Market, intergenerational risk-sharing ‘integral’ to Dutch system

first_imgThe principle of sharing market risk, such as inflation risk, and intergenerational risk must remain in any updated pensions system in the Netherlands, a number of industry experts have argued.Speaking on a panel at the recent FD Pension Pro IPE congress in Amsterdam, Peter Borgdorff, director of the €140bn healthcare scheme PFZW, said: “There is not a single insurance against market risk.”His view was echoed by Michiel Hietkamp, chair of the youth branch of union CNV and one of the driving forces behind PensioenLab, who said solidarity among generations was “very important”, adding that the debate over the average pension contribution’s redistributive effects must be held anyway.In Hietkamp’s opinion, individual pension rights should be introduced where possible, but a collective approach should be kept where necessary to guarantee a minimum pension. Kees Goudswaard, professor of economics at Leiden University, said Dutch society was facing a fundamental choice between sharing pension risks between generations, and the introduction of individual pension rights.However, he argued that the first option would limit risk sharing if financial shocks were spread out over time – as the new financial assessment framework (FTK) is likely to prescribe – while increased freedom of choice would hamper risk sharing.In Goudswaard’s opinion, future generations should not have to contribute to the rising life expectancy of current participants.He also suggested that a clearer pensions contract would help to prevent possible disputes arising from the discretionary decisions of pension funds’ boards.However, both Borgdorff and Leo Witkamp, director of the €4.4bn pension fund PNO Media, highlighted the importance of this discretionary competence, which they said enabled boards to respond to unexpected developments, and to guarantee a balance in risk sharing among all participants.Borgdorff added: “We can’t leave these decisions to the supervisor or the legislator, as the government can’t be trusted for setting consistent rules.”● Also during the congress, several representatives of the sector underlined the importance of freedom of choice for participants to pick their preferred arrangements.Joep Schouten, retired sector veteran and now a pensioner on the board of metal scheme PMT, pointed at the psychological effect, “as people want freedom of choice, without necessarily using it”.● Asset managers warned that employers that opt for a defined contribution plan with lifecycle arrangements should not let price be the decisive factor, as low costs may come at the expense of the quality of the scheme.As lifecycle plans are currently difficult to compare, the sector is developing a framework to address this problem, according to Tjitsger Hulshoff, strategic adviser at ING IM, who underlined the importance of tailor-made solutions.● Systematically assessing risk management, sticking to a long-term investment policy and buying when the markets are low is the secret of a successful company pension fund, according to Loek Sibbing, until recently director at Univest Company, the asset manager for the 80 worldwide pension funds of food and cosmetics giant Unilever.Previously, Sibbing was chairman of Unilever’s €4.6bn Dutch pension fund, one of the best performers in the Netherlands, with a funding of 106% in real terms.last_img read more

Demerara dethrone Berbice to take HiH 50-over title

first_imgHOSTS Demerara snatched victory and in the process dethroned defending champions Berbice in the final of the Hand In Hand 2019 Under-19 Inter County 50-Over Tournament which ended yesterday.Played at the GCC ground, Bourda, Berbice opted to bat after they won the toss against Demerara, but eventually lost by five wicketsHowever, the Berbice batsmen failed to live up to expectations, as Demerara produced exceptional bowling performances to fold Berbice at 115 all out in their allotted 50 overs.Opening batsmen, Kevlon Anderson topscored with a watchful 33 runs off 65 balls, complemented by one 6 and one 4, and undefeated Seon Glasgow 21, inclusive of a boundary.Deonauth Persaud who caught in an attempt to hit a maximum, made 14 with one 4, before he was sent on his way by Qumar Torrington.The Demerara bowlers tormented the remaining Berbice batsmen, to induce a low and highly probable manageable victory target for Demerara.Daniel Mootoo limited Berbice in their pursuit of achieving a mammoth total, by grabbing 4 wickets for 32 runs with support from Ashmead Nedd and Joel Spooner who earlier picked up 2 wickets each.Demerara in reply, batted confidently to gain victory by six wickets.Sachin Singh capped the top score for Demerara with a brilliant 48 off 43 balls, in which he hit four 6s and two 4s, but was eventually dismissed, caught by Gevon Schultz.Alphius Bookie added 30 off 48 balls as Nedd and Andrew Samaroo ended unbeaten with a closing partnership of 17 runs, which was enough to secure victory for Demerara, as they finished on 116 for 5 off 28 overs.Individual awards went to:Junior Sinclair – Most Valuable Player with 374 runs,11 wickets and four dismissalsJunior Sinclair- Player with the most runs, standing at 374Kelvin Umroa with 26 wicketsMavendra Dindyal with Most Dismissals , a total of fiveDaniel Mootoo – Man of the Match awardlast_img read more

Begovic: Unfavorable Result for Us, but We will fight until the End!

first_imgUnfavorable result with Belgium in Brussels, 3: brought a disappointment to the BH team because now we have to fight for the 3rd place in the group, i.e. barrage, and to achieve it, we need to win in the next three matches, but also to await other results.After the match, goalkeeper of Dragons, Asmir Begovic, wrote on Twitter.“Unhappy result for us. Thanks to all our fans for the support. We are going forward and we will fight until the end!!Elects of Mehmed Bazdarevic are now facing the match against Andorra on 6th September on the stadium Bilino Polje in Zenica.(Source: