NWO funding for Netspar research fellows
The Netherlands Organization for Scientific Research (NWO) has awarded its Vidi subsidy to three Netspar research fellows. Joost Driessen (UvT), Roger Laeven (UvT) and Henning Tiemeier (Erasmus MC) each receive 800,000 euro for their research projects.
All researchers participate in Netspar themes. Joost Driessen participates in the theme 'Value and Risk on the Balance Sheet of Pension Funds and Insurance Companies', led by Peter Schotman (UM). Roger Laeven is part of Michel Vellekoop's (UvA) theme, 'Reconciling Short Term Risks and Long Term Goals for Retirement Provisions'. 'Living longer in good health' is the theme Henning Tiemeier belongs to. Johan Mackenbach (Erasmus MC) is the theme coordinator. See Dutch press release for more information.
September 2009
Netspar has selected new research themes
Four new themes have been selected by Netspar for the period of October 2009 till October 2012. There is one international theme, lead by Annamaria Lusardi (Darthmout College, US). Her research is on financial literacy. The other three research projects are affiliated with Dutch university partners. At the VU University Amsterdam Maarten Lindeboom is in charge of a project to investigate the relations between health, income and retirement. Peter Schotman (Maastricht University) researches the valuation of pensions and desired investment policy. Tension between short term risks and long term policy of pension funds is investigated by Michel Vellekoop (University of Amsterdam).
More information
August 2009
Theo Nijman and Roel Beetsma to advise Donner on Pensions
Two Netspar researchers have been requested by Minister Donner to advise him on the lessons that pension funds should draw from the financial crisis.
Theo Nijman and Roel Beetsma, both Netspar researchers, have been appointed by Minister Donner as members of a special committee. This Committee (Commissie Toekomstbestendigheid Aanvullende Pensioenvoorzieningen) will investigate the future sustainability of supplementary pension provisions.
Theo Nijman is professor of investment theory at Tilburg University (UvT) and scientific director of Netspar. Roel Beetsma is professor of macroeconomics at the University of Amsterdam (UvA) and since 2005 involved in Netspar research. Other members of the Committee are Kees Goudswaard (Leiden University) and the director of the Netherlands Institute for Social Research (SCP), Paul Schnabel.
The main question for the Committee is whether the present system of supplementary pension provisions is sustainable in the future considering the ageing society. What are possible solutions for improving the shock-absorbing capacity of the present system? Due to the aging of our society, the possibilities for supplementing likely shortfalls in pension funds will be further reduced. The chosen solutions must therefore receive sufficient public support. The social solidarity and collectivity of supplementary pension provisions must be retained. The Committee will submit its report before 31 December.
You can find Dutch translation of this news here.
March 2009
Scholarships for EFA students
Dutch and European students can compete for a € 3000 scholarship, when studying Economics of Finance and Aging (EFA) at UvT. This master's program was initiated by Netspar. There are ten € 3000 scholarships available for the best Dutch and European EFA students. www.netspar.nl/education/master gives you more information on this program and the scholarship. Netspar offers international students from outside the EEA other scholarships. See press release (in Dutch).
January 2009
Collectivity and simple rules pay off
Due to the aging society, pension systems worldwide are under pressure. JiaJia Cui (Tilburg University/Netspar) has found that risk sharing between generations through a collective pension system adds value compared to individual pension provisions. It appears that simple age-dependent saving and investment rules at individual pensions can imitate optimal strategies. Collective and individual pension systems should therefore join forces. JiaJia Cui defended her phd.dissertation on January 16 in Tilburg. See press release (in Dutch).
December 2008
Bovenberg Number One in Polderparade
In the 2008 edition of the Polderparade of the digital magazine Tijdschrift voor Politieke Economie (TPE), Lans Bovenberg is ranked first again, just like last year. The Polderparade is a list of 40 economists who from 2002-2006 have been cited most in the following seven Dutch economic journals and periodicals: Economisch Statistische Berichten, De Economist, Financiële en Monetaire Studies, Kwartaalschrift Economie, Tijdschrift voor Openbare Financiën, Tijdschrift voor Politieke Ekonomie, and Preadviezen of the Royal Netherlands Economic Association (KVS). Also see top-100.
November 2008
Cardano joins Netspar
Cardano, the independent service provider on investment and risk management, has joined Netspar, the leading institute for studies on pensions, aging and retirement. As a partner Cardano will participate in education and research on economic aspects of aging. Theo Kocken, CEO of the Cardano group, thinks that the shared interest to operate in the field where social and financial innovations meet, will provide a strong basis for cooperation. 'With Netspar heading towards a European network and Cardano's recent move into the wider European market, with 40% of its staff based in London, our partnership is a well-timed match. Although we have worked for years with the various Netspar associates, formalisation of the cooperation will make it stronger and more effective.' According to Netspar Director of Partner contacts Frans de Roon, the new partner adds important value to the expertise and network of Netspar. 'Our cooperation will enhance our shared efforts in research and education, as well as expansion beyond the Dutch pensions industry.'
October, 2008
Born under a bad star
People who are born under adverse economic conditions have a higher chance of dying from heart disease in later life. This has been found by Netspar researcher Gerard van den Berg (VU Amsterdam) together with Gabriele Doblhammer-Reiter (Univ. of Rostock) and Kaare Christensenz (Univ. of Southern Denmark). They used data from the Danish Twin Registry, covering births since the 1870s and including the cause of death. From twin pairs raised under different conditions the researchers concluded that the fate of an individual is more strongly determined by genetic and household-environmental factors if early-life conditions are poor. The individual's qualities come more to fruition if the starting position in life is better. There is no effect found on the cancer mortality rate. You can download the complete paper here.
How to survive the credit crunch
At the Netspar Panel on October 16, Antoon Pelsser (UvA) and Peter Vlaar (APG) will present their paper Market-consistent valuation and risk management for pension funds. This has accidently become the No. 1 topic in the current credit crunch. To what extend should pension funds anticipate market changes? Is it possible to define a market-consistent value of conditionally indexed pension rights?
More information.
September, 2008
Dutch and Swedish 50+ are the happiest
Well-being of older age groups is at the top of the European policy agenda. New results of the COMPARE project show that well-being of the 50+ population varies substantially across European countries. People were questioned about satisfaction with income, jobs, health, the health care system, or satisfaction with life in general. Results show that various countries have different levels of well-being, and that the Scandinavian and Dutch 50+ are better off than their counterparts in Southern Europe, Poland, or the Czech Republic. At the final policy conference of the project in Brussels on September 22, the researchers will present the first results based upon these new data. Coordinator is Arthur van Soest (Netspar/Tilburg University). More information .
Best dissertation award for Ralph Koijen
Netspar research fellow Ralph Koijen was awarded a prize of € 5000 by Tilburg University for the best dissertation of 2007-2008. His Essays on asset pricing analyze how the organization structures of banks and pension funds can negatively affect investment returns. Ralph also scored success through the international job market earlier this year. The prestigious University of Chicago offered him a research position. Ralph accepted after turning down offers from Massachusetts Institute of Technology, Wharton School of the University of Pennsylvania, London Business School, Insead, London School of Economics, and University of Lausanne.
August, 2008
Solid and Solidary
A high indexation level is crucial to the public support for our pension system, says Peter Gortzak, vice president of Dutch labor union FNV. That is why FNV turns against economizing the complementary pension and the deterioration of the indexation ambition. In his NEA paper Naar een solide en solidair stelsel, Peter Gortzak addresses the FNV's points of view on degressive constitution of the current contribution system, the differentiation in indexation, and the shifting of pension risks towards participants. This paper is published as a booklet. You can download a pdf here or order a copy.
VNO-NCW aims at combative and versatile pension system
If we want to preserve what is good in our pension system, we have to change. This is the message in Gerard Verheij's NEA paper Het Nederlandse pensioenstelsel: weerbaar en wendbaar. Gerard Verheij is responsible for pension policy at VNO-NCW. In the paper he expresses the ideas of the joint employers' associations on a combative and versatile pension system in the Netherlands. An important issue that Verheij addresses is the shift of risks from employers to collective participants. If this is done responsibly, core values such as solidarity and collectivity will be preserved, Verheij claims. The paper is published as a booklet and will be sent to our partners. You can also download a pdf here or order a copy.
New chair Advisory Board
The Advisory Board of Netspar has appointed Jan Willem Oosterwijk chairman of the Board as of September 1, 2008 until April 2011. Mr. Oosterwijk takes over from Joep Schouten of Cordares who retired last year. Jan Willem Oosterwijk (1951) is currently chairman of the Executive Board of Erasmus University Rotterdam. Recently he was a member of the 'Commissie Bakker' who advised the Dutch government on labor market participation.
At the arrival of the new chairman the Advisory Board will start a new operating procedure. The main Board, in which all partners reside, will meet once a year. An Executive Board, consisting of one member on behalf of the pension funds, one on behalf of the insurers and one on behalf of the public sector, will meet quarterly. This working method will enable the Advisory Board to operate more sharply and closer to Netspar policy.