus crisis has shown that again.”


Creating financial freedom

Stick to the plan, Landewé agrees. She also does index and pension investments, but she also invests in real estate: last year she bought her first investment property. With the profit from the sale of her house (she is going to rent) she wants to buy a few more houses. Make sure you have a buffer and watch your spending pattern, Landewé says too. But she does want to eat well and doesn’t want to live too austerely. She puts the emphasis more on earning: through a lucrative side-business or by working more and negotiating better about your salary. “The Netherlands is a champion of working part-time. Many women are financially dependent on their partners; we have a gender pay gap. If women start to earn more, they can strengthen their financial position and accrue capital.” There is nothing elitist or spoiled about that, as critics of the FIRE movement claim, according to Landewé. “I, too, was born into a nice family and enjoyed a good education. I am absolutely privileged. Unfortunately, there are people in the Netherlands who aren’t as lucky and for whom financial independence will not be feasible. On the other hand, I am convinced that, in many cases, people have many more possibilities when it comes to improving their position than they initially believe. Even if you have only ten Euros left to invest at the end of the month, you can take control and create more financial freedom for the long term.”

Millennials want to take care of their own pensions …

The Dutch pension system is its own reason to strive for FIRE. “I am assuming there is not going to be any Old Age Pension for me and maybe no pension at all for my generation,” Van Engen says. “Due to the ageing population and the large number of people in their fifties who will soon reach retirement age, the gap between what is collected in contributions to the state pension scheme and the money that has to be paid out will increase. At present, this is still supplemented by other tax revenues, but if the discrepancy continues to widen, this may no longer be feasible. So, there is a good chance that the system will have to be turned upside down in the future, because it has become too expensive and can no longer be afforded. That is not fair to me or other millennials, but it’s better to be pragmatic and build up your pension independently.” Through her employer, Van Engen is connected to an industry-wide pension fund and in addition she does pension investments to use the entire fiscal year. “I’d rather do it all myself. Unfortunately, that is not possible in the Netherlands.”


But doesn't the collective pension system ultimately create the most value for everyone, regardless of age? As a representative of the millennial generation, Van Engen doesn't agree with this. She thinks the new pension system is a step in the right direction. “But ultimately, it should really be individual pension pots. Now, in years of prosperity, the investment returns of non-pensioners can be skimmed off in favor of pensioners, so that the pension fund can meet its obligations in years that are not as prosperous and will not have to compensate for this. To make up for this shift for non-pensioners, a higher return must be achieved on the long-term liabilities by running more risk. However, the upshot of this is that the minimum funding level will rise again. So, there is a vicious circle, which can be broken by opting for individual pension pots instead of a single, collective one.”


… and make more sustainable investments

Landewé also asked every employer if she could organize her own pension, but to no avail. “Millennials want to be in charge themselves.” Plus, she thinks the current pension system is not accessible, not flexible and not transparent. “You deposit a few hundred Euros a month through the pension premium, but you don't know where that is being invested. That didn’t feel good. Now I can decide for myself what happens to my pension money, choose my own risk profile and invest more sustainably. My generation doesn’t want Shell or Tata Steel shares anymore; we want a better world.”

Volgende publicatie:
“If everyone retired at age 40, our society would collapse”

“If everyone retired at age 40, our society would collapse”

Published on: 19 January 2021

Puttering around in the vegetable garden at your cottage in the Swedish woods. Having the luxury of not sitting down with your laptop on Tuesday mornings but going for a nice walk instead. Taking a forestry course or finally opening that pop-up restaurant. These are just a few of people’s dreams about their retirement. Only these are not the dreams of people in their sixties, but of people in their twenties and thirties: Rowan (27), Saska (30) and Puck (33). And they don't want to make those dreams a reality after age 67, but preferably before age 40 or even earlier. Elsewhere in APG Newsroom, we asked these millennials to talk to us about their outlook on life and how they are funding their early retirement.


Feasible and desirable?   

