COURSE

Pension education with perspective
SPO’s mantra is pension education with perspective. This perspective is multi-faceted, seeking the input of employers, boards, supervisors, administrative services, asset managers, consultants and, last but not least, the participants, the end-users and object of this proposition.
 
A mix of teaching materials and technology makes SPO's training courses more efficient and effective for course participants, clients and tutors. The SPO programme is:
  • Practical and application-oriented. The courses build on existing knowledge, both by using recognisable, current practical examples and by involving the students' own work practice in the study programs. Theory is linked to practical case studies, so that the knowledge gained can be applied directly to the workplace.
  • Interactive. Knowledge only really sticks when it is created through collaboration and in interaction with other students, tutors and content experts from SPO.
  • Assessment-based. Assessment forms an integral part of SPO training courses. The learning objectives of the courses are in line with the professional profiles in the pension sector. SPO's guarantee this with independent examinations and other instruments to test knowledge and practical competence.
  • Flexible and accommodating. Since not everyone learns in the same way, SPO provides a varied learning environment. With sensory-rich work forms, the use of multiple learning places and looking through someone else's eyes, SPO responds to this diversity.
The SPO IPE Training Course for Asset Managers is split into six modules

MODULE A – INTRODUCTION TO THE DUTCH PENSION FUND SECTOR

  • The Dutch pensions landscape
  • Types of pension funds
  • Board membership requirements
  • Trends, and recent developments (highlights)
  • Legal framework
  • Pension law
  • Tax law

MODULE B – REGULATORY FRAMEWORK OF PENSION FUNDS AND ASSET MANAGERS

  • Transparency requirements
  • Prudent person requirements
  • Dutch National Bank (DNB) regulation covering:
    o FTK: Financial Assessment Framework (FTK) and risk framework.
    o New required solvency (VEV) and solvency requirements.
    o Outsourcing rules o Reporting requirements o Accounting rules o Valuation of liabilities
  • Netherlands Authority for the Financial Markets (AFM) and communication covering:
    o Pension fund costs
    o Communication with members
  • Ethical requirements for trustees and asset managers.

MODULE C – TRENDS AND DEVELOPMENTS

  • Market developments, especially the new Pensions Contract
  • Governance issues
  • Consideration
  • Cost reduction

MODULE D - MARKETING TO DUTCH PENSION FUNDS

  • Typical portfolios, investment management and investment policy
  • Risk management
  • ESG, SRI and SDG policies
  • Mandates and reporting
  • What's on a pension fund trustee’s mind?
  • Data sources: DNB
  • Data sources: IPE

MODULE E – ESTABLISHING A RELATIONSHIP

  • Cultural characteristics
  • Organisational structure of pension funds
  • Establishing the initial contact
  • Fee structure; best practices
  • Reputation risk

MODULE F – SIMULATION AND ROLEPLAY: THEORY AND PRACTICE COMING TOGETHER

  • DNB regulation states that risk is the top first priority for Dutch pension funds, especially risk from the point of view of the DNB. Return is of much less importance
  • The asset manager should stick to the mandate. In particular, it should not hold unmandated cash or stray from the risk framework; it should understand that from the perspective of the Dutch pension fund, changes in liquidity represent a change in risk
  • Management fees are a risk, according to the AFM
  • Understand the client’s goals holistically and do not second-guess the client