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.”