The FIRE philosophy (Financial Independence, Retire Early) plays an important role in this: achieving financial independence as early as possible in life by living (frugally) on the returns from your investment portfolio. That sounds nice, but is it also feasible and socially desirable? We asked Charles Kalshoven, Thijs Knaap and Eduard Ponds, all three of whom work at APG for the Asset Management department, which is responsible for investing 560 billion Euros worth of pension money (as of November 2020) for 4.7 million participants through the affiliated funds. It led to five caveats (but also two benefits).


Caveat 1: Professional investors achieve more returns

FIRE-adept people put as much of their income aside for investing, sometimes as much as half. Can young people build up enough pension capital independently for their early retirement?  Charles Kalshoven: “People increasingly want to be self-sufficient and independent; this is a trend in society. They want solar panels to provide their own energy and increasingly, they also want to arrange their own pensions. But as an individual investor, you’ll never be able to equal the results and risk-spreading of a professional party. As APG, we can use a good mix of, for example, shares, real estate and long-term investments in infrastructure, with which we also contribute to society.”


Eduard Ponds, who, in addition to his position at APG, is a special professor of Economics of Collective Pensions at Tilburg University: “Time and again, research shows that professional investors achieve better results than individual investors.” 


Caveat 2: Individual pension investors carry longevity risk themselves

The FIRE supporters themselves, incidentally, think differently. They often assume an expected return (including dividends) of at least 7% on their investment portfolio. Four percent to live on, 3% for inflation adjustment. “The expected return on equities and especially bonds is no longer as high as it used to be,” warns Kalshoven. “We are noticing that at APG ourselves,” adds coworker Thijs Knaap. “So, if you’re counting on an average 7% return, you might be a bit too optimistic after all.”


Moreover, FIRE supporters run the risk of still having some life left to live when their retirement capital runs out, Ponds calculates. “If you take 4% out of your retirement capital and have an investment policy of 50% stocks and 50% bonds, you probably won’t go broke for the next 30 years. But after that, it becomes critical as life expectancy keeps increasing, to a hundred years or more.” Pension funds absorb that longevity risk with collective reserves. Knaap: “People can receive pensions for as long as they live, because you can draw on a larger pension pot and not everyone lives to be that old. If you retire at forty and live to be a hundred, you run the risk of not saving enough for those sixty years.”

Charles Kalshoven


Caveat 3: If the stock market crashes, you’ll be without (sufficient) retirement capital

In the spring of 2020, a third of stock market value was lost due to the corona crisis. In 2008, we experienced a financial crisis. Kalshoven: “If you are an independent investor and you experience a stock market crash, or you have invested in a company that goes bankrupt, you could see your assets, and therefore your pension, go up in smoke.” Individual investors sometimes make the wrong decisions in a stock market crash, Knaap tells us, such as selling shares at the market's lowest point or taking irresponsible risks. “If you have saved tons yourself and half of it evaporates, it also causes a lot of stress and you sleep badly.” A professional investor like APG also suffers from this slumping stock market, Knaap acknowledges, but does not panic and can absorb and compensate for temporary losses more easily.

Caveat 4: Managing your retirement capital yourself is hard work

Particularly in a crisis, people often lack the knowledge and experience to invest their retirement money themselves, says Ponds. Most people don’t want to do that either, he says. “They think it’s important for their employer to offer a good pension plan, but they’re not interested in the details, research has shown.” It’s also just a lot of work to invest your capital as effectively and sustainably as possible at the lowest possible cost and acceptable risk, Knaap argues. “We have a day job doing that at APG with about a thousand colleagues. So, we look at supporters of FIRE like the construction worker looks at the do-it-yourself enthusiast: maybe some people can invest for their own retirement, but why would they want to? Actually, you’re still not free; you just have an additional new job.”

Thijs Knaap

Caveat 5:  Society will come to a halt due to too many people retiring early

So, these three APG employees have some reservations about the FIRE philosophy. Not to mention the fact that early retirees voluntarily forgo their greatest earning potential - after age 40 - and the joy, identity and self-actualization that work can bring. “You invest too little in education, experience and networking to take full advantage of your accumulated human capital later in your career,” Kalshoven says.


