The Netherlands: Pensions Architects - Holland Financial Centre

TheNetherlands:PensionsArchitectsEdition 2012

Who is who 301 Institutions 302 Knowledge and Educational Centres 323 Asset Management, Pension Administration,Custody & Insurance 374 Legal 885 Consultancy 1046 Accountants & Tax advisors 128Index who is who 136

1 IntroductionThis is the story of the Netherlands, one of the world’s bestlocations to find high quality products: from flowers, old andnew windmills and design products to excellent pensionservices and solutions.In this booklet the Netherlands promotes itself as the primelocation for offering high quality retirement managementservices. And – as this booklet will clarify – we have everyreason to do so.The Netherlands has always been a very friendly, open mindedeconomy. The central geographical position of the Netherlands,its excellent connectivity, the highly developed infrastructureand its multilingual highly educated workforce are some of thereasons why numerous European, American and Asian companieshave established their offi ces in the Netherlands. Chapter2 contains some key data of the Netherlands.Chapter 3 is called the ‘The Pension Challenge’ and providesinsight in the components of ‘pensions’ separately from thepension systems in the different EU Member States. In thischapter we will describe the six components from which eachpension is constructed. Interesting to note is that each componentcould be applied abroad.In chapter 4 we explain the need for Pension Pooling in generaland the trend towards grip and control specifi cly. Chapter 5contains vital information on the new Dutch IORP: the PremiumPension Institution (PPI). This new pension vehicle is recentlyintroduced in the Netherlands and is already a big successamongst Dutch Financials. Through the PPI the Netherlandswill position itself as an excellent location for the establishmentof cross-border operating pension vehicles.6

In the Netherlands, we see opportunities long before othersdo. We combine innovative products with prudent and soundsupervision. A combination which is needed in both prosperousas well as weary times.We very much welcome you in the Netherlands and willbe happy to answer any of your questions. We will helpyou find your way to set up your business in a smooth andefficient manner!Holland Financial CentreT +31 (0)20 708 5800info@hollandfinancialcentre.nl7

Gateway: Schiphol Amsterdam AirportAir transport movements x 1000Charles de Gaulle ParisFrankfurtHeathrow LondonMadridAmsterdamMunichFiumicino RomeBarcelonaZurichCopenhagen324303258254507481476429420388Source: Traffic Review 20119

The Holland Financial MapThe map shows the 100 biggest financial companies in theNetherlands, including all address details.The Holland Financial Map can be downloaded via the website:www.hollandfinancialcentre.nl or ordered viainfo@hollandfinancialcentre.nl.13

Table top 30 pensions funds in Europebln €1 Government Pension Fund – Global Norway 3772 ABP The Netherlands 2393 Pensioenfonds Zorg en Welzijn The Netherlands 1024 Arbejdsmarkedets Tillaegspension Denmark 865 Reserva de la Seguridad Social Spain 606 Alecta Sweden 517 Bayerische Versorgungskammer Germany 458 BT Group plc UK 409 Pensioenfonds Metaal en Techniek The Netherlands 3810 PFA Holdings A/S Denmark 3511 AMF Pension Sweden 3312 Universities Superannuation Scheme UK 3213 Fonds de Réserve pour les Retraites France 3114 Varma Mutual Pension Insurance Finland 3115 Danica Pension Denmark 2916 Kommunal Landspensjonskasse Norway 2917 Royal Mail Group UK 2818 Vital Forsikring ASA Norway 2719 bpfBOUW The Netherlands 2720 Keva Finland 2721 Ilmarinen Pension Insurance Finland 2622 Tredje AP-fonden (AP3) Sweden 2523 BVV Germany 2524 PUBLICA Pensionskasse des Bundes Switzerland 2525 Alcatel-Lucent France 2326 Andra AP-fond (AP2) Sweden 2327 National Pensions Reserve Fund Ireland 2328 Första AP-fonden (AP1) Sweden 2229 Metalelektro (PME) The Netherlands 2230 Fjärde AP-fonden (AP4) Sweden 22Source: IPE Magazine, supplement Europe Top 1000 PensionFunds, October, 201115

3 The PensionChallenge3.1 IntroductionAn adequate retirement provision is what everybody wantswhen reaching old age. One way to finance the retirementis by saving up for a pension provision. Pension provisionsor retirement benefi ts consist of various building blocks andare defined in many forms. In a paper produced by HFCRM,retirement benefi ts are defined as follows: ‘retirement benefi ts’are benefi ts paid by reference to reaching, or the expectationof reaching, retirement or, where they are supplementary tothose benefi ts and provided on an ancillary basis, in the form ofpayments on death, disability, or cessation of employment orin the form of support payments in case of sickness, indigenceor death. In order to facilitate financial security in retirement,these benefi ts usually take the form of payments for life. Theymay, however, also be payments made for a temporary periodor as a lump sum.The various building blocks of retirement provisions can beconstructed at the level of a country (government), industry,company, or individual. Countries may provide social assistancefor all civilians living in their country. Employees can alsoaccrue retirement benefi ts by joining a pension fund, insurancecompany, bank or IORP. Employers and/or employees cancontribute to accrue a pension. Furthermore, individuals canalso accrue a pension with individual arrangements such asindividual savings for retirement.To determine the pension system modalities and reform optionsthat should be considered with respect to pensions, the WorldBank developed a policy framework that applies a five-pillarmodel defining the range of design elements. The five pillarsare (loosely translated):16

PillarZeroFirstSecondThirdFourthExplanationNon-contributory social assistance financed by thestate, fi scal conditions permittingMandatory with contributions linked to earnings andobjective of replacing some portion of lifetimepre-retirement incomeMandatory defined contribution plan withindependent investment managementVoluntary taking many forms (e.g. individual savings;employer sponsored)Informal support (such as family), other formal socialprograms (such as health care or housing), and otherindividual assets (such as home ownership andreverse mortgages)The non-contributory ‘zero pillar’. This is the general socialassistance, typically financed by the local, regional or nationalgovernment. The aim is to deal explicitly with the povertyalleviation objective in order to provide all of the elderly with aminimal level of protection. This ensures that people with lowlifetime incomes are provided with basic protection in old age,including those who only participate marginally in the formaleconomy.The mandatory ‘first pillar’, with contributions linked tovarying levels of earnings, with the objective of replacing someportion of lifetime pre-retirement income. First pillars addressaspects including the risks of individual short sightedness,low earnings, and inappropriate planning horizons due to theuncertainty of life expectancies, and the lack of knowledge orrisks of financial markets. They are typically financed on a payas-you-gobasis.The mandatory or voluntary ‘second pillar’ that is typicallyan occupational pension plan with a wide set of designoptions, including active or passive investment management,choice parameters for selecting investments and investmentmanagers, and options for the withdrawal phase. These canbe financed on a pay-as-you-go basis or on a capital-fundingbasis.17

The voluntary ‘third-pillar’, taking many forms, e.g. individualsavings for retirement, disability or death, employer sponsored,but which is essentially flexible and discretionary in nature.Third pillars compensate for rigidities in the design of othersystems, but include similar risks as second pillars. This isfinanced on a capital funding basis.The non-financial ‘fourth pillar’, which includes access toinformal support (such as family support), other formal socialprograms (such as health care and/or housing), and otherindividual financial and non-financial assets (such as homeownership and reverse mortgages where available).In today’s world, the urgency to ensure pension is increasing.Setbacks in economic growth, public budgets, financialstability and employment have made it more urgent to adjustretirement practices and the way people accrue entitlementsto pensions.Demographic ageing has been faster than previously expected.There have also been profound structural changes, such as newintergenerational balances, shifts from Pay-As-You-Go (PAYG)to funded pensions, and the shift of more risks to individuals.Providing people with an adequate and sustainable retirementincome now and in the future is a major challenge. The recentfinancial and economic crisis has aggravated and amplified theimpact of the severe trend in demographic ageing. While it is wellknown that Europe is facing a major demographic challenge, weare reaching a critical stage as the first cohorts of baby boomersare now approaching retirement, and Europe’s working-agepopulation is set to start shrinking from 2012 onwards.Living longer than ever before is naturally an enormousachievement: over the last 50 years, life expectancy has risenby about five years in the EU. The latest demographic projectionsreveal that a further rise of about seven years could materialiseby 2060. Combined with low fertility rates, this will leadto a dramatic change in the age composition of the population.As a result, the old-age dependency ratio will double: where atpresent there are four people of working age for every personover 65, by 2060 there will be just two people of working-agefor every person over 65.18

There are also other longstanding trends in labour markets:starting full-time working lives later because of the increasedneed for education, and retiring earlier due to labour marketage management and prevailing policies. Although the trendof early retirement has started to reverse, most people, andwomen in particular, still leave the labour market signifi cantlybefore the typical pensionable age of 65, highlighting thegender aspect.Another longstanding trend is societal change – such as singlehouseholds, couples without children, and different generationsof a family living far apart from each other – which is fuellingmore formal provision of care services otherwise providedwithin the family. This poses further challenges to the financingof the cost of health care and long-term care. Funded pensionscould also be affected by demographic ageing. Ageing societieswould reduce the potential growth rate of the economy,implying lower real rates of return and affecting financialasset prices. Such potentially lower returns on pension fundinvestments may lead to higher contributions, lower retirementbenefi ts, increased capital outflows to emerging markets, orgreater risk taking.The financial and economic crisis has seriously aggravated theunderlying ageing challenge. The crisis has a serious impact onfuture pensions, as many workers will have lost their jobs andhave been unemployed for a certain period, and others mighthave had to accept lower earnings or shorter working hours.3.2 Six components of pensionsThis paragraph provides insight in the components of ‘pensions’separately from the pension systems in the differentEU Member States. In this paragraph, we will describe the sixcomponents from which each pension is constructed: Legislationand Supervision, Pension Management, Administrationand Communication, Asset Management, Risk Management,and Pension Vehicles.19

2. By which parameters are pension schemes managed?The parameters that can be used to influence the retirementprovision will be described in this chapter. These parameterscan be seen as ‘controls’ that can be adjusted, and include:contribution, benefi t, accrual, retirement date, risk, indexationand guarantees.The degrees of solidarity will also be described in this chapter.There are various forms of solidarity, including solidaritybetween:– higher and less educated people– women and men– old versus young peopleThe best solidarity can be achieved easier in larger groups ofmembers. To achieve this and to prevent adverse selection,obligatory participation may be required.3. Which aspects with respect to administration andcommunication are essential during the life cycle of anindividual, and what are the requirements?During the entire life cycle of a person, the choices and eventsimpacting the retirement provision need to be documented.Also, communication with respect to the retirement provisionto the (future) pensioner is needed. In this chapter theadministration and communication processes will be describedby following an individual’s life cycle and will be discussed inmore detail. Examples of events during his/her working life andevents at and after his/her pension age are: debt collection,value transfer, shifts in the pension date and discharge ofemployment.In this chapter also the standardisation of processes arediscussed. The administration and communication processesare complex. The processes could be characterised as highvolume, and the outputs are becoming more and more availablein real-time and online. Therefore, it may be valuable tostandardise the processes as much as possible, and straightthrough processing (STP) could be useful to standardise theseprocesses, to reduce the level of errors and to increase thespeed of transaction.21

4. Which aspects with respect to asset management areessential for the retirement provision, and what are therequirements?Asset management is an important element in constructingretirement provisions. The quality of the investment policyin the provision for old age is crucial for the parties involved:it can contribute to lower and stable contributions, to morecertainty about the level of the pension, and good opportunitiesfor indexation. Within this building block there are various keycomponents from which selections must be made to guaranteesound asset management for the provision for old age. A soundselection from the various service concepts and asset classesshould be made in this context and are discussed within thischapter. Service concepts as asset only, multi managementen fiduciary management are described in this chapter. Alsodiscussed is the inclusion of new (alternative) asset classes andderivatives in the portfolio of pension funds. These have advantages:they usually reduce the overall portfolio risk and provideattractive returns. For example, these include investments inprivate equity, life settlements, security lending, bank loans andinfrastructure. On the other hand, the measurement of thesenew (alternative) asset classes is often a diffi cult exercise. Thefinal part of the chapter points out some of the recent trends inasset management like Liability Driven Investments (LDI), Lifecyclingand Socially Responsible Investments (SRI).5. Which aspects with respect to risk management areessential for the retirement provision, and what are therequirements?In this chapter we describe the different risk categories. Theserisks can be split into three key areas: financial risks, nonfinancialrisks and control measures. By using a framework forrisk management, parties are able to control their risks. Oneexample of a risk management framework, is the COSO model.COSO is a management model, developed by the Committeeof Sponsoring Organizations of the Treadway Commission(COSO). A risk management framework, such as COSO,enables organizations to control their risks and link the riskmanagement process to the goals of the organization. In thischapter three steps are discussed to build a risk control framework:describe the context, analysis of the risks and evaluate22

and adjust risk management. To control the risk, segregationof duties is necessary. The three lines of defense model statesthat there is an important segregation of duties between thenormal management function, the risk management function,the compliance function, and the (internal) audit function. Thissegregation of duties is built in to ensure suffi cient precautionshave been taken to make sure that the taking of too high riskswill be prevented or at least signalled on time. Also the fouraspects to be considered when building the risk managementfunction (governance, risk reporting, infrastructure and systemsand people) are described.6. Which international pension vehicles can be distinguished,and which entity has the highest possibility ofcapital preservation?It is needless to say that the before mentioned themes haveto be structured in a pension vehicle that delivers the servicesneeded to manage and control the retirement provisions ofeach individual. In this chapter the IORP directive is discussed.The IORP provides the possibility for pension funds of i.e. multinationalcompanies to serve all employees from one place ofestablishment and provide them with a retirement benefi t. Thismeans that a pension fund located in a Member State (referredto as home country) may have cross-border activities and operatevarious pension schemes applicable to employees workingin different countries also know as host countries.Also some new IORPs such as the Belgium OFP, the SEPCAVin Luxembourg and the Premium Pension Institute (PPI) inthe Netherlands are discussed in more detail (see also nextchapter). By offering these new vehicles, Member Statesare trying to present themselves as an attractive domicilefor IORPs. Although the internal market for pension fundsgrows slowly due to a number of barriers that do not stimulatecross-border activity taking place. The European commissionbelieves that barriers are in many cases the result of regulatorydifferences and legal uncertainties, such as a clear definitionof cross-border activity, a lack of harmonization of prudentialregulation and complex interaction between EU regulationand national law.23

To stimulate cross-border activity for pensions more workneeds to be done. Next steps included for example a review ofthe current IORP Directive, come to further supervisory convergenceand more transparency about national differences.Source: “The Pension Challenge”, Holland Financial Centre forRetirement Management, 2010 (for the complete document,please visit the website: www.hollandfi nancialcentre.nl)24

4 Pension PoolingTrend towards grip and controlMultinational companies are facing major pension issuesin Europe. These are forcing them to take action to improvetheir management and control of the pension schemesthey provide for their workforces and to equip them for thefuture. The European Commission is assisting them throughthe Directive on pan-European institutions for occupationalretirement provisions (“IORPs”).Increasing rules and regulations, stricter accounting standardsand today’s turbulent financial markets are forcing companiesto actively manage their pensions. This used to be a purelylocal matter for Human Resources departments. Under IFRS,pension fund defi cits now have to be reported as debt incompany balance sheets, and that has brought the issue ofpension management onto the radar screens of headquartersand CFOs.Many companies start by gathering information on local plansto gain insight into costs, liabilities and risks. This increasestheir awareness and often reveals inconsistencies and inefficiencies, while also showing the size and format of problemsthat various local plans have in common. It includes the needfor professional governance in each jurisdiction, complianceand reporting to various authorities. Harmonizing these plans isbecoming an increasingly attractive option.Research shows there are three major reasons why companiesare seeking to align their international (pan-European) pensionschemes by pooling risks and assets and have benefi ts:1. governance and compliance;2. grip on costs, liabilities and risks;3. opportunities to achieve economies of scale.The fi rst movers in terms of innovation have been corporationswith the in-house capacity and expertise needed to design andimplement multinational solutions. They are also large enoughto build and manage any special purpose vehicle needed to25

meet their objectives. These parties will smoothen the path forthe next round of early adopters.Sponsors are looking for the best locations for their poolingarrangements and vehicles. Assisted by professionaladvisors, they will therefore be focusing on legislation, reliableand predictable supervision, political and economical stability,flexibility in solutions, the availability of skilled employees,cultural aspects and, last but not least, charges and taxes.Plan members and their representatives, however, willhave a slightly different focus on the new location hostingtheir benefits. They and their advisors will want to know howsustainable and safe the new environment for their accruedbenefi ts is, and how robust the supervision is.The Netherlands is perfectly situated in these respects, given its:– expertise: over 125 years of involvement in dealing with pensionchallenges;– open culture of being business-oriented, open for dialogueand with robust legislation and supervision;– vast network of tax treaties for minimizing cross-border taxineffi ciencies;– wide range of nationally and internationally renowned financialservice providers.26

5 Premium PensionInstitution (PPI)A transparent Dutch IORPThe Dutch pensions market, which has traditionally consistedmainly of defi ned benefit (“DB”) schemes, is now openingup under the infl uence of a worldwide trend towards defi nedcontribution (“DC”) schemes and the European Directiveon pan-European institutions for occupational retirementprovisions (“IORPs”).The Dutch version of such an IORP is the premium pensioninstitution (premiepensioeninstelling, “PPI”), which is specifi -cally designed to host cross-border DC schemes. The legislationintroducing and regulating the PPI entered into force onJanuary 1, 2011.BackgroundThe introduction of the PPI is part of a larger process to makethe Dutch pension sector even more internationally competitive.The Netherlands is renowned for its great expertise in pensions,its leading international rankings and its ability to assistcountries and companies by providing a wide range of servicesin the six components universal to any pension scheme (see‘The Pension Challenge’, page 7).The PPI offers multinationals an attractive IORP and positionsthe Netherlands as the country of choice for cross-borderpension schemes. In other words, the ideal place for pensionpooling.Following the launch of the PPI, the next step for the Dutchlegislator is to introduce the general pension institution (alge-mene pensioeninstelling, ”API”). In contrast to the PPI, the APIwill also be able to administer cross-border schemes based ondefined benefi ts.27

Characteristics of a PPIAble to administer several (cross-border) DC pension schemesA PPI may only administer DC pension schemes. In otherwords, schemes in which the contribution, but not the amountof the final pension benefi t, is set in advance. A PPI can administerDC pension schemes:– on an individual or group basis– for a specifi c company or group(s) of companies, and– may ringfence the different schemes’ assets.Not allowed to bear riskIn contrast to pension funds and insurance companies, a PPImay not bear any risks linked to death, disability or longevity(“biometrical risks”). Furthermore, it is not allowed to guaranteereturns on contributions invested or guarantee pension benefits. An employer wishing to operate a pension scheme andcover such risks must engage an insurance company. A PPIcan also act as an intermediary between insurance companiesand employers, providing a “one stop shop” for the latter. Insuch situations, however, the PPI will be subject to additionalrules.Primarily involved in the accrual phaseThe activities a PPI is permitted to perform include activitiesnormally carried out by pension providers during the pensionaccrual phase. Lifelong payments of retirement pensions, however,entail a longevity risk, which a PPI is not allowed to bear.During the accrual phase, the PPI will receive contributionsfrom the employer and will invest these in accordance with theprudent person rule. The PPI will also administer the schemeand communicate with participants. When a participant retires,the PPI must transfer the corresponding assets that have beeninvested to a pension administrator, such as a life insurer orpension fund, that is allowed to bear risks. The life insurer willthen administer the pay-out phase of the pension. In the caseof non-Dutch pension schemes providing periodic benefi ts orlump-sum payments (instead of mandatory lifelong payments),a PPI can of course also administer the pay-out phase.The PPI is generally seen as a flexible, transparent andefficient provider of pensions in a professional environment(which is important for scheme sponsors) and to28

e subject to robust supervision (which is important forparticipants), as well as being able to offer a wide choiceof national and international outsourcing partners, suchas asset managers, administrators, insurance companiesand custodians. Legal and tax advisors with wide-rangingexperience in pooling solutions will ensure that schemescontinue to operate in line with national social, labor andtax laws.Tax aspects of a PPIA PPI is subject to a favorable tax regime under certain conditions.It is exempt from Dutch corporate income tax and entitledto a tax rebate for Dutch dividend tax withheld on dividends distributedto the PPI, as well as being exempt from Dutch VAT. APPI may also access the benefi ts of the Dutch tax treaty networkfor investments outside the Netherlands. These tax treaties mayallow the PPI to be subject to lower foreign taxes on dividendand interest payments.ProvidersThe Dutch Central Bank has now licensed the fi rst PPIs. Theseinclude ‘open’ PPIs offering solutions to multiple clients, as wellas ‘closed’ PPIs dedicated to a specifi c sponsor or group ofsponsors.PPI at a glanceComplexitySolvency,technical reservesGovernanceVATCorporate taxLocationTransparentNot applicableSoundExempt, ExemptExpertise, open culture,favourable treaties, variety of choiceSources: Clifford Chance LLP, Client Briefi ng, January 2012De Brauw Blackstone Westbroek, Newsletter, January 201229

