In this thesis we examine the intergenerational effects of the shift to a new Financial Assessment Framework (FTK, Financieel Toetsingskader) in the Netherlands. We split the package of measures in separate measures, which are then evaluated with a tool that
consists of both a classic Asset-liability Management (ALM) model and a value-based ALM model. The latter is a combination of generational accounting and a value-based approach. With classic ALM we evaluate how the new FTK affects the financial position of the fund. With value-based ALM we evaluate the intergenerational effects. We find
that the average financial position of the fund is improved in the sense that the funding ratios are higher. Furthermore, the probability of underfunding and the probability of cuts have decreased. Moreover, when cuts are applied, the cut rates are lower. From the value-based ALM results we find that the middle-aged cohorts, that is, cohorts that are currently of age fifty-five, experience a decrease in their generational accounts due to increased contributions and lower expected benefits. The new FTK is beneficial
for retirees who benefit from the delay of nominal cuts in the new FTK. The younger aged cohorts have also improved in their generational accounts. These cohorts face the downside of higher contributions, but are in the long run compensated due to the
improved financial position of the pension fund.

Netspar, Network for Studies on Pensions, Aging and Retirement, is een denktank en kennisnetwerk. Netspar is gericht op een goed geïnformeerd pensioendebat.

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