APG is moving at full speed towards the new pension system. But we are now entering unknown territory. This is what Annette Mosman, chairman of APG, says in the latest edition of Pensioen Pro. “Technically we have everything on track.”
The interview coincides with the announcement of the final transition schedule, which APG has drawn up in close consultation with the pension funds. Mosman: “Our personel fund is the first of our customers to complete the scheme. The entry lane is ready and we are testing parts of the transition with small volumes: entering, collecting premiums. We will test the full chain in 2024. Only then you will know whether everything works and what you are encountering. With IT projects you know one thing for sure: there is always failure”.
She therefore believes that the sector must demonstrate a flexible risk appetite. “If we all reasoning from our own silo, things will get stuck.” Mosman also sees an important role for herself. “I will maintain close contact with funds and regulators to ensure that we do not all remain in our own silo.”
Least interesting part
The new pension contract is the reason for a huge digitalization drive at APG, Mosman makes clear. But she finds this the least interesting part. “In the new system, your participants must be active in looking at their pension, so that they can take action if they have to. This means investing in better communication.” The new contract immediately provides many more contact moments with the participants, Mosman explains further in the interview with Pensioen Pro. “We provide honest information about the size of their pension assets, their income, the return and the expected pension. This will generate more questions and more interest among participants. We will have to be creative in how we can address the participant.”
All bases covered
To cope with the digitalization battle and to implement better communication, APG has attracted many people in the past year. “All bases are covered now. But we will have to train the new people properly and retain the more experienced APG employees who know the regulations inside and out,” says Mosman. Will she complete the entire transition process at APG herself? “The shareholders of APG Group decide that. But if it were up to me, yes. I want to complete this process.”