Who is who1 Institutionsamsterdam inbusinessWeesperstraat 89, 1018 VN AmsterdamP.O. Box 2133, 1000 CC AmsterdamThe NetherlandsT +31 (0)20 552 3536www.amsterdaminbusiness.comamsterdam@amsterdaminbusiness.comamsterdam inbusiness is the offi cial foreign investment agencyof the Amsterdam Metropolitan Area.Reiniera van Pallandt, Financial Sector Advisorpallandt@ez.amsterdam.nlAuthority Financial MarketsVijzelgracht 50, 1017 HS AmsterdamP.O. Box 11723, 1001 GS AmsterdamThe NetherlandsT +31 (0)20 797 2000F +31 (0)20 797 3900www.afm.nlCity of The HagueDepartment of Urban Development / Economic AffairsSpui 70, 2511 BT The HagueThe NetherlandsT +31 (0)70 353 3000www.denhaag.nlwww.doingbusinessinthehague.comEsther van Vondel, senior accountmanager financial sectoresther.vanvondel@denhaag.nl30

De Nederlandsche BankWesteinde 1, 1017 ZN AmsterdamP.O. Box 98, 1000 AB AmsterdamThe NetherlandsT +31 (0)20 524 9111www.dnb.nlinfo@dnb.nlDutch Fund and Asset Management AssociationBordewijklaan 8, 2591 XR The HagueThe Netherlandswww.dufas.nlinfo@dufas.nlDUFAS promotes the collective interests of asset managersoperating on and from the Dutch market – both Dutch andforeign parties. Central to this is the promotion of an optimalbusiness climate for asset managers in the Netherlands.A level playing field for free supply of investment products andasset management services within the European Union anda broadening of the market for investment products are themain starting points. DUFAS promotes a level playing field forasset managers on the European pensions market; our goal iscomparable conditions for all competing products and servicesin the second and third pillar of the European pensions market.As a trade body, DUFAS is also an important partner of boththe tax authorities, the legislator and the regulator.In this context DUFAS has helped draft proposals to implementIORP in Dutch legislation. DUFAS has also produced thenow widely used Fiduciary Management Principles, to explainthat fi duciary management is different from operational assetmanagement and to standardise its usage in the market. It isnow the standard in the Dutch pension market. Asset poolingand fi scally transparent structures such as the FGR has alsobeen an important priority.DUFAS also produces guidance and research papers for memberorganizations on subjects relevant to institutional investors,such as Socially Responsible Investing, active investing vsindex investing and Risk Management.Membership of DUFAS is open to all asset managers of goodrepute.31

Mr. Hans Janssen Daalen, General DirectorT +31 (0)70 333 8779Holland Financial CentreCentre for Retirement ManagementGustav Mahlerplein 3-115, 1082 MS AmsterdamP.O. Box 75926, 1070 AX AmsterdamThe NetherlandsT +31 (0)20 708 5800www.hollandfinancialcentre.nlPieter J. Kiveron MBA, Managing DirectorT +31 (0)20 708 5805M +31 (0)6 1397 4006kiveron@hollandfinancialcentre.nlEdward van Vierzen, Consultant Retirement ManagementT +31 (0)20 708 5810M +31 (0)6 2221 2765vanvierzen@hollandfinancialcentre.nl2 Knowledge and Educational CentresAmsterdam Institute of FinanceStadhouderskade 2, 1054 ES AmsterdamP.O. Box 59536, 1040 LA AmsterdamThe NetherlandsT +31 (0)20 520 0160F +31 (0)20 520 0161info@aif.nlDuisenberg school of financeGustav Mahlerplein 117, 1082 MS AmsterdamThe NetherlandsT +31 (0)20 525 8590www.dsf.nlinfo@dsf.nl32

Mylette AcademyKorenmolenlaan 1a, 3447 GG WoerdenThe NetherlandsT +31 (0)348 414 775F +31 (0)348 418 557www.mylette-academy.nlmarketing@mylette-academy.nlMylette Academy is the educator for mid and back offi ce staffin the securities industry. Our courses can be characterized asinnovative and are best described as: “learning today is applyingthe learned skills tomorrow”. Furthermore Mylette Academy(together with Fontys Hogeschool) offers the educationaldesign Certified Investment Professional (CIP ® ). This educationprogram consists of 8 courses, will be completed with a thesis,and entitles the course member to the registered CIP title. Thisprogram was specifi cally designed for mid and back offi ce staffin the securities industry at a Bachelor level.Furthermore Mylette Academy developed the Securitieseducation for Mid and Backoffi ce (Effectenopleiding Mid- enBackoffi ce). This is a 6-day course, in which the participant ispresented an overall view of the Securities industry. Subjectsare: Markets and Market participants, Supervision andRegulation, Financial Instruments and Processes like Clearing& Settlements, Custody and Risk Management. By meansof many cases and exercises the participant will get a goodunderstanding of current market developments. Theory istranslated into the market situation and the day-to-day practiceof the participant.Mylette Academy offers three levels of education:– Secondary level (the Dutch MBO-level)– Bachelor level (the Dutch HBO-level)– Executive level (for example Pension Fund Board Members)All our courses, open registration or in-company, are taught bytop trainers in their field of expertise. In all our courses relevantexamples and cases illustrate the theoretical basis.Study forms:– Classical setting– Self study33

– Permanent Education– Workshops– Finance Update (annual congress)Our clients are banks, asset managers, pension funds, brokers,market makers and (IT) consultants in the financial world.Specifi cally for the pension funds industry we offer the followingtailor-made courses:– Advanced Fiduciary Management– Financial Risk Management for Pension Funds– Financial Assessment Framework (in Dutch: FTK)– Skills Pension Funds Executives– Advanced Swaps– Advanced Interest Rate SwapsKnowledge and skills have become more important than ever.Mylette Academy aims to be your long term partner in educatingyour staff.Drs. Roger J.M.G. Coenen RBA CIP, Managing Directorrcoenen@mylette-academy.nlNetsparTias Building (Tilburg University)Warandelaan 2, 5037 AB TilburgP.O. Box 90153, 5000 LE TilburgThe NetherlandsT +31 (0)13 466 2109F +31 (0)13 466 3066www.netspar.nlsecretariaat@netspar.nlNetspar is an independent network for research, educationand knowledge exchange in the field of pensions, aging andretirement.34

Nyenrode Business UniversityStraatweg 25, 3621 BG BreukelenP.O. Box 130, 3620 AC BreukelenThe NetherlandsT +31 (0)346 291 211www.nyenrode.nlinfo@nyenrode.nlNyenrode Business University is a prestigious Dutch businessschool.Rotterdam School of Management, Erasmus UniversityBurgemeester Oudlaan 50, 3062 PA RotterdamP.O. Box 1738, 3000 DR RotterdamThe NetherlandsT +31 (0)10 408 2222F +31 (0)10 452 9509www.rsm.nlinfo@rsm.nlOver the past 40 years, Rotterdam School of Management,Erasmus University has fi rmly established its reputation as oneof Europe’s leading business schools.SPOPrinses Margrietplantsoen 90 (24 th Floor), 2595 BR The HagueThe NetherlandsT +31 (0)70 427 6655F +31 (0)70 345 3890www.spo.nlinfo@spo.nlSPO provides pension related training programs and courses.TiasNimbas Business SchoolEerste Ringdijkstraat 4, 1097 BC AmsterdamThe NetherlandsT +31 (0)13 466 8600F +31 (0)13 466 869935

Horsten 1, 5612 AX EindhovenP.O. Box 513, 5600 MB EindhovenThe NetherlandsT +31 (0)13 466 8600F +31 (0)13 466 8699Warandelaan 2, 5037 AB TilburgP.O. Box 90153, 5000 LE TilburgThe NetherlandsT +31 (0)13 466 8600F +31 (0)13 466 8699Kromme Nieuwegracht 39, 3512 HD UtrechtP.O. Box 2040, 3500 GA UtrechtThe NetherlandsT +31 (0)30 230 3050F +31 (0)30 236 7320www.tiasnimbas.eduinformation@tiasnimbas.eduTiasNimbas is the business school of Tilburg University andEindhoven University of Technology. TiasNimbas offers a broadportfolio of MBA, DBA, MSc, Executive Masters and shorterexecutive programmes, in a number of locations and in variousformats. Furthermore, TiasNimbas develops company specifi cprogrammes for renowned national and international organizations.Towers Watson AcademyProf. E.M. Meijerslaan 5, 1183 AV AmstelveenP.O. Box 75201, 1070 AE AmsterdamThe NetherlandsT +31 (0)88 543 3000F +31 (0)88 543 3001Towers Watson Academy is Towers Watson’s educationalinstitute regarding knowledge development. Years of expertiseand experience by our consultants/lecturers come together inour educational courses. Central to our courses are creativity,innovation and thought leadership. The courses we offer arecompact, intensive and target focused.36

Towers Watson Academy welcomes clients as well as newinterested parties. The focus is on three main target groups:Pension funds, Financials and HR. Next to our open courseswe offer incompany tailor made courses for those with a realspecifi c request.Towers Watson Academy is offi cially accredited by CEDEO,CRKBO and CPION.Courses Towers Watson Academy offers are for example: Pensionbasics (level 1), Pension advanced (level 2), Internationalaccounting standards, Crisisplan, several masterclasses and acompetence test for pension fund board members.Hermine SteegstraT +31 (0)88 543 3151academy.nl@towerswatson.com3 Asset Management, PensionAdministration, Custody & InsuranceA&O Pensioen ServicesBurgemeester Elsenlaan 321, 2282 MZ RijswijkThe NetherlandsDr. van Deenweg 26, 8025 BA ZwolleThe Netherlandswww.aopensioenservices.nlOver 50 years of experienceA&O Pensioen Services can offer you a broad and modularpackage set-up of pension-services: advisory, support andoperation. We offer a total pension ABC: Administration, Boardsupport and Communication. This ensures that you can rely onyour pension fund being handled, from A to C, in a solid andreliable manner.A&O has offi ces in Rijswijk and Zwolle and works with approx.230 enthusiastic and committed employees. A&O has over 50years of experience in conducting these services. We presentlyexecute the administration for over 20 pension funds.37

All-round and independentA&O combines knowledge and experience from various disciplinesinto one product. All-round and independent. From onehouse. That makes us accessible and all the more effi cient.Our pension-services include the total execution of administrationsall the way through to solid board support for complexissues. We focus on providing a high level of human dedication.Personal attentionIt is important that you as a pension fund executive feel comfortablewith an external party. So that you can speak to theright person at the right level, without hesitation and you canbe informed on time regarding new developments. Knowingthat you are not just a client but – much more important – thatyou have a close and flexible collaboration with your serviceprovider. That is exactly what A&O can offer you: a home forevery fund. A well organized pension-service provider wherepeople still know each other personally. An organization whereyou yourself would enjoy working.Innovative and dynamicInnovative solutions, cost effectiveness and performance arekey words for setting up a contemporary pension fund. At A&Owe are constantly striving to renew our services and improveour systems. By continually finding new and practical solutionsfor our clients, our service has a dynamic nature. In our housewe offer you a listening ear, which results in the best solutionsfor your pension-fund.Rudolf de Soet, Managing Director A&O Pension ServicesT +31 (0)70 336 6121rudolf.desoet@aopensioenservices.nlPeter van der Steur, Manager Customer and Board RelationsT +31 (0)70 336 6266M +31 (0)6 1567 8916peter.vandersteur@aopensioenservices.nlArie Boerman, Business Development ManagerT +31 (0)38 455 5405M +31 (0)6 1130 8511arie.boerman@aopensioenservices.nl38

ABN AMROGustav Mahlerlaan 10, 1082 PP AmsterdamP.O. Box 283, 1000 EA AmsterdamThe NetherlandsT +31 (0)20 527 9111www.abnamro.nlAEGON Asset ManagementAEGONplein 50, 2501 CE The HagueThe NetherlandsT +31 (0)70 344 8990www.aegonassetmanagement.comAEGON Asset Management is an active investment managerwith € 220 billion ($ 295 billion) in assets under managementand is the investment division of AEGON NV, one of the world’slargest financial services companies. Investing and attractinginflows globally, AEGON Asset Management’s main operationsare based out of the Netherlands, United Kingdom and UnitedStates.AEGON Global PensionsP.O. Box 85, 2501 CB The HagueThe NetherlandsT +31 (0)70 344 8931www.aegonglobalpensions.comaegonglobalpensions@aegon.comAEGON Global Pensions provides a single point of contact formultinational companies looking to improve the management oftheir pension plans. Our services cover all aspects of pensionprovision from single-country to cross-border solutions, andfrom pension administration and buyouts to asset pooling andexpatriate retirement plans. As a dedicated pension provider,we have the knowledge and expertise to help your companydevise and manage the right pension strategy.AEGON Global Pensions has expert capabilities around theworld, combining local knowledge and expertise with theexpanding resources of a truly international partnership.39

We cater both to companies as well as not-for-profi t clients,such as NGOs and organizations in health care and education.AEGON Global Pensions is part of AEGON, an internationallife insurance, pension and investment management companybased in the Netherlands that operates in 20 countries andserves more than 40 million customers. AEGON services theentire spectrum of retirement plans in established as well asemerging pensions markets. We manage more than 40,000group pension plans with 7 million participants and assets inexcess of € 100 billion. We work with more than 700 companiesand organizations with an international presence.Frans van der Horst, Managing Director and Head of SalesT +31 (0)70 344 8161frans.vanderhorst@aegon.comMartijn Tans, Director and Head of MarketingT +31 (0)70 344 7165martijn.tans@aegon.comAllianz Global InvestorsCoolsingel 139, 3012 AG RotterdamThe Netherlandswww.allianzgi.euThe combination of life insurance, asset management andrisk management expertise has enabled Allianz to become apremier provider of pension solutions.Founded in 1890, Allianz is now one of the foremost globalfinancial service providers in the world. We offer insurance,asset management, and banking products and services toapproximately 75 million clients in over 70 countries. Allianzemploys 155,000 professionals around the globe, and has morethan € 1.2 trillion in assets under management. The Group’sfinancial strength is classified as AA by international ratingagency Standard & Poor’s.With more than € 1,178 billion of assets under management,of which more than € 547 billion in Europe, Allianz GlobalInvestors is one of the leading active asset managers in theworld. We have offi ces in all the key financial centers – in40

Europe, North America and Asia Pacifi c – and are supportedby approximately 5,000 employees, including more than 1,000investment professionals based in over 25 locations around theglobe. We have the clear target to deliver consistently aboveaverage returns to our clients.Allianz Global Investors believes that investing is different frommanaging an investment business. Therefore, we empower ourspecialized managers to focus on achieving consistently stronginvestment performance. Our investment platforms maintainsits own unique identity whilst additionally profi ting from theshared network services. Selected from the very best, AllianzGlobal Investors is working with a passion and commitmentto one united goal: to protect and enhance the wealth of ourclients.Allianz Global Investors is also located in the Netherlands witha dedicated team of investment professionals. We providefi duciary management services as well as a wide range ofinvestment strategies.Hedwig PetersT +31 (0)30 607 7389M +31 (0)6 5471 8150hedwig.peters@allizgi.comJan van der HoutT +31 (0)30 607 7184M +31 (0)6 5424 1207jan.van.der.hout@allianzgi.comAltera Vastgoed NVHandelsweg 59f, 1181 ZA AmstelveenP.O Box 9220, 1180 ME AmstelveenThe NetherlandsT +31 (0)20 545 2050www.alteravastgoed.nlAltera Vastgoed NV is established in 2000 by Dutch pensionfunds and a leading private real estate investment companyin the Netherlands with four separate sector portfolios: Residential,Retail, Offi ces and Industrial. All four sector portfoliosare exclusively invested in the Dutch real estate market.41

Total assets under management amount to approximately€ 1.7 billion.The participation in one or more of the sector portfolios isintended for Dutch pension funds. We have deliberately chosento be highly transparent in our strategy, processes, managementactivities, communication to the investment communityand reporting.Pension funds are free to allocate their investments at their owndiscretion in one or more of the sector portfolios. Joining, leavingand switching sectors is flexible and can be done quarterlyat competitive and low costs, without fee charges.The management organization has a strong alignment ofinterest with its shareholders because it is integrated with theportfolios. It delivers the performance at management costsof 33 basis points of the assets under management. Fromits inception, Altera Vastgoed has been one of the most costeffi cient real estate funds in the Netherlands. Property managementis outsourced.The performance is benchmarked against the IPD/ROZ sectorindex for standing investments on a rolling five year basis.The fund has a tax effi cient structure (fi scal investment institution)and has a core or low risk policy, which means that investmentsare being effected on a whole equity basis, without usingleverage and by excluding the risks of project development. Thismeans for pension funds that Altera has an indirect investmentstructure with the return-risk characteristics of direct real estate.Twenty seven Dutch pension funds participate as shareholder inAltera Vastgoed by the end of 2011. The fund has been awardedby Investment & Pensions Europe/ Real Estate in 2010 and 2011as “Best institutional investor in Benelux and France” and in2010 as “Best in-house investment team/best pension fundownedasset manager”.Drs. René Hogenboom MRICS, CEOrene.hogenboom@alteravastgoed.nlAPGGustav Mahlerplein 3, 1082 AM AmsterdamP.O. Box 75283, 1070 AG AmsterdamThe Netherlandswww.apg.nl42

APG, a financial services provider in the collective pensionmarket, provides pension fund administration, asset management,pension board management support and communicationservices to pension funds.For these pension funds and their 4.5 million active and retiredparticipants from the public and private sector, APG managespension assets of in total approximately € 271 billion (as atSeptember 2011). APG administrates over 30% of all collectivepensions in the Netherlands.APG offers, among other things:– integral asset management services (“insourcing” of clients’Chief Investment Offi cer), aimed at meeting the challengesof today’s pension funds, including a full ESG approach toasset management and state-of-the-art risk management,tailored to pension funds;– a full range of pension administration services, includinglegal and actuarial advisory services and (if required, online)communication services;– tailor-made and innovative client solutions, based on thepremise that adequate and affordable pension benefi tsshould be within reach of everybody, including cross-borderpension solutions;– a strong commitment to its clients, giving priority to itsclients’ interests fi rst, based on a sustainable and long-termrelationship, with no profi t maximization.We have offi ces worldwide: next to Amsterdam, Heerlen andUtrecht in the Netherlands, APG is located in Brussels, HongKong and New York.If you have any questions regarding APG or if you would liketo know more about the services that APG provides, you cancontact:Alwin Oerlemans, managing director Institutional ClientsT + 31 (0)20 604 9217alwin.oerlemans@apg.nlBas van Veen, managing director Institutional SalesT +31 (0)20 604 9218bas.van.veen@apg.nl43

Contact Asset Management:Ronald Wuijster, Chief Client Offi cerT +31 (0)20 604 8421ronald.wuijster@apg-am.nlDisclaimer: APG exclusively acts as an adviser to pension fundsbased in the Netherlands and does not provide any advisory orother services to persons in the United States.ASRArchimedeslaan 10, 3584 BA UtrechtP.O. Box 2072, 3500 HB UtrechtThe NetherlandsT +31 (0)30 257 9111ASR is a financial services provider with a human face, puttingfi rst and foremost everything that matters to her clients. Offeringour clients security, after all, is our reason for existence. We dothat together with independent intermediaries and by makinguse of hundreds of years of experience we have built on ourpredecessors AMEV, Stad Rotterdam and Woudsend.ASR has a centre of excellence in the field of group pensions.Our service is entirely focused on companies in the small,medium and large enterprises market. ASR works closelytogether with local, national and international actuarial consultants,advisors and brokers.ASR offers a complete range of flexible solutions in Life & Pensionand Disability:– Unique Defined Contribution scheme in which employees canswitch back and forth between guaranteed capital insuranceor individual investments whenever they like;– Unique Defined Benefi t proposition – interest guarantee, competitiverates, local profi t sharing – both traditional (interestprofi t sharing) and ‘fair value’;– IGP – the International Group Program: ASR is the exclusiveDutch partner insurer in the world’s leading multinational poolingnetwork. For over 40 years IGP is providing multinationalcorporations, their branches, affiliates, and subsidiaries withpooling arrangements to manage costs of insurance and tocoordinate employee benefi ts plans within their organizations.44

Marcel van der Meulen, Director PensionsM +31 (0)6 5134 3337marcel.vandermeulen@asr.nlIwan van den Berg, Director SalesM +31 (0)6 5119 0697iwan.van.den.berg@asr.nlEvert Schaftenaar, Director OperationsM +31 (0)6 2040 5399evert.schaftenaar@asr.nlMark van de Loo, Head of Pensions SalesM +31 (0)6 5324 4370mark.van.de.loo@asr.nlAZLAkerstraat 92, 6411 HD HeerlenP.O. Box 4471, 6401 CZ HeerlenThe NetherlandsT +31 (0)45 576 3333Papendorpseweg 53-59 (8 th Floor), 3528 BJ UtrechtThe NetherlandsT +31 (0)30 799 1077www.azl.euAZL profi leAZL has over 40 years of experience in pension management,during which time the company has acquired extensive expertisein consulting and pension fund administration.The pension world is always in flux, and for many years AZLhas served as an island of stability for pension funds. Since2007, it has also served as a Centre of Excellence within theING Group.Consulting and managementAZL advises pension fund management boards regardinglegislation, actuarial matters and communication. Pensionadministration forms the core of the services provided by AZL,allowing managers to focus completely on their core responsibility– managing the pension fund. The knowledge and experienceacquired by AZL as well as ING in the area of balancesheet management have been combined in ING ImplementedClient Solutions.45

BlackRock is one of the world’s preeminent asset managementfi rms and a premier provider of global investment management,risk management and advisory services to institutional,intermediary and individual investors around the world. Black-Rock offers a range of solutions – from rigorous fundamentaland quantitative active management approaches aimed atmaximising outperformance to highly effi cient indexing strategiesdesigned to gain broad exposure to the world’s capitalmarkets. Our clients can access our investment solutionsthrough a variety of product structures, including individual andinstitutional separate accounts, mutual funds and other pooledinvestment vehicles, and the industry-leading iShares ® ETPs.BlackRock is a truly global fi rm that combines the benefi tsof worldwide reach with local service and relationships. Wemanage assets for clients in North and South America, Europe,Asia, Australia and the Middle East. The fi rm employs morethan 9,000 professionals and maintains offi ces in 27 countriesaround the world*.The foundation of BlackRock’s business is our belief that ourclients’ needs are of paramount importance. Our commitmentto investment excellence is anchored in a shared culture thatalways places a client’s interests fi rst, from individual investorsto the world’s largest institutions. We act always as a fi duciaryfor our clients, never trading as a principal on our own behalf.* as per 31 Oct. 2011Herman PrummelT +31 (0)20 549 5202herman.prummel@blackrock.comBlue Sky GroupProf. E.M. Meijerslaan 1, 1183 AV AmstelveenP.O. Box 123, 1180 AC AmstelveenThe Netherlandswww.blueskygroup.nlBlue Sky Group is an independent, professional organizationentirely set up to advise and support pension funds in fulfillingtheir long term responsibilities. Our services cover all the elementsimportant for setting up, administering and managing apension scheme. We aim to provide the best possible service47

to ensure that the requirements of management boards andparticipants are met.Blue Sky Group provides pension funds with the followingservices:– Pension management and administrationThe total implementation and administration of a pension plan,including the provision of information to participants, pensionersand employers.– Financial administrationThe administration of the day-to-day financial processes, suchas making payments and keeping the ledger, as well as theannual actuarial and financial year-end reporting.– Trustee board support and adviceTaking care of the entire organization of meetings of thetrustees and it’s committees and managing internal and externrelationships, as well as advising on actuarial, legal and communicationalmatters and developments.– Fiduciary asset managementIntegrated balance sheet management, including investmentstrategy consulting, asset management, risk management, andsupport to the management board of the pension funds.With three pension funds as shareholders, we do not pursueshort term profi t. Our strategic objectives are long term: continuityand quality of service. Employing around 130 staff, BlueSky Group is a middle sized pension services organization. Thestructure of the organization is fl at, with short lines of communication.This results in an effective and flexible organizationthat is large enough to ensure continuity and economies ofscale, while small enough to keep the service personal.For further information, please contact:Ruud Lahr, Marketing ManagerT +31 (0)20 426 6203ruud.lahr@blueskygroup.nlBNP Paribas Investment PartnersBurgerweeshuispad – Tripolis 200, 1076 GR AmsterdamP.O. Box 71770, 1008 DG AmsterdamThe NetherlandsT +31 (0)20 527 5275www.bnpparibas-ip.com48

BNP Paribas Investment Partners, the asset managementarm of the BNP Paribas group, offers a full range of investmentmanagement services to institutional and retail clientsaround the world. Central to the way we work is the conceptof partnership – both in terms of how we behave as a family ofcompanies and our relationships with our clients. Around 3,600professionals work across 40 countries to support the investmentprocess and distribute our funds. Some 60 investmentcentres, each of which is a specialist in a particular asset classor type of product, are active in all of the world’s major financialmarkets.The Netherlands is one of the five home markets for BNP ParibasInvestment Partners. In our Amsterdam offi ce we have some150 employees. Our Amsterdam based Investment Teams coverEquity solutions, Real Estate Securities, and LDI & FiduciaryManagement. On top of this we have a Portfolio Constructionteam that take care of the investment decisions implementationfor our Dutch clients invested in balanced portfolios. Thisconfi rms our strong foothold in the Dutch market. BNP ParibasInvestment Partners is a client-focused organization.We believe that the geographical presence and the broadnessof our offering brought by the large organization enables us tooffer our clients customised, value-creating solutions adaptedto their specifi c investment needs.Jan Lodewijk Roebroek, CEO of BNP Paribas InvestmentPartners NetherlandsT + 31 (0)20 527 5169janlodewijk.roebroek@bnpparibas.comCharles Janssen, Head of Institutional Clients Northern EuropeT +31 (0)20 527 5172charles.janssen@bnpparibas.comBart Vemer, Regional Head Distribution Sales BeneluxT +31 (0)20 527 5104bart.vemer@bnpparibas.comBNY MellonWTC Amsterdam, B-TowerStrawinskylaan 337, 1077 XX AmsterdamThe Netherlands49

BNY Mellon is a leading provider of services to pension funds,providing end-to-end solutions from investment managementthrough to administration. We combine global reachwith regional servicing and local market expertise. Our clientsinclude some of the largest schemes in Europe, and in theNetherlands we have two locations, Amsterdam and Breda,with 240 staff looking after our Dutch client base. Our keyobjective for the European pensions market is to help our clientshave complete control and management oversight of theirassets, and to help them meet the ever increasing regulatoryreporting requirements. We continue to refine our consultativeapproach to client relationships to better help them grow in acomplex and diffi cult business environment.Our core custody products and value-added services providepension boards / investment committees with all the necessarytools to monitor and manage their securities portfolios.We support our clients’ entire investment process while allowingthem (and their investment managers) to focus on their coreactivities. Core custody services include safekeeping, tradecapture and settlement, income collection, corporate actionadministration, tax reclamation, class action administration,proxy voting, cash management, cash forecasting, foreignexchange and on-line reporting. In addition, we also offer;investment accounting, regulatory reporting, performancemeasurement, compliance monitoring, investment analytics,multinational servicing, asset pooling, transition management,commission recapture, counterparty reporting, transactioncost analysis, private equity servicing, fair value pricing, OTCvaluation and derivatives processing and clearing.Pension funds are recalibrating after a serious bout of stockmarket volatility (in addition to and other fi scal and non-fi scalevents) which has left many with signifi cant shortfalls in assetsto back up their current and future liabilities. This has ledfunds to turn to us to meet their needs in respect of monitoringcounterparties, measuring value at risk and implementing realtime liquidity management. As a custodian we are a naturalrepository for investment and other transactional informationflows and as such are rapidly becoming an accountant for theindustry.50

We also assist to manage risk via our compliance and analyticaltools, such as those we offer through our collaborationwith Risk Analytics. We have devised reporting to specifi callymeet the Pension Regulatory requirements in several countrieslike the Netherlands (FTK Reporting). We have local AccountingOperations in all the major European Pensions markets,including the Netherlands, which ensures that our clients aresupported by our local experts to meet their regulatory reportingrequirements.For further information, please contact:Leonique van Houwelingen, Country Executive NLT +31 (0)20 203 5675Clive Robinson, Head Business Development NLT +31 (0)20 203 5691Pierro de Bonth, Head Relationship Management Pensions NLT +31 (0)76 760 2311CBRE Global Investors EMEASchenkkade 65, 2595 AS The HagueP.O. Box 90463, 2509 LL The HagueThe NetherlandsT +31 (0)70 341 8471F +31 (0)70 341 9455www.cbreglobalinvestors.comAbout CBRE Global Investors EMEACBRE Global Investors is one of the world’s largest real estateinvestment management fi rms. The EMEA platform has € 28.9billion in assets under management (1,2). The platform sponsorsreal estate direct investment programs across the risk/return spectrum in the UK, Western and Southern Europe, CEEand the Nordics for investors worldwide.In the region, programs include Core/Core+ and Value-Addedstrategies through separate accounts and commingled equityfunds. Individual clients and funds are managed by focusedinvestment teams responsible for executing a single strategy,fund series or account. Each team employs the same disciplined,research based investment management process tomaintain consistency and performance.51

CBRE Global Investors is an independently operated affiliate ofCBRE Group, Inc. (NYSE:CBG), the world’s premier, full-servicecommercial real estate services company, with approximately5,870 employees (3) across more than 144 offi ces in Europe.This gives CBRE Global Investors a signifi cant competitiveedge, as the fi rm harnesses the research, market intelligence,investment sourcing, financing, leasing and property managementof CBRE for the benefi t of its investors.1. Assets under management (AUM) refers to current fair market value ofreal estate-related assets with respect to which CBRE Global Investorsprovides, on a global basis, oversight, investment management servicesand other advice, and which generally consist of properties and realestate-related loans; securities portfolios; and investments in operatingcompanies, joint ventures and in private real estate funds under its fundof funds program. This AUM is intended principally to refl ect the extentof CBRE Global Investors’ presence in the global real estate market, andits calculation of AUM may differ from the calculations of other assetmanagers. CBRE Global Investors has now changed its calculation ofAUM. The change in methodology has not had a material impact on itsAUM calculation. The new methodology has been used to derive proforma combined AUM as of September 30, 2011. AUM include assetsacquired from ING Real Estate InvestmentManage Europe (now CBREGlobal Investors).2. The provided EMEA assets under management does not include theindirect investments managed by GMM in the region. Including GMMinvestments, CBRE Global Investors manages €38.1 billion in the region.3. Includes affi liates.Giles King, Head of Investors ServicesT +31 (0)70 341 8657Investor.Services.EMEA@cbreglobalinvestors.comDelta Lloyd Corporate ClientsTooropgebouwSpaklerweg 4, 1096 BA AmsterdamP.O. Box 1000, 1000 BA AmsterdamThe Netherlandswww.deltalloydgroep.comDelta Lloyd Corporate Clients offers employers, internationallyoperating companies and multinationals solutions for pensions,52

pension schemes and risk management as well as fundingsolutions for major pension schemes that are compatible withmodern accounting policies. Drawing on a variety of specialisations,consultants of Delta Lloyd Corporate Clients can supportemployers and multinationals in making financial and risk managementchoices for these pension schemes. Crucially, eachand every decision is assessed for its impact on the company’sentire financing system and expected financial results.Paul Verdonk, Delta Lloyd Corporate ClientsT +31 (0)20 594 5129paul_verdonk@deltalloyd.nlDeutsche Bank AGDe entree 99-197, 1101 HE AmsterdamP.O. Box 12797, 1100 AT AmsterdamThe NetherlandsT +31 (0)20 555 4911www.db.com/netherlandsDexia Asset ManagementRegus Brainpark 2Lichtenauerlaan 102-120, 3062 ME RotterdamThe NetherlandsT +31 (0)10 204 5653F +31 (0)10 204 5879www.dexia-am.comsri.dexia-am.comDexia Asset Management (Dexia AM) is the independent assetmanager within the Dexia Group. It employs 558 dedicatedemployees and manages assets over € 84.6 billion (June 2011).Through centralised asset management activities in Brussels,Paris, Luxembourg and Sydney, and locally organised clientrelationship teams covering 12 countries throughout Europe,Middle-East, Canada and Australia, we offer tailor-made solutionsand services. In the Netherlands, Dexia AM has a clientrelationship offi ce in Rotterdam for Dutch institutional clients(pension funds, insurance companies, banks, etc).53

Dexia AM offers a full range of investment solutions for institutionalinvestors and fund distributors.Dexia AM is market leader in Sustainable & ResponsibleInvestment (SRI). All investment strategies can beimplemented through investment funds or via tailor-madeportfolios. SRI addresses two complementary objectives: tooffer investors an attractive performance generated by financialexpertise while at the same time advocating responsiblebehaviour towards sustainable development.Just two sources are available for building up a pension fund’sassets: contributions and investment returns. Hence the challengeis to honour liabilities when they become due with thelowest possible contributions and an acceptable funding levelvolatility, while still retaining leeway for unexpected trends.Any good pension fund investment solution must also minimisethe controllable risks inherent in liabilities (interest rate andinflation risk) via so-called beta strategies. The solution has togenerate a return beyond mere liability matching. This must bedone by fully exploiting the available risk budget through a set ofdiversified and uncorrelated strategies, called alpha strategies.In addition, assets should be managed via dynamic asset allocationsolutions that seek to generate an excess return while takingthe nature of the liabilities into account. These dynamic solutionswill, in other words, constantly optimise the risk/return profile ofthe pension fund.Dexia AM offers a specifi c approach depending on the needsof any particular pension fund.Stefaan Coosemansstefaan.coosemans@dexia.comBen Peetersben.peeters@dexia.comFanny Ruighaverfanny.ruighaver@dexia.com54

Dimensional Fund AdvisorsAmsterdam affiliateHFC PlazaGustav Mahlerplein 113-115, 1082 MS AmsterdamP.O. Box 75926, 1070 AX AmsterdamThe NetherlandsThe Amsterdam affiliate of Dimensional Fund Advisors offersan innovative retirement management solution: DimensionalManaged DC ® . Based on the work of Nobel laureate Robert C.Merton, Dimensional Managed DC targets an inflation-protectedincome for life and is designed to maximize the estimatedprobability of achieving that target while managing the riskthat it will not be achieved. It determines and implements anoptimal investment strategy for each participant and adjusts tochanges in market and personal circumstances.Dimensional Managed DC is effective even when participantsare entirely unengaged. For those who are engaged,the solution provides meaningful information and meaningfulchoices through a simple and engaging on-line user interface.Complexity is left ‘under the hood’. The solution is based on aproprietary scientifi c algorithm, and can be white labeled if theplan sponsor chooses.Assets are invested in customized fi xed income and equityfunds managed by Dimensional Fund Advisors. A real-timeinterface with DC record keepers is also provided, and a backoffice administration tool provides and logs real-time participantbehavioral information and over-time trends analysis.Dimensional Fund Advisors is a leading global asset managerwith over $ 200 billion under management. Its clients are someof the most sophisticated institutional investors in the world,including corporate defined benefi t and defined contributionplans, public pension plans, foundations, and endowments.Jan Snippe, Head of Dimensional Retirement EuropeT +31 (0)20 708 5840jan.snippe@dimensional.com55

F&C Netherlands B.V.Jachthavenweg 109e, 1081 KM AmsterdamP.O. Box 75471, 1070 AL AmsterdamThe NetherlandsT +31 (0)20 582 3000www.fandc.nlF&C Netherlands B.V. is a subsidiary of F&C Asset Managementplc, an independent fi rm focusing solely on investmentmanagement, listed on the London Stock Exchange andregulated by the Dutch Authority for the Financial Markets andthe Dutch Central Bank. We are a founder signatory of UN PRIwith top quartile compliance score and a founding member ofthe FTSE4Good Index.F&C Netherlands was founded in early 1950’s and is situatedin Amsterdam. We believe that local client servicing is ofthe utmost importance, in order to understand and respondto client and market demands as well as fully reflect locallanguage and culture. It is for this reason that F&C has a largepresence in Amsterdam with a staff of 60 people where, amongothers, specialists in Client Servicing, Investment Solutions(Fiduciary advice, ALM, Asset allocation) and Reportingare based. As every client is unique, we offer products andservices tailored to their specifi c governance structure.Moreover, F&C’s overriding principle is to provide local representationwhere it adds value and to pool resources where itcan create economies of scale.The Amsterdam teams are supported by a well resourced internationalgroup, headquartered in London. Approximately 10%of all 1,000 employees within F&C Group speak Dutch fluentlyand/or have specifi c expertise on the Dutch pension fund andinsurer market.Our strategy is based on the following 4 pillars:– Partnership (Fiduciary) Management– Solvency Solutions (including ALM advice and riskbudgeting and monitoring)– Social Responsible Investments and Advice– Specialist Asset Management such as Convertible Bondsand Euro Government bonds56

Our clients are pension funds, insurers, charities and otherinstitutional investors.F&C’s total assets under management are approximately€ 120 billion of which F&C Netherlands manages € 39 billion.More over, F&C engages on behalf of € 95 billion of assetsand has € 3.2 billion in sustainable funds (as per 31-12-2010).First InvestmentsPtolemaeuslaan 58, 3528 BP UtrechtThe NetherlandsT +31 (0)30 767 0800www.fi rstinvestments.nlFirst Investments is a Dutch institutional asset managerregulated by the Financial Markets Authority (AFM) with a“European passport”. First Investments is the only Dutchasset manager specifi cally created to offer LDI (Liability DrivenInvestments) and Matching & Return investment expertise.Our clientsOur clients are (multinational) institutional investors, predominantlypension funds, for whom we manage tailor made Matching& Return investment solutions. First Investments supportssmall and medium sized pension funds to offer a good pensionto the plan participants and sponsors at very low costs and,hence, offering higher pensions.Matching portfolioThe client specifies the future cash flows of which it wants usto hedge the interest rate risk and/or inflation risk. Furthermore,the client decides on the investment instruments we may use:bonds, derivatives (swaps, swaptions), or a combination ofthese instruments. Subsequently, we compose and managethe investment portfolio, that matches the risks and that aimsfor a risk adjusted higher return than the discount rate (i.e. DNBswap curve) on the longer term.Return portfolioThe client specifies the asset allocation and the risk adjustedreturn target. Furthermore, the client decides on the passiveindex tracking funds we may use and/or hedging strategies (i.e.57

use of derivatives to hedge foreign currencies and/or downsiderisk). Subsequently, we compose and passively manage theinvestment portfolio that is invested in a diversified portfolio of,for example, index tracking funds of stocks, high yield bonds(in)direct property and infrastructure.Socially Responsible Investing (SRI)The client specifies what socially screening should be takeninto account.Structure, Transparency, Low CostsThe portfolio management structure can be organized via asegregated mandate or via an investment fund.Our services cover all portfolio management tasks, including- when investing in derivatives - ISDA/CSA, collateralmanagement, cash management, etc. Our investment reportsoffer a full transparent ‘look through’ of the portfolio’s. All theseservices at very low costs.Henk Beets, Managing DirectorT +31 (0)30 767 0802henk.beets@fi rstinvestments.nlFirst PensionsPtolemaeuslaan 56, 3528 BP UtrechtThe NetherlandsT +31 (0)30 767 0810www.fi rstpensions.nlFirst Pensions believes that also medium size and small pensionfunds should be able to offer a good pension for theirparticipants and sponsors at low cost.Unique in this approach is the vision that a pension is a financialproduct. Hence, we advise our pension fund clients to usethe transparent approach of managing their pensions businessas a regular business company. An approach that makes sensefor each pension fund in Europe:1. set a clear financial goal by agreeing on a realistic ambitionand on a common sense core strategy regarding the pensionspromised. This is the core financial benchmark of thepension fund;58

2. manage this financial business strategy via a balance sheet,a profi t & loss account and budgets using Matching & Returntargets, thus, enabling the pension fund to manage its shortterm financial risks;3. manage the long term financial risks, by entering the Matching& Return investment strategy in an ALM study to see ifthe long term outcome is in line with business (risk) expectations;4. implement the investment strategy via both a Matching- anda Return portfolio;5. monitor on a monthly basis the results of the strategy versusthe pre-set budgets to see if any adjustments are deemednecessary.In the current crisis this model has proven its success for ourclients.First Pensions supports pension funds with the implementationof this management model and provides the following services:– Designing and implementing the pension fund businessmanagement model– Analysing the financial risk positions and the return capabilities– Advising about strategy optimalisations using scenarioanalyses– Implementing risk management and providing the monthlystrategic management reportsErik BeckersT +31 (0)30 767 0816erik.beckers@fi rstpensions.nlFranklin Templeton InvestmentsWTC Amsterdam, H-Tower (16 th Floor)Zuidplein 134, 1077 XV AmsterdamThe NetherlandsT +31 (0)20 575 2893www.franklintempleton.comFranklin Templeton Investments is a dedicated investmentmanagement organization with the ability to offer six distinctinvestment management platforms from a single source:59

Franklin Equity Group, Templeton, Franklin Templeton RealEstate Advisors, Franklin Templeton Fixed Income, Darby, andMutual Series. Each platform’s process and approach remainsautonomous under its own brand; through Franklin TempletonInvestments, the managers share a common global businessdevelopment and relationship management platform withoffi ces in New York, San Mateo, Fort Lauderdale, Hong Kong,London, Melbourne, Tokyo, and Toronto. Franklin TempletonInvestments offers its clients access to more than 500 investmentprofessionals worldwide and through its affiliates manages€ 107.1 billion in institutional assets (30 September 2011).P r o fi l e– One of the world’s leading investment managers– Sole business is investment management– More than 60 offi ces in over 30 countries– More than 500 investment professionals worldwide– € 485.3 billion in assets under management– € 107.1 billion in institutional assets under management– Listed on the New York Stock Exchange (BEN)Key advantages– 1 global brand– 6 distinct styles of investing– Dedicated global fi xed income platform with more than 100investment professionals– Dedicated institutional client service platform– Complementary investment style, a diversified product lineand tailor-made solutions meeting a wide array of investmentneeds– Robust and consistent investment processes– Strong risk management– Autonomous and extensive research and portfolio managementteams– Consistent long-term track record across investment platformsand strategies– Investments through separate accounts, institutional fundsand share classesAn established presence in Europe– An established presence for more than 40 years– More than $ 129.7 billion in assets under management fromEuropean clients60

– Over 1060 employees in 20 offi ces in Europe– Comprehensive client service and fund administration is providedthroughout EuropeDirk de Vlaam, Head of Sales & MarketingT +31 (0)20 575 2893GMO NetherlandsGustav Mahlerplein 109-115 (27 th Floor), 1082 MS AmsterdamThe NetherlandsT +31 (0)20 708 5780www.gmo.comGMO was founded in 1977 and has been a premier provider ofinvestment management strategies for the institutional marketplace. Today, we offer investment management solutions toa global client base, consisting of some of the most prestigiousinstitutional investors from the ranks of pension funds,foundations, endowments, and sovereign wealth funds, amongothers. We serve our global client base from our headquartersin Boston and offi ces in San Francisco, London, Amsterdam,Zurich, Singapore and Sydney. GMO employs more than 100investment professionals and over 500 employees worldwide.GMO’s expertise covers a broad spectrum of capital markets,including developed and emerging equities, developed andemerging fi xed income, forestry, asset allocation and a fullcomplement of absolute return-oriented strategies. We havebeen managing asset allocation portfolios since 1988 and oneof the hallmarks of GMO is that we are continually searching forthe cheapest asset classes in which to invest.Bart NoordmanT +31 (0)20 708 5780bart.noordman@gmo.comHenderson Global InvestorsRoemer Visscherstraat 43-45, 1054 EW AmsterdamThe NetherlandsT +31 (0)20 675 014661

Henderson Global Investors is a leading international investmentcompany with a strong reputation and a proud history,going back to 1934.Henderson Global Investors is wholly owned by HendersonGroup, which has its principal place of business in Londonand which has been listed on the London and Australian stockexchange, appearing in the FTSE 250 and ASX 200 indices.Henderson Global Investors employs 1100 members of staffworldwide, of which 238 are investment professionals, headquarteredin London.As a pure asset management house, currently managing morethan € 82 billion (per 30 June 2011), we know what investorswant from us: to help them achieve their investment objectivesby delivering performance that meets their expectations.Our investment strengths are equities, fi xed income, multimanager,commercial property and sustainable andresponsible investment.In the Netherlands we have an offi ce with 4 professionals.Locally Henderson is known for its real estate experience,alpha generating capabilities, equity boutiques and broadhedge fund range. More recently Henderson has built a reputationwith her credit investment capability in several categories.Steven de Vries, Head of Global Distributors, Fund Salessteven.devries@henderson.comErik van de Weele, Head of Fund Sales, Beneluxerik.vandeweele@henderson.comIMQ Investment Management B.V.Management company of the IMQubator fundHFC PlazaGustav Mahlerplein 3-115, 1082 MS AmsterdamP.O. Box 75926, 1070 AX AmsterdamThe NetherlandsT +31 (0)20 708 5900www.imqubator.cominformation@imqubator.com62

IMQ Investment Management B.V. is the managementcompany of the IMQubator emerging manager fund(‘IMQubator’). IMQubator is an internationally oriented seedinvestor investing in new hedge funds set up by experiencedinvestment managers who are setting up their own investmentmanagement fi rm. IMQubator aims to realize a solid absolutereturn at low costs for institutional investors seeking fullalignment with hedge fund managers. As of January 2012,IMQubator has allocated € 225 million in nine emergingmanager hedge funds out of the total of € 250 millioncommitted by APG to IMQubator.Jeroen M. Tielman, CEO IMQjeroen.tielman@imqubator.comRikard Lundgren, CIO IMQrikard.lundgren@imqubator.comRemco Zomer, COO IMQremco.zomer@imqubator.comQuirijn v.d. Weg, Analystquirijn.vd.weg@imqubator.comHamlin Lovell, Portfolio Managerh.lovell@imqubator.comTheo Tol, Admin/ICTtheo.tol@imqubator.comING Investment ManagementSchenkkade 65, 2595 AS The HagueP.O. Box 90470, 2509 LL The HagueThe NetherlandsT +31 (0)70 378 1781F +31 (0)70 378 1854www.ingim.comInterpolisSpoorlaan 298, 5017 JZ TilburgP.O. Box 90106, 5000 LA TilburgThe NetherlandsT +31 (0)13 462 9111F +31 (0)13 463 1910www.interpolis.nlinfo@interpolis.nl63

J.P. Morgan Worldwide Securities ServicesStrawinskylaan 1135, 1077 XX AmsterdamThe NetherlandsJ.P. Morgan offers clients local expertise paired with globalreach, diverse product range, commitment to people and partnerships,service excellence and market-leading technologysolutions.With over 150 years’ experience in custodial services, $ 16.3trillion in assets under custody and $ 7.2 trillion in funds underadministration, J.P. Morgan offers innovative and intelligentfinancing solutions to clients in more than 100 countries.Innovation is a continuous part of our business. By aligning thecapabilities of a premier securities servicing provider, a leadinginvestment bank and high-profile asset manager, we are in aunique position to meet the needs of pension funds by rapidlydeveloping and deploying enhanced services. This enablesclients to manage risk and market exposure cost effectively.J.P. Morgan’s Worldwide Securities Services division representsa centre of excellence and deep industry knowledge forpension funds. We have a dedicated pensions practice, whoserole is to foster a consultative, holistic approach with our clients.One example of this is the J.P. Morgan Pensions Blog – aforum for peer-to-peer networking, insight and debate aroundtopical industry issues and developments. Launched in April2010, this initiative represents a contemporary and innovativeapproach from a global custodian in using social mediachannels as a way to engage with corporate and public sectorpension schemes.We also invite our clients and contacts to a wide range ofindustry and proprietary events throughout the year, theagenda for which address some of the key challenges facingpension funds in the current environment. These events bringtogether some of the most influential voices in the Europeanpensions community and create a forum to share industryexpertise at a time when all aspects of pensions provision,affordability and regulation are in the political and economicspotlight.64

John Gout, Managing DirectorT +31 (0)20 546 9704M +31 (0)6 2941 5487john.x.gout@jpmorgan.comKAS BANK N.V.Spuistraat 172, 1012 VT AmsterdamP.O. Box 24001, 1000 DB AmsterdamThe NetherlandsT +31 (0)20 557 5911www.kasbank.comKAS BANK N.V. is the independent European specialist insecurities services and risk control and reporting services forprofessional institutions in the pensions and securities industry.Outsourcing their administrative functions to KAS BANK enablesthem to focus primarily on their own core activities. Beingstrictly neutral, KAS BANK precludes any ‘conflicts of interest’with its clients.As a Dutch based specialist we have profound knowledge ofthe Dutch institutional market, enabling us to respond swiftlyand effectively to changes in supervision and regulation andmovements in the market. We continuously expand, in bothrange and depth, our services as custodian and provider ofinvestment administration services, compliance monitoring,risk control and risk management information services, andobjectified implementation of investment policy for institutionalinvestors. This assures pensions boards and all other stakeholdersof an independent validation of the effective dischargeof management responsibilities and of being ‘in control’. Thismakes KAS BANK a true governance partner in the Netherlands.By means of our Investment Management Services, we havealready taken over the investment guideline monitoring functionrequired by the Dutch regulator on behalf of many pension fundboards and pension departments. In this function, we offeraudits of the investment process, the results and the quality ofvaluations, giving the board the overview it needs of the operatingrisks inherent in the investment policy implemented underits responsibility. All reports are online accessible via the IMS65

Dashboard and the special Pension Fund Monitor ‘app’ for theiPad. Also, we have developed a stress test for pension fundsthat will enable trustees to gain a better understanding of howresilient their pension scheme would be in times of extremeeconomic crisis. Furthermore, we act as pension custodianfor Premium Pension Institutions (PPI) – a new cross-borderdefined contribution pension’s vehicle that can be establishedin the Netherlands to operate defined contribution schemesacross Europe.Mark van Weezenbeek, Director, Head of Sales and BusinessDevelopmentT +31 (0)20 557 5483mark.van.weezenbeek@kasbank.comMark Schilstra, Director Client ManagementT +31 (0)20 557 2550mark.schilstra@kasbank.comKempen & Co N.V.Beethovenstraat 300, 1077 WZ AmsterdamThe Netherlandswww.kempen.cominstitutional@kempen.comKempen Capital Management (KCM) is a leading Europeaninvestment boutique. KCM believes in focus and specializes inlisted real estate, European small caps, European and Globalequity strategies and fi xed income. Our fi duciary managementteam provides investment solutions for pension funds andinsurance companies. We aim to achieve growth via soundinvestment results for our clients and aim to achieve the bestpossible investment performance by working with highly specializedinvestment management teams.KCM is a 100% subsidiary of Kempen & Co. Kempen & Cois a Dutch merchant bank specialized in financial servicesfor institutional investors, corporations, financial institutions,(semi-)governmental bodies and foundations. Founded in 1903,Kempen & Co enjoys a high-profile presence in the Europeanmarket as a bank with an excellent reputation. Our employeesfocus on the interests of our clients, providing fi rst-classfinancial advice in asset management, securities brokerage66

and corporate finance. Kempen & Co has its head offi ce in theNetherlands and offi ces in the USA and the UK. Kempen & Cois a subsidiary of F. Van Lanschot Bankiers N.V.Kempen & Co has 464 employees of which 130 work for KCM.Benelux Institutional clients:Jeroen PotmaT +31 (0)20 348 8764jeroen.potma@kempen.nlSjoerd LontT +31 (0)20 348 8743sjoerd.lont@kempen.nlVincent TriesschijnT +31 (0)20 348 8734vincent.triesschijn@kempen.nlEuropean Institutional clients:Hilko de BrouwerT +31 (0)20 348 8721hilko.debrouwer@kempen.comVuk SrdanovicT +31 (0)20 348 8738vuk.srdanovic@kempen.comPooja PadhyeT +31 (0)20 348 8732pooja.padhye@kempen.comLombard Odier Darier Hentsch & Cie (Nederland) N.V.Weteringschans 109, 1017 SB AmsterdamThe Netherlandswww.lombardodier.nlamsterdam@lombardodier.comLombard Odier was founded in 1796 and is the oldest house ofprivate bankers in Geneva and one of Europe’s leading independentprivate banks. Throughout its history it has remainedtrue to its vocation: the management of private and institutionalassets. Lombard Odier is a partnership run by eight ManagingPartners. The company is 100% privately owned by its eightManaging Partners, who are jointly responsible for the bank’sliabilities to the full extent of their personal assets.67

The Lombard Odier organization is split into two different entities:the Bank and the Investment Management department(LOIM). The Bank consists of the private banking unit includingthe fi duciary management department, private bankinginvestment services and our global custody and partnershipbusiness. The Investment Management organization (LOIM) isit’s in-house ‘product’ organization managing Lombard Odierlabeled funds and discretionary mandates for institutionalclients.Lombard Odier was the fi rst foreign asset manager with apresence in the Netherlands (since 1985), providing assetmanagement services to institutional and private clients. InMay 2005 the Dutch offi ce obtained a banking license from theDutch Central Bank. Main activities are private banking, fi duciaryservices, management of bespoke fi xed income mandatesfor Dutch clients and Lombard Odier Investment ManagementSales and Client Services.The fi duciary management team in the Netherlands is responsiblefor strategic advice, portfolio construction, risk management,reporting and client servicing for institutional clients andfamily offi ces. The team is based in Amsterdam and Groningen,consists of 11 professionals, and uses all expertise availablewithin the international organization of the Lombard OdierGroup. At present Lombard Odier Darier Hentsch has € 115 billionassets under management. Lombard Odier has 24 offi cesin 19 countries. Lombard Odier has over 1800 employees ofwhich around 50 work in the Netherlands. For the fourth consecutiveyear, Lombard Odier has received the SAS 70 type IIcertifi cation for all its activities in the Netherlands.Gert ZwaanT +31 (0)20 522 0522g.zwaan@lombardodier.comLodewijk van PolT +31 (0)20 522 0558l.vanpol@lombardodier.comMFS International (U.K.) Limited (Netherlands Branch)Lichtenauerlaan 102-120, 3062 ME RotterdamThe NetherlandsT +31 (0)10 204 5585www.mfs.com68

MFS Investment Management – Collaborative, research-intensiveinvesting for the long termMFS Investment Management is a leading global assetmanager with more than 85 years of experience. We activelymanage € 154 billion (as of 30 September 2011) for individualand institutional investors. For over 30 years, we have beenserving institutional investors and their consultants in morethan 70 countries.MFS’ investment capabilities are driven by insights gleanedfrom our unique global research platform. Eight integratedglobal sector teams, comprising equity and credit analysts,work together from key financial centres around the world.Together with our quantitative techniques and rigorousapproach to risk management, the depth and collaboration ofMFS’ global sector teams provide a competitive advantage.We work closely with our clients to understand their needs andto provide best-in-class service through local relationship management.MFS is a signatory to the United Nations Principle forResponsible Investment (UN PRI).Product overviewMFS’ integrated global investment platform features fundamentalequity research, quantitative solutions, and credit expertise.The fi rm draws on these competencies to generate ideas, andfocus on providing consistent returns within the desired riskand return framework of our clients. Focusing on those threecore tenants, MFS offers a broad range of strategies:Equity– diversified, and select concentrated, global, regional,and country specifi cCredit– Global and US Aggregate, US credit, and EmergingMarkets (USD and local currency)Quantitative – Blended Research platforms, multi-strategy, andoutcome orientedOur experienced sales and service team in Frankfurt is preparedto manage the needs of all of our clients. Our strategiesare available in separately managed accounts and commingledvehicles, including Luxembourg domiciled SICAV funds.69

Sino Krijgsman van Spangenberg, Director Benelux InstitutionalSalesT +31 (0)10 204 5585M +31 (0)6 5353 9824skrijgsman@mfs.comDisclaimer: Issued in the UK by MFS International (UK) Limited (“MILUK”), a private limited company registered in England and Wales with thecompany number 03062718, and authorised and regulated in the conductof investment business by the UK Financial Services Authority.FOR INSTITUTIONAL AND INVESTMENT PROFESSIONAL USE ONLY.MN N.V.Prinses Beatrixlaan 15, 2595 AK The HagueP.O. Box 30025, 2500 GA The HagueThe NetherlandsT +31 (0)70 316 0160F +31 (0)70 316 0475www.mn.nlThe roots of MN go back to 1948. In the last 60 years, MN hasdeveloped into an autonomous and professional organization,responsible for the pensions of over 2 million people. To thisday, we manage investments worth over € 70 billion.MN is one of the leading fi duciary managers and pensionadministrators in Europe. Innovation has always been thedriving force behind our success. We are always seeking newcollaboration opportunities, expansion and specialisation toincrease our added value to our clients.First of all, we are able to combine the strengths of manydiverse pension funds, thus creating the scale required tocommit top-level specialists and augment the professionalismof our organization. This brings administrative solutions andinvestment products within reach of our clients.Furthermore, the construction of fi duciary managementreinforces the ability of our clients to manage their investmentpolicy and its implementation. By contracting out their investmentmanagement and administration, these funds can focuson drawing up their policy and monitoring its implementation.70

We are proud of our heritage and the position we are in today.We care about the future. The future of our clients, whetheremployees or employers, and the future of our own people.We do everything in our power to ensure that working peoplecan rely on excellent prospects, and people who are no longerworking can enjoy the pension they deserve. We believe thatbuilding for the future, and enjoying the fruits of this, worksbest in a sustainable society. This is also one of our mostimportant goals.W.Th.J. Pelser, Chief Investment Offi cerT +31 (0)70 316 0021wouter.pelser@mn.nlM.A.M. van der Tuin, Director Pension AdministrationT +31 (0)70 316 0128maarten.van.der.tuin@mn.nlC. Willems, Manager Marketing & CommunicationsT +31 (0)70 316 0241cecile.willems@mn.nlNationale-NederlandenOffi ce Haagse PoortPrinses Beatrixlaan 35, 2595 AK The HagueThe NetherlandsT +31 (0)70 513 0303Offi ce Delftse PoortWeena 505, 3013 AL RotterdamThe NetherlandsT +31 (0)10 513 0303Nationale-Nederlanden (NN) is one of the largest insurancecompanies in the Netherlands. It offers a wide range of insuranceproducts for individuals as well as employees, selfemployedand companies.NN is member of the ING Group, a global financial institutionoffering banking, investments, life insurance and retirementservices. ING serves more than 85 million private, corporateand institutional customers in Europe, North and Latin America,Asia and Australia. Over the coming years ING will movetowards a complete separation of the banking and insurance71

operations (including Investment Management). The separationis expected to be executed by the end of 2013.As one of the leading pension insurers NN can translate thenecessary knowledge and experience into attractive pensionsolutions that are manageable and practicable whilst meetingall current requirements.NN is organized in Business Units. The relevant BU’s for retirementservices are:– NN Retail offers property and casualty insurance for householdsand individuals, as well as individual additional old agesavings (like annuities and single premium policies);– NN SME offers property and casualty insurance for SME’s,disability insurance for self-employed, as well as sicknessand disability insurance and pensions for employers and theiremployees (defined benefi t as well as defined contribution);– NN Corporate Clients offers tailor-made pension solutionsvia direct insurance for large companies (including multinationals)and re-insurance for company pension funds.Its subsidiary AZL is an expert in the execution of pensionschemes and offers integrated services to pension funds:administration, advisory services for executive boards andactuarial services. All Investment Services for NNCC areconcentrated in the Team Business Development NL ofING Investment Management (IIM). IIM is a leading assetmanager and one of the world’s largest real estate investors.NN is member of the ING Employee Benefi ts Global Network,based in Bruxelles Belgium. This is a network of ING Groupsubsidiaries and independent insurers providing pooling solutionsto multinational employers and their employees.The company is headquartered in The Hague and Rotterdam.The CEO of NN is Tom Kliphuis.Henri den Boer, Chairman NN Corporate ClientsT +31 (0)10 513 1006henri.den.boer@nn.nl72

Northern TrustWTC Amsterdam, H-TowerZuidplein 36, 1077 XV AmsterdamThe NetherlandsT +31 (0)20 799 7994www.northerntrust.comNorthern Trust is one of the world’s leading providers ofasset servicing, asset management and wealth managementservices. Founded in 1889, we have a history of strength andstability. Today we are a global leader combining exceptionalclient service and expertise with innovative products andtechnology.With $ 4.17 trillion in assets under custody and $ 644 billion inassets under management (30-9-2011), we offer a full range ofcustody, back, middle and front offi ce to support your assetservicing, asset management and wealth management needs.Northern Trust has provided services to premier Dutch institutionalinvestors since 1985, and opened an offi ce in Amsterdamin 2006. We offer our Dutch clients dedicated local clientservicing, specialist services and focused expertise supportedby a global infrastructure, capabilities and a single operatingplatform.For more information on Northern Trust, please visitwww.northerntrust.com.Wim van Ooijen, Managing DirectorT +31 (0)20 799 7748wvo1@ntrs.comPetercam Nederland N.V.De Lairessestraat 180, 1075 HM AmsterdamThe Netherlandswww.petercam.nlPetercam is a leading, independent pan-European investmentboutique with around € 13 billion assets under management.Petercam was founded in 1968 by the merger of two longestablished (family-owned) investment managers, Peterbroeckand Van Campenhout. As of today, these two founding families73

hold 30% of the capital, the remaining 70% of the capitalbeing held by 15 Partners, who are directly responsible for theday-to-day management of the group and personally monitorthe quality of the advice and services provided. We considerthe independence delivered by this structure as an asset andnecessary to compete effectively in an international environment.We believe in focus and are specialized in a limitednumber of investment strategies in which we have establisheda proven track-record in adding value. These fields of expertiseinclude European equities (large caps as well as small caps,dividend stocks), Euro(pean) government and corporate bonds(Investment grade and High Yield) and European (listed) realestate. We have also developed an expertise in strategiesfocusing on a thematic approach (such as agriculture, energyand metals & mining). Petercam’s investment philosophy is bestcharacterized by bottom-up selection of stocks and bonds,only investing in companies we deeply understand. Petercam’svalue proposition can be summarized as follows:– Independent investment boutique;– Focused niche player with an outstanding track-record in alimited number of investment strategies;– Active management based on bottom-up stock-picking (andbond-picking);– Stable team of investment professionals;– High level of client servicing.Our core markets are the Benelux and we gradually expandedour geographic footprint to France, Spain, Italy, Switzerland,the United Kingdom, Germany and Scandinavia.Marco van Diesen, Sales Director Northern EuropeT +32 (0)2 229 6272marco.vandiesen@petercam.bePGGMNoordweg Noord 150, 3704 JG ZeistThe Netherlandswww.pggm.nlIncome security for the care and welfare sectorPGGM is responsible for administering the pension schemesof Pensioenfonds Zorg en Welzijn and other pension funds.74

