“Move away from the hype; it’s all about the facts.”

The Future of Pensions Act went into effect over two years ago. In that short time, the pension debate has really heated up. Passionate pension expert and economist Anne Laning is playing his part in this. He’s calling on the sector to do the same. “Start a conversation.”

Laning sees it as his mission to refute misunderstandings and falsehoods about pensions, primarily via LinkedIn. His approach is substantive and analytical. He calculates scenarios, shares insights, and tries to reach a wider audience by using accessible language.

Does that make you a thorn in the side of critics?
“That’s not how I see myself. I point out factual inaccuracies, refute them, and ask critical questions. No more, no less. And don’t get me wrong, everyone is entitled to their opinion. But the correct facts must be stated. There are also people who take advantage of the concerns that participants have about the introduction of the new system. I don’t think that’s right, and I share my views, backed up with evidence, with my followers on LinkedIn and other platforms.”

Does that work?

“For some people it does, for others it doesn’t. The discussion is about reason, but I find that people who are resistant cannot be persuaded by reason. It seems to be about reason, but emotion is the deciding factor. As a sector, we need to do something about that. On the platforms where I share my opinions in a rational way, that is difficult. But funds can play a role in this. Invite people for a conversation. What is bothering you? What are your concerns? As long as emotion is involved, it blocks reason. So that emotion has to be dealt with first.”

Do you feel you have sufficient support in that mission?
“No. The sector does not engage enough in public debate. This is a missed opportunity; we are doing ourselves a disservice. There is quite a lot of criticism to be heard and read. What’s more, a lot of misinformation is being shared. However, the sector is not used to communicating much. For years, we only sent out the Uniform Pension Statement (UPO) once a year. However, the current situation calls for a different approach. Consider the participant as a customer who wants to be informed properly, thoroughly, and accurately. Develop an app where you can view your pension statement 24/7. And create a serious storyline that avoids difficult and complicated terms. Don’t think and communicate in terms of instruments, but consider what you should really say.”

What makes it so difficult to explain pension reforms properly to the general public?
“We have made it too difficult. It is the price of good intentions, I sometimes say. An individual DC product is very easy to explain; you have this pot of money, which is invested, and those investments determine what you can buy with it. But we say that an individual DC product involves risks, which is why we are going to apply risk management. For example, we have a solidarity reserve to cushion setbacks. That makes it difficult for participants. It's all done with the best of intentions, and risk management also improves the product, but it doesn’t make it any easier to understand. In addition, we always had a story to explain. Unfortunately, there has been no indexation for years, but we never explained that properly. We have been too focused on the instruments. We could have simply said that we made mistakes.”

What needs to change?
“When a publicly traded company presents its annual figures, you see a proud CEO who radiates confidence: I stand behind this story. But which pension fund manager proudly talks about the annual figures? I only know a few. I understand that the message can sometimes be difficult. But don’t shy away from it. And don’t try to gloss over it. In the new system, there is no coverage ratio. If the return is positive but interest rates have fallen, benefits may still go down. So, we need to practice how we are going to tell that story.”

Why is there such a lack of interest in pensions and pension reforms among the Dutch population?
“That’s simple; there’s no scope for action. The employer takes care of it, and as an employee, there is little you can do. That doesn’t help, of course. As a result, we have collectively become lazy.”

When it comes to pensions, what should we be talking about at parties in five years’ time?
“Pensions are often discussed in negative terms. For a long time, for example, the focus was on excessive interest rates. I would like to see that change and people start comparing their personal pension assets and expected benefits. How did your fund perform last year? And how did this affect your pension assets and (expected) benefits?”

What should people remember about your contributions?
“The facts. Away from the hype, it's all about the facts.”