Their greatest reservations, however, lie in the social sphere. “If we all retire at forty, who will serve the espressos on the terrace, cut your hair and teach your children?” laughs Knaap. Ponds is more adamant: “We need to watch out for a generation of free riders, drop-outs who make no contribution to society but who make use of the infrastructure and care services, for example. If there are too few working people left, we will no longer be able to finance those collective facilities and our society will collapse.”   


Positive points

Still, the three APG employees do see some positive points in the desire of many millennials to structure their lives, work and retirement differently than their parents:


Benefit 1: Fantastic! People in their twenties and thirties are finally showing an interest in their retirement…   

“Most people under forty are not concerned with their pensions and often don’t even bother to open their UPO, their Uniform Pension Statement,” Knaap sighs, while his two coworkers nod in agreement. “To most young people it’s a deadly dull, technical and complicated subject. These people in their twenties and thirties are looking into their pensions, and that’s a big plus.”

Eduard Ponds


Benefit 2: … and they’re taking financial control of their lives: even better!

Followers of the FIRE philosophy live frugally, save a lot and look ahead. Knaap again acts as spokesperson: “These millennials are taking financial control of their lives and are self-reliant: an enormously positive development. They don’t need an expensive car because the neighbor has one, or a top mortgage. If people borrow less and have more buffers, we, as a society, will be able to absorb economic shocks better.”


Plan (A)P(G)

Could APG perhaps meet FIRE supporters and other millennials halfway, for example, by making part of the pension balance withdrawable for a sabbatical or mortgage payment? By abolishing mandatory pension accrual through employer and pension provider, like they do in other countries? Or by exchanging the collective pension pot for individual pension pots?

A lot of hard thinking is going on at APG about pension innovation to better reflect different preferences in society, is the unanimous response. Ponds: “We're eager to learn from the younger generation.” Moreover, the new pension contract is already putting more emphasis on people’s own responsibility and a shift towards more individual pension assets. “It’s starting to look more and more like an ordinary bank account,” says Knaap. But it takes time to adapt a pension system that has been developed over the past 100 years. We must also preserve what is good about it - principles such as solidarity, risk-sharing and compulsory membership - the APG people believe. Kalshoven: “Millennials may experience that as paternalistic, but the majority of Dutch people find saving and investing themselves difficult and are thus protected from poverty later in life.”

Okay, Dad 😊.    

Volgende publicatie:
“I want to be able to stop working prior to my 50th birthday”

“I want to be able to stop working prior to my 50th birthday”

Published on: 6 January 2021

Series: Work & Money


How do you deal with work and money for now and in the future? Do you live from day to day or are you deliberately planning your financial future? And do you arrange ‘in the future’yourself or are you affiliated with a pension fund? In this edition: Jeroen Zuurveld, financial planner and, as of recently, a one-person business.


Jeroen Zuurveld (39)

Profession: financial planner / teacher in higher professional education

Weekly works: 25 to 30 hours per week

Income: “The salary I pay myself from my enterprise is 1500 euro net per month. I earn approximately the same amount teaching. In addition, I receive return on my investments because of value increases and dividends.”

Savings: Together with his wife, a buffer of 20,000 euro. Also an investment portfolio, worth 100,000 euro.

Pension is arranged? Yes


Since when are you acting as a one-person business?

“I started two years ago. It is a huge step, starting your own business, when you have a fulltime job. This happened gradually in my case: after my fulltime job I was working a few days a week in higher professional education, which I am still doing for one or two days per week. I took the leap of faith in the position described above.”


What is it that you do exactly as a financial planner?

“I offer my clients a coaching program in order for them to figure out what’s most important in their lives, what it is that makes them happy. I help them to think freely: when the world is at your feet, what will you do? I then guide them to implement that process step by step and design a financial plan matching their progression. I try to help them put their finances into service of their lives, instead of the other way around.”


And what do you do in higher professional education?

“I teach financial management. This is ideal for me. It fits with the topics I discuss with my clients and vice versa I am able to use my practical knowledge during my teaching sessions.”


Are you satisfied with your income?

“It is more than enough to make ends meet. The amount I earn in excess is added to my investments.”

How do you handle those investments?