We handle the pension administration and asset managementand provide management support and personal financialplanning. We look after the pensions of 2.1 million current andformer employees in the care and welfare sector each day anddo handle approximately € 100 billion assets under management.PGGM has operated as a not-for-profi t co-operativeorganization since 2008, although we naturally strive to makeour activities as effective as possible, just like any other healthycompany. However, making a profi t is not an aim in itself, buta means of serving our clients and members even better. Theco-operative structure enables our members, employees,pensioners and employers in the care and welfare sector toinfluence our policy.Our services– Implementation of collective pension schemes, pensionadministration and communication;– Asset management for pension funds which share oursocially responsible vision and investment policy;– Management support for pension fund managements,including actuarial services, financial reporting, public affairsand policy support on pension-related legal affairs;– Personal financial planning and income security.Responsible investmentPGGM’s prime aim is to ensure a stable return. That means along-term approach is second nature to us. We offer continuityand security with respect for man and the environment. As aninstitutional investor we believe that financial and social returnsgo hand in hand.Corporate governance and sustainable investment are entirelynatural to us. We therefore operate on behalf of our clients onthe basis of profi table investments in which the environment,society and good corporate governance play a key role.Gert Jan Sikking, Managing Director Institutional BusinessT +31 (0)30 277 1589gertjan.sikking@pggm.nlPIMCO Europe LtdSchiphol Boulevard 315, Tower A6, 1118 BJ Luchthaven SchipholThe Netherlandswww.pimco.com75

Established 40 years ago in the US, PIMCO is today recognisedas one of the world’s leading investment management fi rms.Since its founding, PIMCO’s mission has been to preserve andprotect the assets of our clients, focusing on managing risk anddelivering returns. We are currently entrusted with over € 1009billion (September 2011) of client assets.Our on-the-ground presence in Europe – with offi ces in Amsterdam,London, Munich and Zurich – spans more than 10 years.In this time, our dedicated team of relationship managers hasgained considerable understanding of the unique challengesfacing Dutch pension funds and insurance companies, such asthe regulatory environment in which they operate. As a globalinvestment solutions provider with a long history in fi xed incomemanagement, PIMCO has expertise and signifi cant resourcescommitted to virtually every sector of the global bond market.Through both pooled and segregated accounts, we offer a fullspectrum of core and alternative fi xed income strategies acrossdomestic, regional and global mandates.Importantly as markets have evolved, we have worked closelywith our Dutch clients to understand their fi duciary and fundingrequirements and to tailor investment solutions to meet theirneeds. In addition to our broad fi xed income capabilities, wehave developed expertise in strategies such as Tail Risk Hedging,equities and commodities, and can offer strategic clientssolutions across asset classes including LDI, absolute return andasset allocation. Our clients benefi t from a broad and diversepool of skills and talent, with our investment teams being recognisedby a number of prestigious awards: Morningstar awardedCo-CIO and founder Bill Gross and his team the Fixed IncomeManager of the Year three times in a decade, the fi rst investmentmanager to achieve this accolade, and also the fi rst ever awardof the Fixed Income Manager of the Decade.For more information on how PIMCO can assist you in achievingyour investment goals, please contact Patrick Dunnewolt:Patrick Dunnewolt, Senior Vice President, Head Business DevelopmentBenelux RegionT +31 (0)20 655 4711M +31 (0)6 1250 1946patrick.dunnewolt@pimco.com76

Privium Fund ManagementHFC PlazaGustav Mahlerplein 109-111, 1082 MS AmsterdamThe NetherlandsT +31 (0)20 708 5900info@priviumfund.comPrivium Fund Management offers solutions to managers in oroutside the EU that want to establish their fund in the Netherlands,regulated by the Dutch supervisory authorities.Examples of these solutions are:– enabling the manager to ‘plug in’ to a robust, state of the artinfrastructure which takes care of compliance, mid-offi ce,risk-management and administration of the fund. (Thisinfrastructure enables the manager to market the fund in theNetherlands and in the EU, under the permit Privium);– assistance with setting up a Dutch fund managementcompany and the fund(s) to be managed by it and providingcompliance, mid-offi ce, risk-management and administrationservices to the fund once it is operational;– taking part in the (Supervisory) Board of the manager.Contact:Mr. Mark BaakRobeco Investment SolutionsCoolsingel 120, 3011 AG RotterdamP.O. Box 2100, 3000 CC RotterdamThe NetherlandsT +31 (0)10 224 3535www.robeco.nlStichting Robeco Premie Pensioen InstellingT +31 (0)10 224 3535www.robeco.nl/ppiRobeco is the center of asset management within theRabobank Group. The Rabobank Group has the highest creditrating from the top international rating fi rms. Robeco hasinvestment management operations in the Netherlands, France,Switzerland, Hong Kong and the United States. They are77

leveraged by local sales offi ces in the Netherlands, Bahrain,France, Germany, Poland, Spain, Switzerland, Japan, Korea,Taiwan, China and the United States.Robeco, established in Rotterdam in 1929, offers investmentproducts and services to institutional and private investorsworldwide. The product range encompasses equity and fi xedincome investments, money-market and real-estate funds andalternative investments, including private equity, hedge fundsand structured products.Robeco has a long history in asset management for institutionalinvestors. Robeco is a professional partner in providingstrategic advice, asset allocation, hedging interest and inflationrisk, manager selection at Corestone (our 100% subsidiary inZug Switzerland), risk budgeting, integrated risk managementand transparent reporting about the assets in combinationwith liabilities (fi duciary management). Robeco is also leader inDefined Contribution solution for pension funds.Robeco Investment Solutions is the new business line supportedby more than 25 dedicated specialists that combines allrelevant expertise with a focused and integrated approach forinstitutional investors.Based on the IORP directive Robeco has decided to introducethe Stichting Robeco Premie Pensioen Instelling. The PPIcan offer pension schemes to European corporates and forDutch employees only Defined Contribution schemes can beimplemented.Artino Janssen, co-head Robeco Investment Solutionsa.janssen@robeco.nlTom Steenkamp, co-head Robeco Investment Solutionst.steenkamp@robeco.nlSchroder Investment Management Benelux N.V.De Entrée 260/18, 1101 EE AmsterdamThe NetherlandsAbout SchrodersSchroders is a global asset management company with over 20078

years of financial experience which has resulted in a world-classapproach to investment. We currently manage over € 210 billionon behalf of our institutional, retail and private clients. Institutions,particularly pension funds, are at the core of our business.Our aim is to apply our specialist asset management skills inserving the needs of our clients. With one of the largest networksof offi ces and over 340 investment professionals covering theworld’s investment markets, we offer our clients a comprehensiverange of products and services.Strategic SolutionsSchroders has a substantial global Multi-Asset and LDIcapability, backed by our renowned proprietary investmentstool, SMART (Schroders Multi-Asset Risk Technology), and ahighly-experienced Multi-Asset team that manages over € 45 billion.We have extensive experience in managing both matchingand return portfolios that are completely tailored to the client’sspecifi c needs.Equity productsOur range covers most regions, industry sectors and investmentstyles. Our approach is heavily research-based with locallybased analysts and is combined with state of the art quantitativeresearch, modelling and risk management.Fixed IncomeWe offer products in all major currencies including sovereigndebt, high-grade corporate bonds, high-yield and emergingmarket debt. We have built successful global credit teamslocated on the ground in Asia, Europe and America.Alternative asset classesAlternative asset classes we manage include property,commodities, private equity, hedge funds and fund-of-funds.Michel Vermeulen, Head of Sales BeneluxT +31 (0)20 305 2844michel.vermeulen@schroders.comSEIBaarnsche Dijk 10H, 3741 LS BaarnThe Netherlandswww.seic.com79

SEI is a leading global provider of Fiduciary Management andWealth Management solutions. The company founded in 1968and listed on the NASDAQ, has over $ 150 billion in assetsunder management (as at September 30th 2011).SEI has been established in the Dutch market for over sevenyears and has a local team supported by over 300 experts incorporate finance, pension finance, investment and actuarialwork. SEI has over 60 Fiduciary Management clients in Europeincluding five Dutch corporate, industry wide and charityclients representing approximately € 1.7 billion in assets undermanagement (as at 30th September 2011).Fiduciary ManagementSEI’s Fiduciary Management solution is designed to help pensionfunds achieve their funding goals. By combining strategicadvice, risk management and a Manager of Managers investmentprocess, SEI can professionally assist pension fundswithin the outsourcing guidelines of DNB.SEI’s Fiduciary Management solution covers three key areas:Strategic Advice & Risk ManagementThe strategic advice process begins with agreeing strategicobjectives in relation to the pension scheme’s long termfunding goal using information on future cash flows and riskappetite.Investment Management (Manager of Managers)SEI is one of the largest and longest standing Manager of Managersglobally, with over 20 years of investment experience.A Manager of Managers process is one in which a single assetmanagement fi rm is responsible for the portfolio construction,manager selection, evaluation and replacement of managerswithin an investment portfolio. Risk management is at the heartof the Manager of Managers process.Client Service and ReportingTo ensure that Pension Fund Boards remain in control SEI providesgoals based reporting. Partnering with SEI can providemultiple benefi ts to Dutch pension funds the most important ofwhich is the fact there may be an increased chance of meetingthe pension fund’s long term objective whether this is increasingor protecting the funding level or a combination of both.80

For more information about SEI’s Fiduciary Managementsolution, please contact:Peter in de RijpT +31 (0)35 542 4708pinderijp@seic.comDisclaimer: This information issued by SEI Investments (Europe) Limited(“SIEL”), Time & Life Building, 1 Bruton Street, 4th Floor, London W1J6TL United Kingdom, authorised and regulated by the Financial ServicesAuthority.SNS Asset ManagementPettelaarpark 120, 5216 PT ’s-HertogenboschP.O. Box 70053, 5201 DZ ’s-HertogenboschThe NetherlandsT +31 (0)73 683 3355www.snsam.nlSNS Asset Management (SNS AM) is the asset manager ofSNS REAAL and enjoys a leading position in the Netherlands inresponsible institutional asset management. Next to managingthe assets of SNS REAAL and its subsidiaries SNS AM alsomanages assets for external clients and the participants in theinstitutional investment funds of SNS AM.SNS AM uses responsible investing criteria for all assetclasses.Our investment principles are:– Avoidance of the most serious and systematic human rightsviolations;– Avoidance of the most serious forms of child labour;– Avoidance of involvement in forced labour;– Avoidance of serious forms of corruption;– Avoidance of serious environmental pollution;– No involvement in the production and development ofcontroversial weapon systems, in the provision of servicesfor the development, use and maintenance of these weaponsystems, or in controversial weapon systems’ trade, and;– Respect for the generally accepted ethical fundamentalsthat apply to a humanitarian society.81

In addition, SNS Asset Management specifi cally engages ininvestments in the field of Impact Investing, through a separatedepartment, SNS Impact Investing. SNS Impact Investinginvests in social development, which includes investments inmicrofinance, in water – e.g. aimed at improving human hygiene– and responsible agriculture in developing countries. Otheractivities related to basic human needs and development willbe made available for investment in the near future as well.In total SNS Asset Management manages assets amounting to€ 42 billion (as of 31-12-2010).SNS Asset Management was founded in 1997 following amerger between De Hollandse Koopmansbank and SNS Bank.As a manager of union funds, De Hollandse Koopmansbankhad a long history in responsible investment. Thanks in part tothis vast experience, SNS Asset Management enjoys a leadingposition in responsible institutional asset management.SNS ReaalCroeselaan 1, 3521 BJ UtrechtP.O. Box 8444, 3503 RK UtrechtThe NetherlandsT +31 (0)30 291 5200www.snsreaal.nlinfo@snsreaal.nlState Street CorporationThomas R. Malthusstraat 1-3, 1066 JR AmsterdamThe Netherlandswww.statestreet.comWith $ 21.5 trillion in assets under custody and administration,and $ 2.0 trillion in assets under management* as of 31 December2010, State Street is a leading financial services providerserving some of the world’s most sophisticated institutions.We offer a flexible suite of services that spans the investmentspectrum, including investment management, research andtrading, and investment servicing.82

We have been meeting the needs of pension funds in Europefor decades. Our core service offering – custody, accountingand fund administration – is complemented by a range ofvalue-added services, such as securities lending, transitionmanagement and collateral management, that help assetowners optimize their cost bases and maintain and enhanceportfolio values.Our integrated global custody and accounting platformprovides a strong foundation for servicing globally distributedpension assets, helping clients benefi t from economies ofscale and consolidated reporting. These solutions are backedby leading technology, including advanced performance andanalytics tools that provide unparalleled insight into the performanceof plan assets and enable funds to manage risk moredynamically than ever before.Amid signifi cant change in the industry, with the growth ofdefined contribution (DC) as the dominant retirement plan modelglobally, State Street can help pension funds adapt to thechanging environment and deploy best practice approaches.Simone Vroegop, Vice President, Head of Business Developmentthe Netherlands & The Nordic RegionT +31 (0)20 718 1075svroegop@statestreet.com*This AUM includes the assets of the SPDR Gold Trust (approx. € 41 billionas of 31 December 2010), for which State Street Global Markets, LLC,an affi liate of State Street Global Advisors, serves as the marketing agent.The currency exchange rate of USD/EUR is as of 31 December 2010.Syntrus AchmeaRijnzathe 10, 3453 ZL De MeernThe NetherlandsT +31 (0)30 669 2533Pension fund boards must increasingly deal with complexissues. Syntrus Achmea advises them on the right strategy andperforms financial services in the areas of asset managementand pension administration. That is how Syntrus Achmea helpspension funds fulfil their ambitions.83

Syntrus Achmea holds a unique position in the market of pensionfunds, serving industry-wide pension funds, companyfunds, and occupational funds. The organization offers solutionsin financial as well as administrative areas. The companyis active in the following fields:– Strategic Pension Management (fi duciary management);– Asset management;– Real estate management;– Pension administration.As a financial services provider, Syntrus Achmea looks afterthe pensions of some 3.5 million Dutch citizens. It performsthis work on behalf of over 80 pension funds. Syntrus Achmeamanages assets worth € 52 billion, of which € 14 billion in realestate. That makes the company the largest real estate investorin the Netherlands.InternationalSyntrus Achmea is not only active in the Netherlands, but alsooffers solutions in the area of pension implementation on theinternational market. In addition to international asset managementand risk pooling, Syntrus Achmea is also able to provideadministrative services for pan-European pension funds on anintegrated multi-lingual and multi-currency platform.With a pan-European pension fund, a multinational companycan bundle together all the claims from different countrieswithin a single implementation vehicle.This form of service provision puts Syntrus Achmea at theforefront of international pension implementation, and it hasdemonstrated its Proof-of-Concept in the performance ofseveral cross-border pension arrangements.Johan van Egmond, Commercial Director Syntrus AchmeaT +31 (0)30 669 2486johan.van.egmond@achmea.nlThreadneedle InvestmentsAtrium Building (3rd Floor)Strawinskylaan 3051, 1077 ZX AmsterdamThe NetherlandsT +31 (0)20 301 2102www.threadneedle.nl84

Threadneedle is a global asset manager with a strong reputationin equities, fi xed income, commodities, real estate, asset allocationand alternatives. They offer a diverse choice of activelymanaged investment strategies covering the major world marketsand asset classes.They manage money for a broad spectrum of institutionalclients ranging from governments, sovereign wealth funds andsupra national bodies through to corporates and public funds.Dedicated teams service the institutional business across Asia,Australia, Europe, Middle East and North America, ensuring youreceive a tailored local service that meets your requirements.Key facts (as at 30-9-2011)– Founded in 1994 and headquartered in London.– Assets under management of € 72 billion.– Offi ces in 15 countries.– Around 600 staff and over 120 investment professionals.– Owned by Ameriprise Inc., a NYSE listed US financial servicescompany, member of the S&P 500, with over US$ 600 billionin owned, managed and administered assets. A strong andsupportive parent company.Investment capabilitiesThreadneedle has designed their business to offer choice acrossthe risk/reward spectrum, building capabilities in areas wherethey have proven expertise and use investment processes thatare both repeatable and scalable. They offer a range of strategiesfrom long only through to absolute return investments.Whilst each asset class has its own specialist investment team,individual teams benefi t from a culture of co-operation andideas exchange. This regular interaction between the investmentspecialists means that every portfolio benefi ts from the entireinvestment team’s thinking. Strategies are available as eitherpooled vehicles or segregated accounts. Threadneedle can alsowork with institutional investors to design bespoke portfolios,tailored to accommodate their specifi c needs.Risk managementIn order to add value to your investments, Threadneedle introducesexplicit risk into portfolios, using sophisticated tools tomanage it rigorously as well as understand and analyse performance.Their independent risk management team supports andenhances the investment teams’ decision-making, underpinning85

their aim of delivering attractive risk-adjusted returns acrossour portfolios.Feike Goudsmit, Executive Director Threadneedle BeneluxT +31 (0)20 301 2102feike.goudsmit@threadneedle.comTKP Pensioen BV/TKP Investments BVP.O. Box 501, 9700 AM GroningenThe NetherlandsAbout TKP and TKP InvestmentsTKP is a professional pension administrator for large pensionfunds and is a subsidiary of AEGON the Netherlands.TKP Investments (TKPI) is an experienced integral balancesheet manager for Dutch pension funds and is a subsidiary ofAEGON Asset Management.TKP: a leading service providerTKP is a leading pension administrator for company pensionfunds, industry-wide pension funds and Premium Pension Institutions(PPI’s). The company services 22 pension funds withapproximately 1.7 million participants. TKP’s success is builtupon the excellence of its administrative organization. Servicequality standards that are only now becoming widely acceptedin the sector were implemented by TKP years ago.TKP carries out the pension administration for many large multinationalslike General Electric, KPN, Getronics, TNT, Cargill,IBM the Netherlands, Honeywell and Sara Lee. TKP aims to beEurope’s number one pension administrator, delivering the bestquality service at competitive prices. In order to achieve this,TKP continuously invests in products, marketing, systems andpersonnel.By responding to the wishes of its clients, TKP has earned anexcellent reputation and achieved signifi cant growth. With aclear strategy and excellent service, TKP has achieved a strongposition in the pension market.TKPI: an experienced integral balance sheet managerTKPI is an experienced balance sheet manager with a more86

than 20 years track-record in the pension industry. Customerintimacy is the key to our success. Our integrated approachenables us to provide a full asset and risk management advisoryservice, enabling pension fund boards to remain in control.TKPI provides strategic and risk management advice as thebackbone of our service, including extensive ALM studies.TKPI performs the day-to-day monitoring and management ofportfolios and reporting to pension fund boards and regulatingbodies. TKPI asset management is based on a structuredmulti-manager investment approach. The selected assetmanagers for the investment funds are considered to be thebest in their respective asset categories. The selection processis robust and disciplined. TKPI manages over EUR 12 billion formore than 30 clients.For more information about TKP, please contact via:T +31 (0)50 582 1990info@tkppensioen.nlFor more information about TKP Investments, pleasecontact via:T +31 (0)50 317 5317leenes.re@tkpinvestments.comZwitserlevenBurgemeester Rijnderslaan 7, 1185 MD AmstelveenP.O. Box 5000, 1180 KA AmstelveenThe NetherlandsT +31 (0)800 0045www.zwitserleven.nlZwitserleven was established in 1901 and is part of SNSREAAL. Zwitserleven is the third largest private pensionprovider in the Netherlands. Zwitserleven’s mission is to enableour customers to enjoy a carefree retirement. Our ambition issimple: to be the best pension provider in the Netherlands inthe eyes of our customers. In 2011, for the fourth time in a row,we received a no. 1 performance ranking as pension provider inthe Netherlands.The 750 employees of Zwitserleven are proud to provideexcellent retirement services to 22,000 employers and 680,000employees. We focus on customers in the large corporate and87

SME market segments. In addition we have a dedicated rangeof products and services for business owners.In 2011 premium income pension was € 1,1 billion and Assetsunder Management reached € 15 billion.Zwitserleven is a proud partner of the international Swiss Lifepartner Network. Via this network we can offer pension solutionsin over 70 countries across the globe.Rolf van Woerkom, Chief Market Offi cerrolf.vanwoerkom@zwitserleven.nlPeter Ronteltap, Director Sales Corporate Clientspeter.ronteltap@zwitserleven.nl4 LegalAllen & Overy LLPApollolaan 15, 1077 AB AmsterdamThe Netherlandswww.allenovery.comIntroducing our pensions practiceOur European Pensions team is at the forefront of legal developmentsand market practice. We have specialists who havebeen practicing in the field of pensions law for over 30 years.Our team focuses on collective pension arrangements, pensionfund governance, the establishment, merging and windingup of pension plans, matters relating to the amendment andharmonisation of pension plans and litigation on issues relatedto pensions.Our pensions experts regularly work alongside Allen & Overy’shighly rated partners in other disciplines such as our InvestmentFunds experts including our head of Investment Funds inAmsterdam, Ellen Cramer-de Jong. The Investment Funds Teamas part of ICM (International Capital Markets) advises (i) pensionfunds on investing in private equity funds and structuredfinance products and (ii) investment banks and asset managersand their funds to accommodate trading with Dutch contractualfunds, Dutch pension funds and Dutch pooling vehicles.88

A recognised practice in Amsterdam− “Wijnanda Rutten is of counsel and a highly respected specialistin pensions”. Chambers Europe 2011 – Tier 1 ranking− “Ellen Cramer-de Jong receives widespread praise for thequality of her work” Chambers Europe 2011− Global Pension Awards Law Firm of the Year in 2010, 2009and 2008− European Pension Awards Law Firm of the year in 2010Good companyClients who have chosen Allen & Overy include: T-Systems,Morgan Stanley, Goldman Sachs, Société Générale, TNTExpress, PostNL ,KPN, PGGM, Delta Lloyd, Citibank, Shell,NIBC, Triodos Bank and Nuon.ContactsIf you require additional information, please do not hesitate tocontact us:Wijnanda RuttenT +31 (0)20 674 1654wijnanda.rutten@allenovery.comEllen Cramer-de JongT +31 (0)20 674 1468ellen.cramerdejong@allenovery.comBGA PensioenrechtadviesBahialaan 502, 3065 WC RotterdamThe NetherlandsT +31 (0)10 463 7755www.pensioenrechtadvies.nlinfo@pensioenrechtadvies.nlBGA Pensioenrechtadvies is well versed in all kinds of legalmatters, both tax and civil, as long as they have anything to dowith pensions.BGA Pensioenrechtadvies advises a large range of nationaland international companies in various sectors, pension fundsand insurance companies in pensions and pensions relatedmatters. Our advisors are independent and driven by theirpassion for everything to do with pensions. This passion istranslated into a pragmatic and innovative client focused89

approach, in which BGA Pensioenrechtadvies will become,as it were, a partner in the organization of its clients. Oftenthis approach results in the project management of complexprocesses confronting its clients.BGA Pensioenrechtadvies attaches great importance to makingall those issues which its clients have to deal with as accessibleas possible in a practical and compact way. Our lawyersare closely involved in the development of Dutch pensions lawand policy and well-known specialists in the Dutch pensionslaw market. Besides, as member of the international Allianceof HR- and pension lawyers, Ius Laboris (www.iuslaboris.com),the also know their way in the very complex international pensionsbusiness.BGA Pensioenrechtadvies’ clients use its services in preparingand planning a strategic pensions policy. BGA Pensioenrechtadviesshares its specialist knowledge with its clients on thewhole spectrum of legal information and communication obligations,as well as the options available to change or modify ascheme.Eric Bergamin, Jos Gielink and Pierre Akkermans are all recognizedin the Netherlands as leading pensions law specialistsand have a wide range of experience in dealing with complexpensions issues, both nationally and internationally.Contact persons:Eric BergaminJos GielinkPierre AkkermansClifford ChanceDroogbak 1a, 1013 GE AmsterdamP.O. Box 251, 1000 AG AmsterdamThe NetherlandsT +31 (0)20 711 9000www.cliffordchance.comThe Amsterdam offi ces of the international law fi rm CliffordChance, offers the combined expertise of in-depth regulatory,investment funds and pensions expertise. The services of90

Clifford Chance in respect of pensions include:– Setting up asset pooling structures and asset managementcompanies for pension funds or insurance companies;– Setting up of pension providers, such as premium pensionsinstitutions and assisting on the merger of company pensionfunds;– Advising on and providing assistance to asset managementcompanies in respect of asset management structures forpension funds;– Advising pension funds on governance issues;– Performing pensions due diligence investigations in respectof mergers and acquisitions, corporate restructurings, corporaterefinancing;– Assisting and advising employers on harmonization of pensionschemes;– Advising on pensions aspects of redundancies.In addition to these national services, the international networkof Clifford Chance has the capability of providing pensionsadvice in countries like the United Kingdom and the UnitedStates of America.For more information, please contact:Ate van IJlzinga Veenstra, PartnerT +31 (0)20 711 9711Hans van Meerten, AssociateT +31 (0)20 711 9155Robert Smits, CounselT +31 (0)20 711 9356CMS Derks Star BusmannNewtonlaan 203, 3584 BH UtrechtP.O. Box 85250, 3508 AG UtrechtThe Netherlandswww.cms-dsb.comCMS Derks Star Busmann is a leading legal services providerin the Netherlands. We have over 220 lawyers, civil-law notariesand tax advisers working at the very highest level for our clients,which client group includes pension funds, insurance companiesand employers in numerous business sectors, as wellas institutions and government bodies. Our highly specialized91

Pension Group provides legal services in respect of the fullrange of pension related matters, such as the regulatory andcompliance aspects of pension schemes, pension fund governance,establishing and liquidating pension providers, pensionissues in M&A transactions, as well as the various issues arisingin connection with investments by pension providers, assetmanagement and reinsurance of pension benefi ts. To provideyou with the best legal service and advice on international pensionand employment matters we work closely together with ourpartners in the CMS organization. CMS operates in 27 jurisdictions,with 53 offi ces in Western and Central Europe and beyond,employing over 2,400 lawyers. CMS was provided, amongstothers, with the award for the 2009 – Pensions Law Firm of theYear in the UK.Paulus van den Bos, Pensions, Chairman of Pensions GroupT + 31 (0)30 212 1555M +31 (0)6 2959 1798paulus.vandenbos@cms-dsb.comLeonard Böhmer, Insurance law and LitigationT +31 (0)30 212 1710M +31 (0)6 5021 3184leonard.bohmer@cms-dsb.comKatja van Kranenburg-Hanspians, EmploymentT + 31 (0)20 301 6402M +31 (0)6 2158 4432katja.vankranenburg@cms-dsb.comMartijn van der Bie, Corporate; civil-law notaryT + 31 (0)30 212 1718M +31 (0)6 5424 1039martijn.vanderbie@cms-dsb.comEduard Scheenstra, Banking and FinanceT + 31 (0)20 301 6447M +31 (0)6 1565 9855eduard.scheenstra@cms-dsb.comDe Brauw Blackstone Westbroek N.V.Claude Debussylaan 80, 1082 MD AmsterdamP.O. Box 75084, 1070 AB AmsterdamThe NetherlandsT +31 (0)20 577 1771www.debrauw.com92

De Brauw Blackstone Westbroek N.V. is a premium full-serviceinternational law fi rm. At the heart of the fi rm is the powerfulcombination of a strong corporate and finance practice and acentre of excellence for litigation. Our client base includes largecorporates, financial institutions and pension funds which haveentrusted us with handling their most demanding and sensitivematters. De Brauw advises over 70% of the largest companiesin the Netherlands.Our dedicated Pensions Group offers an integrated team ofprofessionals specialised in employment law, corporate structureand governance of pension funds, investment management,mergers & acquisitions, tax, litigation and regulatoryenforcement. We advise pension funds, employers, assetmanagers and other institutions on the wide range of issuesthat may arise in connection with pensions.We have a long-standing reputation for acting for pensionfunds in matters concerning their fund governance and supervision.A dedicated investment management group focuseson the investment management industry in the broadest senseand operates at the forefront of legal developments in thepension sector, including the development of fi duciary assetmanagement, asset pooling structures and new vehicles forpension pooling (e.g. PPI). Recent trends include ‘mergers’ ofpension funds, including transfers of pension schemes bothnationally and internationally (IORP).In addition, De Brauw advises on all regulatory matters relatingto the pensions sector, such as designing and implementingpension schemes, employment matters, capital requirements,compliance, outsourcing and matters relating to supervision bythe Dutch Central Bank.On the contentious side, we successfully represent pensionfunds and other institutions in enforcement actions brought bythe Dutch Central Bank and the Netherlands Authority for theFinancial Markets. So far, in line with client preferences, wehave succeeded in keeping most of our engagements confi -dential, resolving issues with enforcement agencies amicablyand out-of-court.In addition, our litigation practice handles all civil disputesthat may ensue in connection with pensions, such as disputesabout funding obligations and changes in retirement benefi ts.93

Francine Schlingmann, Partner Investment Management &PensionsT +31 (0)20 577 1564M +31 (0)6 5340 3288francine.schlingmann@debrauw.comKees Groffen, Partner Investment Management & PensionsT +31 (0)20 577 1025M +31 (0)6 5118 5610kees.groffen@debrauw.comDLA Piper Nederland N.V.Amstelveenseweg 638, 1081 JJ AmsterdamP.O. Box 75258, 1070 AG AmsterdamThe NetherlandsT +31 (0)20 541 9888www.dlapiper.comDLA Piper’s Employment, Pensions and Benefi ts group is amarket leading global practice with a strong reputation fordelivering solutions-based advice and supporting clients inthe day-to-day management of their people legal issues andrisk. DLA Piper’s team of pension lawyers focus on all aspectsof pension law. We offer employers, pension funds, insurers,administrators and other client’s extensive knowledge of andexperience with Dutch pension law. Where necessary, with aninternational focus of course, we quickly collaborate with ourinternational colleagues in DLA Piper’s unrivalled worldwidenetwork.DLA Piper’s pension lawyers know how employers who findthemselves in such situations must deal with the pension rightsof their employees, when they can expect claims from theiremployees and how they can take a proactive approach to thissituation; but also what procedures employers must followif they want to amend their pension schemes and how theyshould communicate this to their employees and their workscouncil.We always advise our clients in a pragmatic and transparentmanner on matters ranging from how to optimise pensionschemes from a tax perspective to corporate governance forpension funds.94

The arrival of Professor Erik Lutjens to our Pension Lawpractice group – of which Certified Pension Lawyer Yvette vanGemerden is lead partner – has strengthened DLA Piper’s positionas market leader in the field of pension law. Lutjens, whois a professor at the VU University in Amsterdam, is the onlyprofessor of pension law in the Netherlands. He is the mostprominent expert in the field of pension law in the Dutch legalpractice. He has combined his academic career with his workas a lawyer in the pensions practice for more than 20 years. AtDLA Piper, Lutjens primarily advises large pension funds, theDutch government and financial institutions on a wide range ofpension issues.Services/Areas of expertise:– Pensions– Optimising pension schemes from a tax perspective– Corporate governance for pension funds– Pensions in transactions/transfer of an undertaking– Mandatory participation and exemption from sectoralpension funds– Amending pension schemes– Equal treatment and pensions– Litigating in the area of pension law– Pension law and co-determinationFor additional information, please contact:Yvette van Gemerden, Partner, Certified Pension LawyerT +31 (0)20 541 9934yvette.vangemerden@dlapiper.comErik Lutjens, Of Counsel, ProfessorT +31 (0)20 541 9282erik.lutjens@dlapiper.comHolland Van Gijzen Advocaten en Notarissen LLPAntonio Vivaldistraat 150, 1083 HP AmsterdamP.O. Box 7925, 1008 AC AmsterdamThe NetherlandsEqual treatment, indexation, employee participation, deferredmembers and pensioners, elderly people policy, continuouslychanging tax legislation and increasing legislation regardingsupervision: these are only a few of the many possible subjects95

that you should take into account as entrepreneur or managerof a (pan European) pension fund upon exercising your pensionpolicy.The Pension Law practice group specializes in solving legalpension questions which may arise when determining yourpension policy. The Pension Law practice group specializesin solving legal pension questions which may arise whendetermining your pension policy. In this respect, our focus liesespecially on giving legal pension advice to enterprises, (panEuropean) pension funds or and employer’s organizations. Providedthere is no conflict with our existing client portfolio, wealso offer our support to other parties such as: works councils,members’ councils, associations of pensioners and employees’organizations.When determining your pension policy, fi scal and financialconsiderations often play an important part. Even though werecognize these considerations, we prefer to leave the provisionof advice on this subject to specialists in this field. Wherenecessary, we work together closely with the tax advisors,accountants and actuaries of Ernst & Young. In addition tothe legal aspects concerning pension, we also examine thefinancial consequences of pension issues. Usually, a numberof solutions are possible and it will therefore be necessary toweigh the risks involved. We can help you in making the rightchoices when it comes to policy and strategy. We approachyour pension problems from various angles. We distinguishourselves by providing pension advice that is as complete aspossible.Nicolette Opdam, Partner (pensions)T +31 (0)88 407 0428nicolette.opdam@hollandlaw.nlHouthoff BurumaGustav Mahlerplein 50, 1082 MA AmsterdamP.O. Box 75505, 1070 AM AmsterdamThe NetherlandsT +31 (0)20 605 6539www.houthoff.com96

Introduction to Houthoff BurumaHouthoff Buruma is a leading, independent, full service lawfi rm in the Netherlands with a strong presence in the areas ofcorporate M&A, finance and litigation. Houthoff Buruma wasselected by The Lawyer as ‘Benelux Law Firm of the Year 2010’,won Global Law Experts’ “Litigation Law Firm of the Year”award 2011 and that same year was ranked in the top-10 for itsnumber of M&A deals in the Benelux by MergerMarket.The fi rm advises well-known domestic and global companies,financial institutions, corporate and (semi-) governmental bodiesand provides legal, tax and notary services.– 300+ lawyers– 70 partners– Offi ces: Amsterdam, Rotterdam, The Hague, London andBrussels– Member of Lex Mundi for the Netherlands, the world’sleading (non-exclusive) association of top tier independentlaw fi rmsInvestment ManagementHouthoff Buruma’s well established and leading InvestmentManagement practice group specializes in setting upand restructuring investment funds; advising asset managers,pension funds and other institutional investors on assetmanagement-related topics; asset pooling transactions; capitalmarkets transactions involving private equity, hedge and realestate funds or other domestic and foreign investment funds.The investment management and regulatory team assists over30 pension funds and has a rapidly growing market share.Oscar van Angeren, Lawyer-partner, Investment ManagementT +44 (0)20 7422 5041M +44 (0)79 3236 0758o.van.angeren@houthoff.comPensionsThe Pensions group is one of the largest such specialist departmentswithin any Dutch law fi rm and is exclusively concernedwith providing specialist pensions legal advice. Consisting ofone partner and four associates, it has experience at every levelin advising on all aspects of pension law. The unit deals with97

issues ranging from scheme funding to regulatory/complianceissues, including questions concerning the fi scal treatment ofpensions. Our client base includes a wide range of corporateclients (both national and international), as well as former publicsector clients, insurers, pension funds and scheme members.We have also built up a track record in assisting in negotiationsbetween sponsoring employers, employees’ representativesand boards of occupational pension schemes, and havefrequently advised on the winding-up of occupational pensionschemes. We have a depth of experience in dealing with thepension aspects of commercial transactions.Together, the Pensions group and the Investment Managementpractice group work together as the Pension Sector Group toprovide a seamless service for our clients.We can also call on other specialist experience available withinour fi rm, as and when required (for example, employment lawadvice or advice on issues relating to EU-competition lawmatters).Key contacts within the Pensions group:Edward de Bock, Lawyer-partner, Pensions & Employeebenefi tsT +31 (0)20 605 6186M +31 (0)6 5373 9632e.de.bock@houthoff.comRoland de Greef, Lawyer, Pensions & Employee benefi tsT +31 (0)20 605 6553M +31 (0)6 5122 0783r.de.greef@houthoff.comMaarten Minnaard, Lawyer, Pensions & Employee Benefi tsT +31 (0)20 605 6929M +31 (0)6 1094 1421m.minnaard@houthoff.comHennie de Graaf, Lawyer, Pensions & Employee Benefi tsT +31 (0)20 605 6920M +31 (0)6 5115 1879h.de.graaf@houthoff.comLorenz van der Meij, Lawyer, Pensions & Employee Benefi tsT +31 (0)20 605 6976M +31 (0)6 4355 0187l.van.der.meij@houthoff.com98

Linklaters LLPWTC AmsterdamZuidplein 180, 1077 XV AmsterdamThe NetherlandsLinklaters is a leading global law fi rm, supporting clients inachieving their strategies wherever they do business. We useour expertise and resources to help clients pursue opportunitiesand manage risk across emerging and developed marketsaround the world. Our global approach and commitment toexcellence ensure the highest standards of quality and serviceacross all our relationships. We bring discipline, teamwork andagility to help our clients navigate important business challengessuccessfully.Our pan-European pensions practice has unrivalled experienceof the full range of pension issues. We are able to provide ourpension clients with the highest quality expert advice on alllegal matters. Linklaters’ lawyers help to ensure that pensionbenefi ts are treated consistently worldwide and comply with alllocal regulations.Leading multinational companies and financial institutions,sponsors, pension funds and trustees rely on Linklaters’ dayto-dayadvice on all aspects related to pensions schemes. Weoffer specialists combining legal expertise across Europe.Our Amsterdam practice covers the full range of pensionswork, including pension and employment law, regulatory, assetmanagement, fi duciary management, asset pooling, corporatetransactions and litigation. We have the capability andexpertise to advise on the most complex of issues associatedwith pension schemes and the know how to consistently deliverinnovative solutions. We work cross-practice and cross-borderin order to provide seamless and pragmatic advice.Ruth Goldman, Global Practice Head PensionsT +44 (0)20 7456 3686ruth.goldman@linklaters.comMartijn van Broeckhuijsen, National Practice Head Employment& PensionsT +31 (0)20 799 6352martijn.van_broeckhuijsen@linklaters.com99

Vincent Gerlach, Certified Pension LawyerT +31 (0)20 799 6315vincent.gerlach@linklaters.comLoyens & LoeffFred Roeskestraat 100, 1076 ED AmsterdamP.O. Box 71170, 1008 BD AmsterdamThe NetherlandsT +31 (0)20 578 5785F +31 (0)20 578 5800www.loyensloeff.comLoyens & Loeff is one of the very few Benelux law fi rms thatoffers fully integrated fi rst-tier legal advice in the areas of taxation,civil law, regulatory and civil law notarial law. Thanks to aclose integration between tax advisers, pension and regulatorylawyers and civil law notaries, Loyens & Loeff possessesthe expertise required to assist its clients with a full range oflegal, tax, regulatory and civil law notarial services related to allareas of pensions, retirement schemes and the managementand operation of these arrangements. Our experts practice indifferent legal fields and are armed with years of experienceworking as advisers to employers, pension funds, pension fundmanagers and administrators, investment managers and otherstakeholders.ExpertiseLoyens & Loeff advises its clients on all aspects of pension andretirement schemes. Loyens & Loeff furthermore advises onthe increasingly stricter and more complicated criteria of corporateand pension fund governance. Loyens & Loeff assistsin structuring pension funds and pension fund management,fi duciary asset management, asset pooling, and the managementand administration of pension fund estates. The fi rm alsoadvises employers, pension funds and their administrators andinvestment managers on domestic and international investmentstructures, such as private equity and real estate funds,(cross-border) asset pooling, traditional and alternative assetclassinvestment funds. If required, Loyens & Loeff can assistin mediation or litigation procedures with respect to pensionschemes, pension liability, occupational disability and enforcementof industry-wide pension schemes.100

