Projects (102)

The goal of this research project is to investigate the scope for devising robust investment strategies that “age well” with participants, taking into account individual preferences, their evolution, and the fact that preference measurements will be noisy. Some focal questions will be the following: Given the potential time consistency problems and the non-negligible individual economic uncertainty, how crucial is personalization of investment strategies for…

There are several important differences between the systems in the Netherlands and in Iceland.  The first pillar is means tested in Iceland and not in the Netherlands; the second pillar mandatory in Iceland but not in the Netherlands and the self-employed end up having a pension because they  have to calculate own wages for tax purposes and pay a pension contribution on that basis….

The project evaluates the sustainability of the state pension systems of major advanced economies using a multi-period overlapping generations (OLG) model. The analysis takes a macroeconomic perspective, grounded on two novel contributions, one methodological, the other quantitative. The quantitative contribution is to provide empirical evidence on the debt limits and the sustainability of the pension systems in the ten largest EU countries (Austria, Belgium,…

This project investigates pension fees in the Netherlands, Poland, Canada, and the United States, focusing on the determinants of low fees. The level of pension fees can have a large effect on pension account balances at retirement. Proper information about the level and structure of fees and charges is crucial for the effective governance of pension plans. It is also valuable to the members…

The division of tasks between pension funds and other pension providers, in particular insurers, consists of rules regarding domain and product demarcation for pension funds. The rules are partly based on EU law; this concerns in particular the rule that a pension fund only carries out activities related to pension (Article 116 of the Pensions Act, the prohibition of ancillary activities, based on Directive…

When switching from an existing benefit scheme to the new Solidaire Premium Agreement (SPO) or the Flexible Premium Agreement (FPO), shares of participants are converted into personal assets. The main question of this research is how communication around this transition can be formed. The main question consists of several sub questions. We distinguish between communication at the time of decision-making (for the funds involved)…

Inflation can erode the purchasing power of pensions. The subject is very topical because of the rising inflation, but it hardly plays a role in the proposed new legislation. In a previous Netspar project, the researchers investigated the added value of sharing inflation risk within a fund between active and inactive participants, for example by working with real protection returns. In this follow-up project…

In the new flexible premium contracts and in the existing contracts under the Improved Contribution Scheme Act (Wet Verbeterde Premieregeling or WVP), around their retirement date participants can choose between a fixed monthly pension or a variable pension that is expected to be higher but is uncertain also. This project examines the desired guidance in this choice and possible differences between participants in the…

In this topicality project we investigate the economic and legal consequences for pension funds that do not or only partially transit. We analyze what room the (pension) legislation leaves for funds not to go into transition and discuss the economic and legal scenarios and consequences if pension funds decide not to transit. This research focuses on two main questions: What are the legal requirements…

The new Dutch pension system requires pension providers to determine an appropriate investment risk profile for different groups of participants, depending on their ability to bear investment risk (risk capacity) and their risk preferences (risk tolerance) (Ministerie van Sociale Zaken en Werkgelegenheid, 2020). While the measurement of risk preferences is well established, there is a need for a well-established measure of risk capacity (in…