“It is my goal to invest 20 percent of my income. I invest in both individual shares and in ETFs. Instead of transferring money to my savings account, I wire it to a broker. I buy pre-selected shares or ETFs through this broker. When your investment horizon is long enough, a return of 8 to 10 percent can be achieved. My entire portfolio is worth approximately 100,000 euro. Investing results in flexibility. I could sell all of my investments today, provided I would like to do so, and the proceeds would be deposited into my account tomorrow.”


Do you want to retire early?

“It is my goal to technically be able to retire in five to ten years. Not that I already want to stop working by then, but it would be great to at least have the possibility to do so. That provides the ultimate freedom. In order to achieve this goal, the return from investments has to be equal to your expenses.”

How much money do you spend on a monthly basis?

“I live together with my wife, who holds a permanent position in the education sector, and our 4-year-old son. As a family we spend approximately 4000 euro per month on mortgage payments, insurances, childcare, subscriptions, the cleaner, groceries and clothing. That is quite an average spending pattern as I notice the same with my clients.”


What are the other things you spend your money on?

“We like to go on holidays. Other than that, I regularly buy sports gear. We live in Zandvoort aan Zee at the coast which is the ideal location for surfing and cycling. And all of those restaurants and bars in the neighborhood are of course also very tempting. We regularly visit a beach bar, provided the country is not in lockdown. Although I do have to say that I sometimes find it rather difficult to spend money now, because I am always aware of the fact that the money will be worth more if I put it aside. I have to keep a proper balance in mind between enjoying it now and accrue enough for the future. The pitfall for many people is that they live too much in the now and forget the consequences for the future. In my case, the opposite applies.”

I would be very satisfied if I am able to keep on doing the things that make me happy

Is there anything else you do in terms of retirement apart from investing?

“Yes. We make sure, for example, that a large part of our mortgage is repaid later on, resulting in lower housing expenses. I also believe that my company will be valuable in the future and that I will be able to sell it. And I have obviously also accrued a part of my pension in paid employment.”


How much would you like to receive per month following your retirement?

“Enough to make ends meet. It is hard to give you an exact amount. Everything you buy now may well be twice as expensive by then. I would be very satisfied if I am able to keep on doing the things that make me happy. I wish the same for everybody. I see plenty of self-employed persons who only have a savings account and don’t accrue anything else. Those savings are idle, no return is made. That is not a problem right now, but how will that look in ten, twenty years? I think many people will be in shock seeing the results. In my opinion, it seems very unpleasant for people to have worked hard their entire lives and then suddenly have to take a retrograde step due to an enormous drop in income.”


Is there still room for improvement in your pension strategy?

“I have mainly made my mistakes in the past. Time is most important in the end, to have the time to build something. When I was a student, I structurally spent more money than I earned, without realizing the impact that would have later on. You first have to repay your debts before you are able to build up any capital. That might actually be one of the reasons I started this kind of work: I have learned from my mistakes and am trying to prevent others from doing the same. I should have started building up some capital way sooner.”

Volgende publicatie:
‘From whom does Grandpa get his money? From grandma!’

‘From whom does Grandpa get his money? From grandma!’

Published on: 15 December 2020

This is what children say about saving, pension and earning money.


This is what children say about saving, pension and earning money They know quite a bit about it. And they also think very carefully about it, the children APG asked about money, saving and retirement for the video Kids & Cash. They are between three and ten years old and they are called Logan, Hidde, Bram, Sophia, Fenna, Jurre, Mila and Naomi. The little ones still have some trouble with the numbers ("I get one hundred euros ten for a job"). But most know exactly how much pocket money they get and how often ("Ten times"!). They know when you retire and why: "If you've worked fifty years and it drives you a little crazy." They know the most important thing in life: "I'd rather have less money than less family." And in the end, they are done with talking about money and saving. "Is money important? 'I do not think so.”

Volgende publicatie:
Am I still on the right track financially? Ask your coach

Am I still on the right track financially? Ask your coach

Published on: 11 December 2020

The pension system is undergoing a major overhaul. This means that both employees and pensioners will soon be faced with a lot of questions. That is why pension funds and pension administrators like APG need to adopt a more coaching role. That is what APG CEO Gerard van Olphen said at the Pensioen Pro Annual Conference, a platform for knowledge- sharing in the pension sector.


With the arrival of the new pension system, things are going to change for employees and pensioners. Their pension contributions will still be invested, but the amount of their pension will no longer be fixed because it will fluctuate with both the pension contributions invested and the investment results achieved. And that will also become much clearer: as a member you will soon have your own pension account into which your pension premium will be paid. You will save for yourself, see the fluctuations in your own pension pot and thus become more aware of the risks.


Will I be able to maintain the same lifestyle I have now?

All these changes will undoubtedly raise questions among both employees and pensioners, Van Olphen said: “That’s why companies in the pension sector need to look very closely from the perspective of those members. Much more than they are doing now. They will need to respond to a variety of wishes and questions. For example, people expect us not only to invest their money well, but also to explain and account for it in very understandable language. And people also want to know how much net retirement income they can count on now and in the future.” Not in a complicated way: split into OAP, employer’s pension and their own income from investments, for example, but simply the total. You want to get an idea of whether you can continue to live in the same neighborhood later on, whether you’ll still be able to go on vacation with your family, like you’re doing now. Pension funds should be more aware that it’s all about people’s financial fitness. Whether they will be able to maintain the same lifestyle they have now."  


Employees’ and retirees’ right to care

These questions become even more relevant when people are confronted with moments of great joy or great sadness, e.g. moving in together, having children, divorce or the death of a loved one. Van Olphen: “That’s exactly when people are left with many questions, including about the consequences for their pension. Sometimes they can turn to their employer or trade union, but for pension companies such as APG, I believe there is also a clear task. And it’s better if we don’t wait for people to approach us with their questions; rather, we can approach them proactively if something has changed for them that affects their income or pension. Employees and pensioners are entitled to our care.” He feels that although pension funds do not have a duty of care, their members do have a “right to care”.


Better grip on money matters

Pension funds and pension administrators will have their hands full with the transition to the new pension system in the coming years. It is complicated, new regulations have to be put in place, IT systems are being overhauled, and so on. With the possible risk that this leaves too little attention for their members, Van Olphen warned. “I think pension companies like APG should strive to ensure that the new pension will soon be easy for every member to understand. Transparent, and easy to understand. That also means that we need to act more like a coach. There will be a real need for that.” This role of coach in and of itself is not new to APG: one of the pillars of APG’s strategy is to be an “experienced guide” who helps employees and pensioners with their financial future; sometimes directly, sometimes via the pension funds that are clients. Providing them with customized advice on all their financial affairs. An example of this is the APG platform Kandoor (link:, where APG answers more than fifty thousand financial questions a month. Not only about pensions, but also about matters such as rent allowance, severance plans, taxes, OAP, debt assistance, etc.


Still on the right track financially?

Van Olphen emphasizes that the role of coach he is envisioning is different from that of financial advisor: “We already have enough financial institutions that you can turn to for advice and various financial products. We should not aspire to that role. But we can help participants if they are unsure about something, if they want a quick check to see whether something is right or wrong. Whether or not they are still on track financially.” He thinks it’s right that people make high demands on their pension fund: “As a pension sector, we may think that we have the best pension system in the world in the Netherlands, but that’s really not how employees and pensioners see it. They are now being given a new pension system in which they are given more responsibility and run more risk. Not everyone is excited about that. People want to understand what will happen to their pension, they want to feel safe with their fund. It’s up to us to appropriately respond to that with integrity, regarding the new pension contract.”

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“There is nothing worse than an aimless person”

“There is nothing worse than an aimless person”

Published on: 10 December 2020

Former gymnastics coach Epke Zonderland starts national campaign to teach seniors to live with vitality

Age with energy. When it comes to vitality and exercise for seniors, the revolution is starting in the athletic town of Heerenveen. Coaches with experience in top athletic fields are using their knowledge for the start-up organization De Fitte Frisse Fries (The Fit Friesian), whose aim is for seniors to come out of the corona crisis fitter and sharper than they went into it.

Professor of Neuropsychology Erik Scherder was the instigator. And now they are working hard at Sportcentrum Sportstad Heerenveen to actually turn the science into a successful mission, led by a successful Olympic coach. 75-Year-old Tjalling van den Berg is a phenomenon in gymnastics and equestrian sports. In his gymnastics school in Heerenveen, he made Epke Zonderland an Olympic champion and was never involved in any of the recent scandals in this sport.

Tjalling van der Berg is a passionate coach. And a familiar face in Heerenveen, where top athletes always know where to find him for some advice. Whether they are soccer players from SC Heerenveen or top skaters, Tjalling affects them all. With informal training in the gymnastics hall of Olympic allure or a good pep talk. The 75-year-old, who still wears a tracksuit every day, doesn't have an ounce of fat on his muscular body and is living proof of Erik Scherder’s theory that exercise keeps older people vital and sharp. And it has never been more true than now, during these harsh coronation times: exercise is of vital importance. As Erik Scherder says: “When you don't move, your immune system quickly deteriorates. That’s a good reason to cheer this on. Because what we all want now is stronger resistance.” 

Retirement is a new start

In recent months, Tjalling van den Berg has gathered some great specialists around him in the field of nutrition, mental training, sleep and exercise. Together they want to make De Fitte Frisse Fries into a national campaign. According to Tjalling van der Berg, retirement is not an end point, but the start of a challenging new life in which vitality should come first. Mental and physical.

“Retired people are often much more concerned with peripheral issues. Theirs brain and bodies are no longer being stimulated. A lot of sitting is the new smoking; nothing happens anymore. Socially they just talk about the old days and hardly bother to pick up contacts again. As soon as work falls away and older people have to think of something for themselves, they stop being creative. Self-management hardly fits in with our society anymore.”

Professor Scherder's studies proved that a lifetime of movement stimulates the brain. That means walking, moving, making music, just being creative, picking up a study and staying among young people.

Armed with their knowledge from top sports, Tjalling van der Berg and his people now work with older people. "I really see that as a mission. In the past I got to work with top athletes like Epke and now I try to get hundreds of older people in top shape, physically and mentally, every year. We teach them to set goals again, to get energy. Sometimes it's about very simple things. For example, taking the stairs instead of the elevator. Or calling a friend every day or going for a walk with them. We've put a lot of energy into that. It's a way in which we can give them energy so that they can take another step forward. There is nothing worse than an aimless person."

What can a retired Dutch person who wants to keep up their vitality learn from top athletes like Epke Zonderland or Sven Kramer?

“Particularly things on the mental level. Discipline. Focusing. Force yourself to take 5000 steps on your pedometer or bike every day for four to six weeks. If you keep that up, without a personal coach to direct you, that top athletic discipline is a great way to get your life back into a good rhythm.” 

Sven and Epke are very good at setting goals. “I want to live healthy”' or “I want to become an Olympic champion”. Both top athletic goals. Learning to deal with setbacks and difficult moments is also part of this. You always come out stronger”.

Where do things sometimes go wrong for older people?

“They often have no clear purpose in life after retirement. They think their life is coming to an end and they sit still. That's unfortunate. Someone recently spoke these beautiful words: 'In Africa, gray signifies wisdom, but here we say: if you're gray, take a trip.' As if that makes us happy. We have too much propaganda for the 'Swiss life feeling' for our retirees, when what we really need is active elders. They can still be very valuable. They show how you can be healthy as you age, they can give advice on how to deal with setbacks, how to become disciplined. They are great role models. But here, older people are looked at with something akin to pity when they do anything. We really must stop that.” 

You must always get the most out of every single day

How hard are you still working at age 75?

“I’m busy with these kinds of things pretty much on a daily basis. I purposely choose things that give energy. That makes it easier for me to say ‘Yes, I can help you’, to a particular project or a person.”

You’re a coach 365 days a year. Your entire life. I think that, even when you get older, you should work on your physical, mental and social health. Don’t waste another day; that’s a mortal sin.”

And so, it’s not about just thinking about taking a trip through Europe in the RV?