ClientsOur clients are active in various branches of the pension andretirement scheme industry, including (industry-wide and/orcompany) pension funds, pension fund managers and administrators.Loyens & Loeff further maintains close contacts withthe pension fund’s associations and it advises asset managersof pension funds or alternative investment products suitable forinvestment by pension funds and pension schemes.Ronald WijsT +31 (0)20 578 5580ronald.wijs@loyensloeff.comJochem van der WalT +31 (0)20 578 5234jochem.van.der.wal@loyensloeff.comKitty LieverseT +31 (0)20 578 5755kitty.lieverse@loyensloeff.comMarianne Meijer-ZaalbergT +31 (0)20 578 5646marianne.meijer-zaalberg@loyensloeff.comNautaDutilhStrawinskylaan 1999, 1077 XV AmsterdamP.O. Box 7113, 1007 JC AmsterdamThe NetherlandsT +31 (0)20 717 1000www.nautadutilh.comNautaDutilh’s pension funds team is a multidisciplinary teamwhich focuses exclusively on the needs of pension funds. Theteam consists of lawyers, tax advisers and civil law notariesfrom our offi ces in the Netherlands, Luxembourg, Brussels,London and New York and combines these offi ces’ finance,regulatory, corporate, pension law and tax expertise. By workingtogether closely and sharing our extensive legal knowledgeof pension funds regulation, all types of investment transactions,fund initiators and asset managers, and our knowledgeof specifi c local markets, we are able to offer NautaDutilh’s clientshigh standards and the best solutions. We have unrivalledknowledge on asset liability management, fi duciary management,asset management and asset pooling arrangements,101

and act for many pension funds and their administrators andasset managers, such as APG, MN and Blue Sky Group. Wealso regularly advise pension funds on pension fund governance,corporate governance, tax matters and ongoing financial,regulatory and other legal requirements. Finally, our team membersin the Employment, Benefi ts and Pension Group regularlyadvise on pension schemes and pension administration.Larissa Silverentand, PartnerT +31 (0)20 717 1811larissa.silverentand@nautadutilh.comPim Rank, PartnerT +31 (0)20 717 1864pim.rank@nautadutilh.comGeert Raaijmakers, PartnerT +31 (0)20 717 1481geert.raaijmakers@nautadutilh.comNico Blom, Partner - TaxT +31 (0)20 717 1796nico.blom@nautadutilh.comWijnand Bossenbroek, Partner - Civil law notaryT +31 (0)20 717 1721wijnand.bossenbroek@nautadutilh.comSimmons & SimmonsClaude Debussylaan 247, 1082 MC AmsterdamP.O. Box 79023, 1070 NB AmsterdamThe NetherlandsT +31 (0)20 722 2500F +31 (0)20 722 2599www.simmons-simmons.comnetherlands@simmons-simmons.comSimmons & Simmons is a world-class international law fi rmwith 19 offi ces based in Europe, Asia and the Middle East.Understanding exactly what each of our clients uniquely needsand wants lies at the heart of our approach to law.Our asset management and pension specialists are highlyspecialized. We advise on the full range of legal, regulatoryand tax issues for pension funds internationally, and are recognizedby the legal directories as being one of the leading fi rmsin the sector internationally. We have expertise to deal with a102

wide range of aspects of pensions, including advising on andassisting with ongoing administration and legal compliance,advising on pension board members powers, duties and statutoryobligations, advising on portfolio management, custodyand pooling related aspects and documentation, acquisition,disposal or merger of companies or pension funds and assetsthe involved, advice to board members, as well professionalliability claims involving actuaries and administrators.For more information please contact:Bastiaan Siemers, Principal counsellorT +31 (0)20 722 2356bastiaan.siemers@simmons-simmons.comRené van Eldonk, PartnerT +31 (0)20 722 2537rene.vaneldonk@simmons-simmons.comBernard Verbunt, PartnerT +31 (0)20 722 2360bernard.verbunt@simmons-simmons.comStibbe N.V.Strawinskylaan 2001, 1077 ZZ AmsterdamP.O. Box 75640, 1070 AP AmsterdamThe NetherlandsT +31 (0)20 546 0606info@stibbe.nlPension funds and employers are facing more and morecomplex legal issues in relation to pensions. Stibbe’s ExpertGroup Pensions covers all aspects of pension law. Our clientsinclude pension funds, employers and financial institutions.Our knowledge and expertise enables us to advise and litigatein all sub-practice areas, namely, pension law, employment law,financial and regulatory rules and civil law.Our experience includes advising and litigating on:– restructuring pension schemes;– pension indexations;– equal treatment in pension schemes;– dealing with regulatory authorities such as DNB (De NederlandscheBank) and AFM (Netherlands Authority for theFinancial Markets);103

– disputes between employers and pension funds;– co-determination in pensions;– pension aspects in acquisitions;– agreements with external asset management companies;– compliance aspects.Jaap van Slooten, Partner Employment, Pensions andIncentivesT +31 (0)20 546 0651M +31 (0)6 5339 5605jaap.vanslooten@stibbe.comPaul Vestering CPL, Partner Employment, Pensions andIncentivesT +31 (0)20 546 0101M +31 (0)6 1093 5580paul.vestering@stibbe.comRogier Raas, Partner FinanceT +31 (0)20 546 0590M +31 (0)6 5324 2947rogier.raas@stibbe.comKaren Harmsen, Partner Commercial LitigationT +31 (0)20 546 0159M +31 (0)6 2248 9627karen.harmsen@stibbe.comTom Barkhuysen, Partner Administrative LawT +31 (0)20 546 0390M +31 (0)6 2247 1263tom.barkhuysen@stibbe.com5 ConsultancyActuera B.V.Barbizonlaan 94, 2908 ME Capelle a/d IJsselP.O. Box 8605, 3009 AP RotterdamThe NetherlandsT +31 (0)10 207 5400www.actuera.nlinfo@actuera.comFounded in1986, Actuera is the Dutch market leader forapplications in pension and group life insurance policy104

administration. Now, because of Actuera’s modern internationalPension and Life product portfolio, we are focusing oninternational growth.ADP Nederland B.V.K.P. van der Mandelelaan 9-35, 3062 MB RotterdamP.O. Box 2000, 2900 BA Capelle a/d IJsselThe NetherlandsT +31 (0)10 459 8911www.adp.nlADP is the international market leader with world-wide integratedsolutions relating to payroll processing, personnel recordsand accounting, excasso (pension payments) and HR issues.ADP’s cost-effective, user-friendly solutions are based on 63years of experience in this sector, offering high added value tolarge, medium and small organizations. Approximately 570,000companies and organizations world-wide have placed theirtrust in ADP, enjoying unrivalled service and expertise regardingpayroll processing, pension payments and HR issues,enabling them to focus on their own core business.ADP offers customised services.– From exclusively gross / net calculations to the completeexcasso (payments) process and taking over all activitiesrelating to pension administration, for example for pensioninstitutions, insurance companies or Multi Opf.– Pan-European collaboration options.– ADP Nederland is certified for both SOX and SAS.– In the Netherlands ADP is the fi rst provider with excasso(pension) payments services specifi cally geared toward thepension and insurance market and to date is still the leaderin this segment.– In the Netherlands ADP is responsible for the monthly gross/net specifi cation of payments to 1.4 million employees andbenefi ciaries. ADP Nederland, with its registered offi ces inRotterdam, Capelle aan den IJssel, Hoofddorp and Amsterdam,has a total of approximately 700 employees and itsannual sales amount to approximately € 95 million.– According to Gartner ADP is ‘the original Business ProcessOutsourcer’, being the largest payroll and pension paymentsoutsource company in the world with its annual sales105

amounting to nearly 10 billion dollars. Established in 1949,listed on the NYSE since 1961 and listed on NASDAQ since2008. ADP is active in more than 125 countries in NorthAmerica, South America, EMEA and Asia/Pacifi c and is oneof the four industrial companies that was assigned an AAArating. On a world-wide basis ADP has 45,000 employeesworking on the payrolls of 570,000 customers with a total of52 million employees / benefi ciaries. ADP also completes thepayment transactions relating to wages and benefi ts for 33million of those employees. In Europe ADP employs approximately5,500 employees with total annual sales amountingto approximately € 785 million. ADP has 300,000 customersin 31 European countries with more than 9 million gross-netspecifi cations per month.Rob Landkroon, Manager Benefi ts and Pension ServicesM +31 (0)6 2708 6369rob.landkroon@adp.nlHanco van Basten, Marketeer Benefi ts and Pension ServicesT +31 (0)10 459 8697hanco.van.basten@adp.nlAon Corporation / Aon HewittAdmiraliteitskade 62, 3063 ED RotterdamPostbus 518, 3000 AM RotterdamThe NetherlandsT +31 (0)10 448 7176www.aon.nlAon AdvantageOur key advantage is our broad view of two of the most importantissues in our economy today: risk and people. With anemployee base of 59,000 people working in over 500 offi ces inmore than 120 countries, we can anticipate how changes in onesector impact another.Retirement & Financial ManagementThe retirement landscape is evolving rapidly. Financial risk,market volatility and regulatory changes make it extremelydiffi cult for companies to design retirement programs to alignwith business goals and optimize results for employers andemployees.106

Our consultants help ensure your company’s retirementprograms are secure, equitable and sustainable. Thousandsof companies trust us with their retirement plans. Each AonHewitt retirement service is recognized as “best in class” andour retirement consulting experts will help you design a bestin-classstrategy to enable effective and effi cient managementof your retirement plans.Our services include:– Plan design consulting to provide data, benchmarking, toolsand deep expertise to help design the most appropriateretirement plan for your business and employees.– Actuarial services that work both now and in the future toensure that your funding options and accounting strategiesare aligned with your business goals. We’re a top-threeactuarial fi rm in virtually every key country. Our actuarieshave the deep experience – backed by state-of-the-art tools– to manage risk and exposure, helping you take control andconquer even the most demanding challenges.– Global risk services that look at both sides of your pensionbalance sheet to help you understand and identify the levelof risk that will generate the greatest return on your investment.We offer end-to-end risk management for innovativeasset- and liability-based solutions that lead to effectivestrategies for managing your retirement plan risk.– Investment consulting that leverages our industry-leadinginvestment modeling and monitoring techniques to help youmeet your fi duciary duty and minimize cost while managingrisks.– Legal consulting to help understand statutory/regulatoryrequirements that impact the business and help you balancebusiness considerations and legal risks.– Administration and communication services for both definedcontribution and defined benefi t plans, including recordkeeping,compliance services and customer service to helpparticipants understand your program – through print, callcenter and web solutions.Contact:Jan Willem Siekman, Practice LeaderT +31 (0)20 430 5322Frank Driessen, Chief ActuaryT +31 (0)40 265 4360107

Mart Vreven, Chief BrokingT +31 (0)10 448 7171Avida InternationalEuropean offi cePietersbergweg 3, 1105 BM AmsterdamThe NetherlandsT +31 (0)20 316 3372www.avida-int.comAvida International is an independent fi rm of seasoned professionals,who are specialised in the governance of risk andinvestment management activities for pension funds.‘We enable Pension Trustees to run a high performing investmentorganization and stay in control at all levels to achievetheir pension objectives in a cost effective way.’Avida offers structural fi duciary oversight services on investmentand risk management activities to its clients based on atailored service package.Furthermore Avida has an impressive track record in running“turn key” improvement programs. This involves the selectionand monitoring of trusted advisors, implemented consultants,delegated CIO’s, fi duciary managers, custodians and transitionmanagers. The asset base of the clients involved amounts toover € 120 billion.Avida is completely independent and acts solely on behalf ofits clients in an oversight role. It therefore does not offer assetmanagement services itself and isn’t in any way associated toproviders of investment services. However Avida Internationalhas access to all top tier providers in the industry and indepthinformation of all major players is kept up to date in a proprietarydatabase. Avida International combines its knowledgeof investment management services with a large experiencein implementing and managing organizations and external(fi duciary) alliances.The team of Avida International is the largest in its fieldand consists of seasoned professionals who are based108

in the Netherlands, Belgium, Germany and the UK.Other clients include institutional investors, who typicallymanage assets with a social objective such as governmentagencies, NGO’s and charities.Our services:– Permanent fiduciary oversightSupport pension organizations in providing permanentfi duciary oversight on risk and investment managementactivities, for example:– Chair investment committees;– Delegated risk management services;– Annual reviews and peer group analysis of existingproviders and advisors;– Quarterly reviews of investment management costs;– Monthly risk and performance monitoring with smartpension dashboard.– Project management and performance improvementprograms– In- and outsourcing projects and searches for strategicrisk managers, delegated CIO’s, fi duciary managers,trusted advisors, implemented consultants, ALM advisors,transition managers and custodians;– Mergers and strategic alliances between pension funds;– Contractual negotiations;– Post deal change management and transitions.Paul Boerboom, Managing Directorpaulboerboom@avida-int.comMark Rosenberg, Managing Directormarkrosenberg@avida-int.combfinance NetherlandsWTC Amsterdam, B-Tower (3 rd Floor)Strawinskylaan 337, 1077 XX AmsterdamThe Netherlandswww.bfinance.combfinance is an independent financial services consultancytrusted by leading CFOs and CIOs to help them achieve theirorganization’s financial goals.109

finance’s Investment Consulting practice partners withinstitutional investors to facilitate the search and selection ofInvestment Managers arming investors with in-depth analysisand transparent reporting.The bfinance team offers a wealth of investment managementand consultancy experience. Our highly specialised team ofexperts works as an extension of the client’s own team to helpthem run comprehensive investment manager searches. Ourapproach is customised to each client’s specifi c objectivesand requirements and our process delivers true clarity and an“audit trail” helping to inform decisions made throughout eachengagement.At bfinance we believe that true independence is critical toproviding our clients with the best possible advice. Bfinanceis 100% owned and operated by its employees and our remunerationis structured to ensure our only objective is our client’ssuccess.Founded in 1999 bfinance today has serviced over 300 individualclients from over 20 countries around the world and hasgrown to over 60 employees located in offi ces in Amsterdam,Dubai, London (headquarters), Paris, Munich, Milan, Montrealand Toronto.Frans Verhaar CFA CAIAT +31 (0)20 799 7633fverhaar@bfinance.comSander van de Giesen, RBAT +31 (0)20 799 7634svandegiesen@bfinance.comBooz & Company B.V.Apollolaan 151, 1077 AR AmsterdamThe NetherlandsT +31 (0)20 504 1900F +31 (0)20 504 1990www.booz.com/nlinfo.amsterdam@booz.com110

Boston Consulting GroupGustav Mahlerlaan 40, 1082 MC AmsterdamThe NetherlandsT +31 (0)20 548 4000T +31 (0)20 548 4001www.bcg.nlBureau BoschStilpot 19, 5708 GW HelmondThe NetherlandsFrits Boschfrits@bureaubosch.nlT +31 (0)40 402 1114M +31 (0)6 5370 1570CardanoWTC Rotterdam (20 th Floor)Beursplein 37, 3011 AA RotterdamP.O. Box 30173, 3001 DD RotterdamThe NetherlandsCardano specializes in tailor-made risk management andinvestment solutions helping our clients, predominantlyEuropean pension funds, achieve their strategic objectives ina controlled and robust manner. To this end, Cardano offerstwo types of services which integrate advice and execution:Strategic Risk Management and Solvency Management. AsStrategic Risk Manager, we help clients control key strategicrisks, including interest rate risk, inflation risk and equity marketrisk. Our advice helps clients identifying risks they are unableor unwilling to bear. For those risks, we design and implementderivative overlays. On behalf of our clients, we execute over€ 60 billion in equity, interest rate and inflation derivatives eachyear, making us the European market leader.Our Solvency Management services allow pension fundtrustees to focus on their strategic objectives and delegatethe integral management of their funding ratio to our full-timeteam of specialists, in line with agreed upon objectives subjectto constraints.111

Aligned with our risk management philosophy, our SolvencyManagement approach is completely risk-oriented and aimedat outperforming the liabilities without creating exposures thatmay lead to extreme and unacceptable solvency risks.We service our clients from offi ces in the Netherlands (Rotterdamand Amsterdam) and the UK (London) with a staff of wellover 100 professionals. Cardano holding is chaired by TheoKocken, also professor of Risk Management at the VU University,Amsterdam. Kerrin Rosenberg is Cardano UK’s CEO, whileBart Oldenkamp and Huub van Capelleveen share the CEOresponsibility of Cardano Netherlands.Theo Kocken, CEO Cardano GroupT +31 (0)10 243 4747t.kocken@cardano.comKerrin Rosenberg, CEO Cardano UKT +44 (0)20 3170 5924k.rosenberg@cardano.comBart Oldenkamp, co-CEO Cardano NetherlandsT +31 (0)10 243 4322b.oldenkamp@cardano.comHuub van Capelleveen, co-CEO Cardano NetherlandsT +31 (0)10 243 4742h.capelleveen@cardano.comDarwin PlatformHFC PlazaGustav Mahlerplein 3, 1082 MS AmsterdamThe NetherlandsT +31 (0)20 462 6644www.darwinplatform.cominfo@darwinplatform.comDarwin Platform was established especially to support thelatest trend in fund investments. With a team of industryprofessionals, we provide an institutionalized infrastructure forpension funds, managed accounts and fund managers. Thisinfrastructure combined with industry experience and expertisemakes Darwin Platform a unique combination which willimprove due diligence success rates. Our services will increasethe cost effi ciency of the investment organization, therebyincreasing the return on the portfolio. Through effectiveness112

and in-sourced support the organization can focus on its coreexpertise.For institutional investors the following services are offered:Asset PoolingUnder the current Dutch legislation, it is very advantageous tocombine assets of different pension funds. Darwin Platformprovides both the legal structures to allow for pooling of assetsas well as the proper handling and reporting of the investments.Managed AccountsThe urge for better risk management and more portfolio transparencyoften leads to the attempt to set up managed accountswith external managers. This process is an operational burdenfor both the manager and the investor. The structure that DarwinPlatform put together allows investor to get transparencyand independent oversight whereas the investment managercan keep its additional operational activities to a minimum.Spin-off fundsFor reasons of tax-effi ciency or new accounting rules, institutionalinvestors often set up independent structures forportions of their assets. Darwin Platform assists in formationunder various jurisdictions and sees to timely and complete,independent reporting.Contact:Mr. Clayton HeijmanDutchInvestorKeizersgracht 253, 1016 EB AmsterdamThe Netherlandswww.dutchinvestor.cominfo@dutchinvestor.comFrederik Bosch jrf.bosch@dutchinvestor.comBram HuirneT +31 (0)20 894 6441b.huirne@dutchinvestor.com113

DutchInvestor works for the institutional market by means ofresearch, publications, seminars and the selectionplatformwww.dutchinvestor.com. DutchInvestor is an initiative of FrederikBosch. Partners are Frederik Bosch and Bram Huirne.Edmond Halley BVOorsprongpark 1, 3581 ES UtrechtThe NetherlandsT +31 (0)30 251 9881At Edmond Halley, it’s all about the customer and his pension.Of course is our consultancy underpinned by a sound theoreticbasis. But we are not in the business of theory; we are in thebusiness of practical impact and getting things done. Ourclients recognize our no nonsense attitude and hire us e.g. asboard member in their pension fund, pension expert in their lawfi rm, pension advisor to their CFO, or strategic pension consultantin their insurance company. We tackle the pension aspectsof issues like governance, transparency, contract renewals,mergers, quote analyses and IFRS.We love to share what we know and that is why education isan important pillar. Our consultants are enthusiastic tutorsand draw on their “hands on experience” when designing anddelivering programs. We believe that knowledge should beaccompanied by skills in order to have any use. We also believethat the task of the tutor is to help and empower the studentsto learn themselves, not to tell them what he as teacher haslearned so far. The result is high impact, high yield and high funlearning experiences.Hill & Knowlton StrategiesWeerdestein 20, 1083 GA AmsterdamP.O. Box 87360, 1080 JJ AmsterdamThe NetherlandsT + 31 (0)20 404 4707www.hkstrategies.nlHill+Knowlton Strategies is the leading communicationadvisory agency on the Dutch market and advises ManagementBoards and Supervisory Boards of national and foreigncompanies.114

The Financial Communication Practice within the fi rm, managedby Strategy Director Frans van der Grint, specializes infinancial communication including advising and supportingfinancial services providers like pension funds.All members of the advisory team are the trusted advisorsof the Boards of financial services providers among which agrowing number of pension funds.Since the financial crisis pension funds are the constant subjectof public debates, resulting in extensive media coverageand political focus.Investment policies, the development of coverage ratios,changing legislation and regulation, the call for better clientcommunication are examples of the many issues related topension funds. The consultants of Hill+Knowlton see thepressures exerted by the numerous stakeholders of pensionfunds and the critical attitude of clients as a challenge and anopportunity. Careful and targeted communication offer pensionfunds opportunities to stand out in a positive way.The advisory team of Hill+Knowlton is acknowledged for itshigh quality Corporate Communication and Financial Crisesand Issues Communication.The Amsterdam fi rm is part of an extensive worldwide network,with its own offi ces in all financial capitals. Team member andManaging Director Ingo Heijnen was elected best M&A PRConsultant in 2011.Hill+Knowlton assists its clients to increase the effectivenessof their communication by providing outstanding supportat a strategic, tactical and/or operational level. Regardlessof whether they wish to improve their corporate reputation,position their executives, develop meaningful communicationwith clients, need assistance with crisis communication – oranything in between.IG&H Consulting & InterimHondiuslaan 102, 3528 AC UtrechtP.O. Box 2892, 3500 GW UtrechtThe NetherlandsT +31 (0)30 204 0900www.igh.nlinfo@igh.nl115

