Young people and pensions; it’s not always a perfect match. PensioenLab is changing that. APG employees Maurice Berende and Robin Frusch recently worked with students on issues such as defining positions on pension fund voting policies and how to engage young people in their pensions and the new pension legislation (Wtp). What are the experiences of 'student' Jodie Assen with this mission-driven work by our colleagues?
Jodie’s enthusiasm is palpable. The 28-year-old has completed studies in psychology and anthropology but has been exploring the pension world since the beginning of this year. “During my studies, I worked in the pension department at Nationale-Nederlanden (NN). That’s when I quickly realized how exciting a job in the pension sector can be. Participants would call about various life events, and I got to inform them about the consequences.”
While finishing her bachelor's degree, she was exploring potential master’s programs. However, thanks to PensioenLab, she discovered she wanted to dedicate herself full-time to the pension sector. “That’s when I started at Nationale-Nederlanden as a pension specialist. Behind the scenes, we ensure participants' pensions are properly arranged, partly by performing calculations. Now, I’m transitioning to the Expert Centre, where, as a product manager, I’ll focus more on developing NN’s pension products. That’s exciting too.”
Investing in the arms industry or not
She came across the PensioenLab initiative on LinkedIn. “That’s something for me, I thought immediately. I love the diversity of the pension world, and that’s exactly what PensioenLab offers in its programs. You work with other young people, guided by an expert, on an important pension issue. In my case, it was about implementing effective voting policies that safeguard the future of people, the planet, and society.”
Jodie describes it as a dynamic process. “Initially, we were going to tackle a different topic: whether or not funds should invest in the arms industry. But in terms of making a positive impact on the world, we saw a great opportunity in leveraging voting rights. Given the significant position pension funds hold in the stock market, it’s a waste if the associated voting rights go unused. That’s why we delved into why pension funds often don’t use their voting rights and wrote recommendations on how they could use them more often to contribute to ESG goals. For example, how can a fund make the right choices? And what is ‘right’? Does the arms industry fit into this? How do you drive change?” Jodie and her fellow students also explored the challenges funds face in answering these questions. What did they find? Smaller funds often lack time and expertise. Additionally, the focus on traditional governance factors, such as remuneration policies, and insufficient awareness of the importance of engagement and stewardship play a role. “In short, there are insufficient incentives to adopt a robust and well-supported voting policy”, says Jodie.
Tips and feedback
She participated in the PensioenLab program with three other 'students.' They met monthly. Maurice Berende from APG was supportive. “His expertise was crucial for us. He provided tips, feedback, and occasionally set us on a different track during the six months we worked together.” Looking back, the program has significantly broadened Jodie’s perspective. “First, we really dove deep into the topic, which was super interesting. Additionally, I met many new people in and around the pension field. We also attended various sessions with speakers, which were very educational.”
Jodie would definitely recommend the program to other young people. “What do my friends think? Well, they don’t understand at all why I enjoy my work so much. They have no connection to pensions and think it’s a boring world. But it’s not like that at all; there’s so much happening, and pensions are incredibly relevant. There really needs to be a shift in perspective. In that sense, like Maurice, I still have some missionary work to do as a knowledge guide.”