“No, absolutely not. It’s so strange that people look forward to a weekend or a vacation and in between there is nothing. It’s like they can only stick it out all year because of a vacation. As I’ve said before: whoever invented the words vacation and work should be fired immediately. If you see your work as a hobby, you have a completely different approach. Then it’s not an obligation but a challenge. For older people, the transition is often where things go wrong. They look forward to retiring, then they may still do something for two or three months and then they seem to start isolating themselves. They shut down, literally and figuratively, mentally, physically and socially. What a shame. Plus, people who think positively on average live seven years longer than a negative thinker. Happiness is a great mindset for people to live longer.”

Has corona changed the perspective on aging with vitality?

“Yes, I think so. Corona has magnified everything. That’s what I like about it. Everyone sees corona as a problem; I see it as an opportunity. Corona is shining a light on the fact that we are naturally lazy people and that movement is our salvation. We have received a huge blow on all fronts. The healthy older person is now also magnified. They have to save themselves, take action. Escape from that little room, get back among the people and keep moving. I think that the corona crisis ultimately provides the insight that vital living has been underestimated here for years. That may even have caused more corona misery for a number of people.

So, we get to work with sleep coaches, nutrition coaches, exercise coaches and relaxation coaches. Together we look at this challenge: what can we do to get people who are not fit to start moving on all fronts? This not only means that I teach them to walk, but also that other coaches will join in: ‘What about your sleep, how do you deal with stress, what do you eat, how do you relax? Do you have a clear goal in your life? What are you good at?’ Together we form a platform to make all kinds of target groups aware that exercise is the medicine for a healthy future.”

Aging healthy

The Fitte Frisse Fries movement seizes COVID19 to get stronger. Their goal is to make Friesland the healthiest province in the Netherlands. Lifestyle determines about 90 percent of your life expectation. That is why coaches work with setting goals, movement, being together, relaxing, food and sleep.

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Completely confused?

Completely confused?

Published on: 10 December 2020

'Nature is completely confused!' Years ago, Van Kooten and De Bie, a Dutch comedy duo, were concerned about the timing of nature. Blooming carnations on the beach in December - things like that. Even now, people are amazed at seasons that are out of phase. It's the middle of winter in the economy: entire sectors are frozen. At the same time, the wonderful spring feeling of growth and prosperity has prevailed on the stock markets for some time now. Now, who's mad?


There are several explanations for the gap between the stock market and the economy. First of all, most of the economy is unlisted. We will not see the inactive hospitality and events industry and Dutch Railways, which runs at half speed, at the trade fair. Many companies that benefit from corona, including technology companies, often do have a listing, also in the Netherlands.


In addition, investors are not so concerned with the now. That doesn't sound very mindful, but the expected cash flows in the future do determine the value of a company. In financial markets, it is therefore mainly about tomorrow and the day after tomorrow. And sooner or later, the coronavirus will have been subdued, or at least its ability to cause serious economic damage. And if we return to old trends, wouldn't it also include comparable stock prices?


Still, that's not the end of it - apart from the fact that after corona, there will be winners and losers. The broad MSCI World index is up 10% since January. Based on IMF figures, we estimate that economic activity in the next ten years will be 3.5% lower than expected. Because profits are a residual item, they are more volatile than the economy itself. On that basis, profits would turn out 6 to 11% lower. This macroeconomic estimate is in line with adjustments in the consensus among stock analysts who monitor companies. But one way or the other, it remains a contrast to the rising prices.


The fact that more is paid for less profit has everything to do with the low interest rate. Profit in the (distant) future is therefore worth more. In addition, investors are demanding less high-risk premiums, aided by the strong government interventions that are keeping a financial crisis at bay for the time being.


As such, the high stock valuations are logical.

I don't know whether that is completely reassuring. Profits can be disappointing if deferred bankruptcies still get through. Without wanting to come across as an extremely fearful person - another character of Van Kooten and De Bie - positive economic news can also hit the market. An overly vigorous economic recovery, while justifying earnings expectations, could also herald the end of the corona support and push up interest rates. Who knows, maybe next year, we might be surprised about the markets doing so badly, while the economy is performing at its peak. Nature…




Charles Kalshoven is a senior strategist at APG

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We can organize our working life much smarter

We can organize our working life much smarter

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