1. Input for ART on Micro Pension views from Jurjan Mol, Nationale-Nederlanden 1

2. Contents Who am I? Basics of Dutch Pension market Example of a DC product Challenges for a growing pension product 2

3. Who am I? Jurjan Mol, 32 years old, live and work in Rotterdam Married to Elizabeth and father of a son – Samuël – and a daugther – Aimée. Studied International Development Economics, graduated on Microfinance 3 Car insurance Mortgages IT project management Process improvement & Data analytics Pension Working at Nationale-Nederlanden since 2007:

4. Basics of Dutch Pension market Focus on Defined Contribution 1.Second pillar pension accumulation through an employer (or industry-) pension scheme 2.In the market for pension insurers, the demands shifts towards DC (now 3/4th of this market is DB). 3.The government restricts the amount of DC premium with a ‘staffel’ system : maximum premium based on salary. 4.Insurance companies use lifecycles match risk-acceptance and age of a participant. Often participants are able to make personal investment choices 5.Most pension schemes have additional insurance products attached, for risks like death and disability 6.On pension date (around 67) you are obligated to buy an annuity with the capital that is accumulated with the pension scheme(s) 7.There is limited flexibility : starting pension earlier / later, variable level of annuity (e.g. first high, then low), decease partner pension benefits to increase annuity 4

5. Example @ Nationale-Nederlanden 5 Nationale-Nederlanden Bewust Pensioen (Bewust = ‘Aware’) Defined Contribution product (but employer has option to guarantee a part of the pension) The non-guarantee part is accumulated through lifecycle investment (e.g. at young age relatively more risk with stocks and when becoming older more bonds and therefore less risk) Participant has option to ‘click’ his/her capital from age 50 to secure/guarantee a larger part of the outcome. The part of the capital that is ‘clicked’ is actually used to buy an deffered annuity

6. Challenges for a growing pensionfund From my perspective / expertise Data & analytics - Store data about participants, portfolio, financial and operational performance - Set goals and monitor, analyse and reflect periodically - Celebrate 6 Be there for the participant at the “moments of truth” - Based on data, but also on experience: how well are you performing on specific life- events of the participants - Why: satisfied participants are promotors and flawless executed service are less expensive (less rework, less ‘non-value added activities’, less complants)