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Occupational pensions, macroprudential limits and the financial position of the self-employed

“Tighter borrowing restrictions in the mortgage market do not crowd out additional pension saving for self-employed” Tightened borrowing restrictions, such as lower macroprudential limits on the loan-tovalue ratio or the debt-service-to-income ratio, make it relatively harder for many Dutch households to obtain a mortgage in recent years. We find no contradiction to the current policy aim of increasing pension saving of self-employed individuals. Whereas…

Smoothed return allocation

“Equal fluctuations in pension payments implementable in new Dutch pension scheme” Pension funds may find it desirable that fluctuations in pension payments are equal for all retirees independent of their age. Moreover, in view of habit-formation preferences, they may wish to allocate returns in a smoothed way. We propose a concrete allocation mechanism that achieves both goals and satisfies the requirement that ex-ante redistributions…

Educational differences in trends in physical disabilities and experienced health in the Netherlands

“Government’s current picture of older worker’s health is not that reliable” As the state pension age rises, the proportion of older workers experiencing non-fatal health problems that influence their ability to work might increase despite an overall improvement in the general population’s health. However, obtaining an accurate picture of the situation is difficult because the outcomes observed are influenced by the health indicators used…

Consumption and time use responses to unemployment

“Do unemployed people self-insure their loss of income?” Unemployment often has major consequences for income and pension accrual. To what extent can unemployed people absorb this income drop by increased home production? And do younger and older workers differ in this regard? Knowing the answers to these questions is important for determining the optimal risky share of pension wealth over the life cycle. That…

Herstelpotentieel voor pensioenfondsen in onderdekking

“Minder risicomijdende beleggingsstrategieën verbeteren het herstel in ongunstige scenario’s” Pensioenfondsen hebben de ambitie om deelnemers na pensionering een inkomen te bieden dat hun levensstandaard in reële termen handhaaft. Door de lage rente sinds 2008 is het voor pensioenfondsen moeilijker geworden om deze reële ambitie voor hun deelnemers waar te maken. In reële termen gemeten (dus inclusief prijsindexatie) zijn Nederlandse pensioenfondsen ernstig onder-gefinancierd. In dit…

The advantages of the solidarity reserve unraveled

“Ex post controls through solidarity reserve have no added value” The solidarity reserve is a new element in the Dutch pension agreement. This reserve may be used towards intergenerational risk sharing. We have drawn on the academic literature to identify how the solidarity reserve can contribute to risk-sharing between generations and what the implications are for the solidarity reserve’s setup. The Explanatory Memorandum of…

Podcast Pensioen & Duurzaam beleggen – deel II

Onze podcastserie Pensioen & Duurzaam beleggen is vorige week van start gegaan. Deel I over Risico, rendement en het gebruik van data was de aftrap van dit drieluik. Een wetenschapper en iemand uit de praktijk gaan onder leiding van Oscar van Zadelhoff van BeFrank het gesprek aan. Iedere week praat Oscar met nieuwe gasten over dit thema met iedere keer een ander aandachtsgebied. In…

The Effect of the Dutch Financial Assessment Framework on the Mortgage Investments of Pension Funds

“Mortgage investments help to boost pension funds’ performance” Following the financial crisis of 2008-2012, the Netherlands published the new Financial Framework (FTK) in 2014 to make Dutch occupational pensions more sustainable, stable and resilient. Since the framework’s publication, mortgage holding under pension funds has soared as they have sought to recover from the crisis and improve their financial performance. Low interest rates have contributed…

What is inertia?

“Lack of a clear definition makes it hard to tackle this issue effectively” No clear and common definition of inertia exists. Pension participants who review their situation but decide to make no changes can therefore be wrongly classified as inert. A clearer picture of who is inert and what inertia is will enable pension experts to provide more tailored advice and better inform participants…

Nieuwe podcastserie: Pensioen & Duurzaam Beleggen

In navolging van onze vorige podcastserie Pensioen & Arbeidsmarkt, gaan we door met het maken van podcasts waarin een wetenschapper en iemand uit de praktijk onder leiding van een gespreksleider praten over een thema. Deze maand staan onze podcasts in het teken van Pensioen & Duurzaam beleggen.   In drie delen praat gespreksleider Oscar van Zadelhoff van BeFrank iedere week met verschillende sprekers over…

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