IG&H Consulting & Interim is a management consultancyorganization with 150 dedicated professionals. For over 20years we offer our clients high impact, human centered, nononsense consultancy. Our mission: making a difference inthe development of our clients and our professionals. Our indepth sector knowledge and our ability to translate distinctivestrategies into effective execution, enable us to solve challengingissues in a variety of sectors: Financial Services, Health,Industry, Consumer & Retail and Logistics & Trade.Finding the optimal balance between strategy, business andexecution has become crucial in international competition. Wemade this our specialty: Make strategy work! This demandshighly skilled and experienced allround consultants. The IG&Hteam profile specifies at its core that our consultants shouldhave detailed knowhow of the industry issues, combined withthe skills needed to realize effective change.IG&H’s promise in pensionsThe pensions sector is in motion more than ever. Longevityrisks as a result of ageing of the population, turbulencein financial markets, changes in legislation and regulations,legacy issues and internationalization (e.g. IORP/ PPI) createsubstantial challenges for the retirement services industry.However, it also creates new opportunities for both traditionaland new market participants, national as well as international.The coming years will therefore make a strong appeal on theinnovation and execution ability of the pensions industry.The IG&H service offering for pensions focuses on innovativebusiness development and transformation challenges for ourclients. IG&H’s integrated approach is based on developingthe pension’s proposition and translating this into the mosteffective operational model. Our in depth knowledge includesthe major sector issues and trends, legislation, market volumesand shares, distribution, administration, communication,technology solutions, strategic asset management, Dutch IORPinitiative (PPI), cost and performance benchmarks.Frans Liem, partnerT +31 (0)30 204 0900f.liem@igh.nlJaap Hoekman, associate partnerT +31 (0)30 204 0900j.hoekman@igh.nl116

Ellen Metaal, directorT +31 (0)30 204 0900e.metaal@igh.nlArian Eland, senior managerT +31 (0)30 204 0900a.eland@igh.nlLane Clark & PeacockHerculesplein 40, 3584 AA UtrechtThe NetherlandsT +31 (0)30 256 7630www.lcpnl.comLane Clark & Peacock (LCP) is an actuarial consulting fi rm thatadvises pension funds, (international) companies and insurers.We deliver a wide range of actuarial and pensions adviceservices.Actuarial services– Actuarial annual report– Mortality experience rates– Cash flow projections– ALM studies– Continuity analyses / indexation label– Risk analyses and risk reinsurance– Actuarial certifi cation– Projections of pension expenses– Check of annual reports of separate investment accounts– Actuarial valuations of pension liabilitiesPensions consulting services– Design, redesign and harmonization of pension schemes(DB, DC, CDC, hybrids)– Calculations of the possible effects on the annual accounts– Optimization of the administration (pension fund versusinsurance contract)– Consultation with works councils and unions– Negotiations with pension providers– Review of legal documentsInternational accounting & reporting services– IFRS, US GAAP and UK GAAP regulations117

International pensions– Guiding on pensions in M&A’s– Advising on an international pension strategy– Setting up multinational pooling– International pension plans for expats and TCN’sPensions buyouts– Feasibility studies and indentifying triggers to proceed toaction– Preparing the pension fund for a possible (partial) transfer toanother pension provider– Taking stock of the consequences for the company andfor the current pension provider if the previously granteddispensation by the industry wide pension fund is forfeited– Drawing up proposals, assessing offers and the requirednegotiations– Analysis of the financial impact on cash flow, funding ratioand the effect on pension obligations in the annual reportingaccounts of the companyPensions communication– Delivering presentations to members, former members andpensioners– Drafting easy to read pension brochures, newsletters andpension (news) papers– Writing clear and informative text for client websitesPensions training– For pension fund management a course based on therequired attainment targets surrounding knowledge, insightand judgment– For HR departments a two-day’s course “Insight inPensions”– For works councils “Pension and works council”– For fi nance managers “Pensions in InternationalAccounting”– In-company tailor made pension coursesHenk van Embden, Partnerhenk.vanembden@lcpnl.comEvert van Ling, Partnerevert.vanling@lcpnl.com118

Jeroen Koopmans, Partnerjeroen.koopmans@lcpnl.comMcKinsey & CompanyAmstel 344, 1017 AS AmsterdamThe NetherlandsT +31 (0)20 551 3777F +31 (0)20 551 3774amsterdam.mckinsey.comMercer B.V.Conradstraat 18, Entrance E (5 th Floor), 3013 AP RotterdamP.O. Box 124, 3000 AC RotterdamThe NetherlandsT +31 (0)10 406 0800F +31 (0)10 406 0899www.mercer.nlMercer is a leading global provider of consulting, outsourcingand investment services. Mercer consultants help clientsdesign and manage health, retirement and other benefi ts andoptimise human capital. Mercer’s investment services includeglobal leadership in investment consulting and multimanagerinvestment management. The fi rm also provides customisedadministration, technology and total benefi t outsourcing solutions.Mercer’s global network of more than 20,000 employees,based in over 40 countries, helps ensure integrated, worldwidesolutions. In the Netherlands we have 350 employees operatingout of 5 offi ces. Our consultants work with clients to developsolutions that address global and country-specifi c challengesand opportunities. Mercer is experienced in assisting bothmajor and growing, midsize companies.Mercer Retirement Risk and Finance ConsultingMercer provides consulting advice, solutions and services forthe full range of issues that affect companies’ retirement plans.We design defined benefi t, defined contribution and hybridplans and help clients manage related financial and other risks,including the establishment of governance programs to helpplan sponsors and trustees meet their fi duciary requirements.We work with our clients and consult in an environment that119

addresses their overall workforce planning strategies so theycan reach their financial goals and ensure that employeesvalue their retirement benefi ts. We provide services acrossall elements of retirement plans: design, investment andadministration.Mercer Investment ConsultingFor more than 30 years, Mercer has provided the highest qualityof investment advice and practical solutions to corporations,foundations, trustees, and endowments on a global basis. Weassist with every aspect of institutional investing (and increasinglyretail portfolios), from strategy, structure and implementationthrough to ongoing portfolio management. Mercer is also aleading global provider of comprehensive investment solutionsutilizing a multi-manager investment philosophy. LeveragingMercer’s globally renowned heritage in consulting and worldclassmanager research, complemented by our own assetmanagement and portfolio construction techniques, Mercercreates and delivers holistic and innovative investment strategiesand solutions.Tim BurggraafT +31 (0)10 406 0874F +31 (0)10 406 0891tim.burggraaf@mercer.comMontaeVerrijn Stuartlaan 1f, 2288 EK RijswijkThe NetherlandsT +31 (0)70 304 2900F +31 (0)70 304 2901info@montae.nlPensions, asset management and governance are the threemain areas of expertise of Montae, a consultancy companyestablished in 1997. Montae has grown steadily over the yearsserving pension funds, corporations, public authorities, tradeunions and works councils, insurers, administrators, non-profi tinstitutions and associations.Montae currently comprises nearly 40 professionals in thefields of pension law, actuarial science, asset management,120

governance, board support, consultancy and communications.They all bring ample experience and besides being specialistsin their respective fields they share a common enthusiasm andcommitment to deliver optimal results to their clients.PensionsThe Montae specialists cover all aspects of group pensioncontracts. Montae offers strategic and operational advice,maintains and updates all the legal documents, offers legaladvice, makes financial and actuarial calculations.Asset managementMontae’s asset management specialists offer advice onarranging, organizing and monitoring a fund’s asset management.They evaluate the current organization and the performanceof the external parties involved. They translate an ALMstudy into an investment policy designed to meet the objectivesof the fund. Risk and balance sheet management is a specialarea of expertise. With specially designed tools, Montae’sconsultants make a clear overview and analysis of all financialand non-financial risks.GovernanceMontae advises pension funds on their governance structure,ensuring that the board has suffi cient countervailing power indealing with the various internal and external parties involved.Montae has developed the Board Functioning Index, an on-linetool for self-assessment of board members validated by theUniversity of Groningen. Montae can help to set up a bureauto support the board or arrange that support itself. It can alsoassist a board with contract management.In addition to these areas of expertise, Montae has a specialTask Force for complex advisory projects, involving some ofHolland’s most prominent pension specialists. Montae alsocooperates with GfK Panel Services to do research on pensionsin the Netherlands.Montae’s management team comprises the following partners:Mike van EngelenJan NijssenSander BaarsGerard Bergsma121

Hans KennisLucienne van PaassenErik van HouwelingenErik van HouwelingenT +31 (0)70 304 2900M +31 (0)6 2229 7580erik.van.houwelingen@montae.nlLucienne van PaassenT +31 (0)70 304 2900M +31 (0)6 1332 9381lucienne.van.paassen@montae.nlNorthgateArinsoNevelgaarde 9, 3436 ZZ NieuwegeinP.O. Box 722, 3430 AS NieuwegeinThe NetherlandsT +31 (0)30 605 8888www.ngahr.comNGA is a leading global Human Resources (HR) technology andservices provider, offering innovative Pension Fund businesssolutions to employers of all sizes, including Global Fortune500 companies. Our vision is simple: to be the world’s numberone provider of global HR solutions and the trusted partner ofdecision makers. We help the executives optimise their servicedelivery through smarter process and more effi cient technology,supporting key areas like workforce & pension administration,payroll & excasso, benefi ts, recruitment, learning andtalent management.NGA’s 8000 employees are dedicated to excellence throughConsulting, Technology, and Outsourcing. Leveraging a singletechnology backbone, a transparent, global case managementsolution, and thousands of dedicated professionals, our GlobalService Delivery Network helps our customers deliver highperformance, SLA-driven, excellence in over 70 geographiesand 25 languages.Our clear and focused business model is uniquely focused onoptimization, enabling us to help our Pension Fund clients inthe following ways:122

1. PF Strategy – We re-assess PF strategies and design newPF Service Delivery models, including process and peopleinfrastructures, that generate real business value and reduceoverall administrative costs.2. PF Consultancy – We ensure the correct technical infrastructureis in place to facilitate this strategy, both at the customerback-end and front-end.3. PF Operations – We free up valuable management timewhile reducing overall administrative effort and cost with ourbusiness process outsourcing and shared service deliverymodels.Our knowledge of complex high volume administrationscombined with in-depth knowledge of pension and actuarialprocesses, built up during our experience as implementationand maintenance partner of pension funds (e.g. ING PensionServices, DSM Pension Fund, Stork Pension Fund, Akzo NobelPension Fund and Unilever), gives us a unique position in theDutch Pension & Insurance market.NGA Netherlands has around 400 employees and operates threeHR Service Centres (Eindhoven, Nieuwegein and Rotterdam).Wim Valstar, Director Sales & MarketingT +31 (0)30 605 8888info.nl@ngahr.comWim Impens, Product Manager Pensions & Insurance MarketM +31 (0)6 2255 4261wim.impens@ngahr.comOrdinaRingwade 1, 3439 LM NieuwegeinP.O. Box 7101, 3430 JC NieuwegeinThe NetherlandsT +31 (0)30 663 7000F +31 (0)30 663 7099www.ordina.nlinfo@ordina.nlOrdina is the specialist knowledge provider that lays thefoundation of its clients’ future success by offering a coherentproposition of Consulting, IT and Outsourcing services.123

OrtecGroningenweg 6k, 2803 PV GoudaP.O. Box 490, 2800 AL GoudaThe NetherlandsT +31 (0)182 540 500F +31 (0)182 540 540www.ortec.nlinfo@ortec.comORTEC is one of the largest providers of advanced planning andoptimization software solutions and consulting services. Oursolutions result in optimized fleet routing and dispatch, vehicleand pallet loading, workforce scheduling, delivery forecastingand network planning. ORTEC provides best-of-breed, custommade and SAP ® certified and embedded solutions, supportedby strategic partnerships. In the area of Advanced PlanningSolutions, ORTEC has over 1,550 customers worldwide, over550 employees and offi ces in Europe, North America, Asia andthe Pacifi c Region.Sprenkels & VerschurenHaaksbergweg 13, 1101 BP AmsterdamThe NetherlandsT +31 (0)20 564 3110www.sprenkelsenverschuren.nlSprenkels & Verschuren is an established independent Dutchboutique fi rm specialized in strategic Retirement Managementand tailor-made integrated Risk-management and Investmentsolutions. Our clients are primarily pension funds, a variety of(non) listed companies and insurance companies.We service our clients from our offi ce in Amsterdam with a staffof over 30 experienced professionals.For further information, please contact:Martijn Euverman, Investment solutionsM +31 (0)6 2096 5685Margreet Haandrikman, Insurance solutionsM +31 (0)6 5121 2003Frank Verschuren, Retirement managementM +31 (0)6 5570 6756124

Towers WatsonProf. E.M. Meijerslaan 5, 1183 AV AmstelveenP.O. Box 75201, 1070 AE AmsterdamThe NetherlandsT +31 (0)88 543 3000Fascinatio Boulevard 201, 3065 WB RotterdamP.O. Box 4199, 3006 AD RotterdamThe NetherlandsT +31 (0)88 543 3000Beemdstraat 1, 5653 MA EindhovenP.O. Box 2290, 5600 CG EindhovenThe NetherlandsT +31 (0)88 543 3000Towers Watson also has offi ces in Apeldoorn, Nieuwegein andPurmerend.www.towerswatson.nlTowers Watson is a leading global professional services companythat helps organizations improve performance througheffective people, risk and financial management. With 14,000associates around the world, we offer solutions in the areas ofemployee benefi ts, talent management, rewards, and risk andcapital management. In the Netherlands, we work with over 450associates to advise most of the Dutch based multinationals,pension funds and insurance companies.Multinational organizations struggle to achieve cross-borderoperational consistency and to deploy tactics that align withdomestic market regulations, culture and competition. Theywrestle with issues that may range from risk managementand governance to the particulars of talent development andmobility. Pension and benefi t design, for example, may involvefinancing and funding, investment accounting and oversightwithin the company’s business context.Towers Watson uses in-house state-of-the art tools as Ben-Track that enables multinationals to govern pensions, disabilitybenefi ts and severance provisions and more. Or our GlobalBenefi ts Benchmarking Database that combines the best of our125

global benefi t surveys to create a single benefi ts data solutionfor companies in all industries around the world.Our focus is on giving our clients the clarity to make the rightdecisions and take the right actions so they can successfullymanage their global challenges.Jobert Koomans, Managing ConsultantT +31 (0)20 543 3000Bart den Hartog, Retirement Solutions Leader NetherlandsT +31 (0)20 543 3000Gerard Roelofs, Head of Investment Continental EuropeT +31 (0)20 543 3000Harm Blaak, Risk Consulting & Software Leader NetherlandsT +31 (0)20 543 3000Andre van Hooren, Talent & Reward Leader NetherlandsT +31 (0)20 711 4000VANDERSCHOOT&WESTERBRINKHeereweg 21, 2161 AC LisseThe NetherlandsT +31 (0)252 436 045www.vanderschootwesterbrink.nlVANDERSCHOOT&WESTERBRINK (V&W) is an independentconsulting company that offers specialized and comprehensiveadvice to Dutch pension funds and organizations active in theDutch pension industry.V&W is a client-focused organization. Their advice fi ts theneeds of each individual client and is characterized by customizationand independence. They specialize in risk managementand offer advice to pension funds and pension providers ontheir overall risk management policy. V&W delivers a consistentset of services based on deep industry knowledge, experience,a rich understanding of clients’ business, and an extensivedatabase containing all relevant pension market information.The proven methods and models used, are all developed byV&W.V&W offers a full range of services that are mainly provided to:– Pension funds;126

– Pension insurance companies;– Pension providers;– Actuarial and investment consultants.Pension fundsV&W provides strategic as well as operational consultingservices to pension funds. V&W’s methods and models enablethem to develop a thorough knowledge of the Board’s needsand requirements through an in-depth analysis. V&W can helppension funds managing the complexities of an ever changingbusiness environment and stay in control. Risk management,outsourcing and Service Level Agreements are all examples oftheir advisory competence.Pension insurance companiesV&W’s market and business skills allows them to provide pensioninsurance companies with advice on strategic, commercialand operational issues. Through business cases establishedby them, they have successfully helped several insurancecompanies achieving their strategic goals. A number of clientsreported having signifi cantly increased customer satisfaction.Pension providersV&W advises pension providers on optimizing the quality oftheir services and choosing the right strategy to secure theircontinuity. V&W has also the experience and expertise requiredto support pension providers in maintaining and gaining (new)clients.Actuarial and investment consultantsV&W supports actuarial and investment consultants in developingand implementing additional services. V&W has developeda clear understanding of the pension industry and possessesthe skills and experience required to address issues andopportunities that helps their clients grow their businesses,improve their performance, and manage risk more effectively.Outsourcing process, PPI, M&A and risk management tools areexamples of opportunities V&W has successfully advised theirclients on.John Westerbrink, Director VANDERSCHOOT&WESTERBRINKT +31 (0)252 436 045M +31 (0)6 5154 1976127

6 Accountants & Tax advisorsDeloitteLaan van Kronenburg 2, 1183 AS AmstelveenP.O. Box 175, 1180 AD AmstelveenThe NetherlandsDeloitte’s Global Financial Services Industry (‘GFSI’) practiceis an international network of more than 23,700 practitioners,2,880 partners and directors in more than 40 countries aroundthe world. GFSI FY10 revenues were $ 6.7 billion. These professionalsare working together on the most complex projects forour clients. Deloitte serves 20 out of the top 20 global banks,20 out of the top 20 global insurance companies, 9 of the top20 global asset managers, 16 out of the top 20 private equityinvestors and 17 of the top 20 global real estate companies.The investment management (‘IM’) practice that includespension fund services is approximately 20% of the total GFSIrevenue base and staff. In the Netherlands, Deloitte serves 4out the top 5 pension funds.Our clients include investment advisers and administratorsfrom every sector of the industry, including asset managers,pension funds, broker-dealers, banks, insurance companies,mutual funds, investment partnerships, hedge funds,alternative products, and other money managers. Our servicesinclude: audit, tax, consulting and financial advisory services.Examples of services offered to Dutch pension funds include:audit, tax, (financial) risk management, valuation of (complex)financial instruments such as OTC derivatives, actuarial services,PPI, pension fund governance and regulatory compliance.Our investment management practice provides globalresources and global capabilities, yet our presence is local –with a clear understanding of the client’s market and way ofdoing business. We believe our approach to problem solvingcan uncover new opportunities for clients and deliver novelsolutions to give clients a competitive advantage. Our networkencompasses industry best practices, industry-respectedthought leadership initiatives and practitioner developmentthrough training, conferences and academic collaborations.Through this network, our professionals around the world serve128

their clients locally while drawing upon the fi rm’s considerableglobal resources.Mr. Arjen Pasma, Investment Management Leader DeloitteNetherlandsT +31 (0)88 288 5547apasma@deloitte.nlMr. Jeroen Bout, Pension Fund ServicesT +31 (0)88 288 1859jbout@deloitte.nlErnst & YoungAntonio Vivaldistraat 150, 1083 HP AmsterdamThe NetherlandsErnst & Young is a global professional services leader,providing assurance, tax, transaction and advisory services.Worldwide, our 141,000 people are united by our shared valuesand unwavering commitment to quality. We make a differenceby helping our people, our clients and our wider communitiesachieve their potential.Headquartered in the UK, we have 695 offi ces in 140 countrieswith a single global leadership team that sets our fi rm-widestrategy and agenda. To ensure we are effi cient and effective,we have organised our legal entities into (in total) 29 similarlysized business units (‘subareas’) in terms of both people andrevenues. These units are grouped into one of our four geographicAreas through which the international Ernst & Youngorganization is managed:– The Americas– Asia-Pacifi c– Europe, Middle East, India and Africa– JapanEach area contains one cross border Financial Servicessubarea, globally connected through the Global FSO MarketsExecutive.Pension FundsThe market places increasingly more and higher demandson pension funds and the level of expertise of their board129

members. The management of pension assets is no exception.Besides corporate responsibility, product innovation forexample on Risk Management is a key aspect in this context.Furthermore, pension plans are subject to continuous change,for example due to the sponsors reducing involvement, newpensions related regulations and/or because of amendments totax regulations. The Financial Crisis impacted the businessesand the way risks are perceived and managed.Ernst & Young aspires to provide clear information about pensiontrends, no matter how complex, enabling you to carefullydetermine your own pension strategy.Our Pension Funds specialists focus on service delivery to(potentially) all company, industry-wide and occupationalpension funds in the Netherlands, whether fully reinsured oradministered in-house. Our team provides audit, tax advisory,legal and actuarial services.Our Pension Funds team forms part of a worldwide networkand is a member of the Global Asset Management Centre, enablingit to draw on a huge source of knowledge and experienceanywhere in the world.Casim Snoeks, Partner Actuarial ServicesT +31 (0)88 407 0845casim.snoeks@nl.ey.comSteven Spiessens, Partner AssuranceT +31 (0)88 407 3888steven.spiessens@nl.ey.comTon Daniels, Partner TaxT +31 (0)88 407 1253ton.daniels@nl.ey.comMarc Welters, Partner IT Risk & AssuranceT +31 (0)88 407 4141marc.welters@nl.ey.comWimjan Bos, Partner RiskT +31 (0)88 407 1719wimjan.bos@nl.ey.com130

KPMGP.O. Box 74500, 1070 DB AmsterdamThe NetherlandsT +31 (0)20 656 7890F +31 (0)20 656 7700At KPMG, we provide practical advice and services to clientswho can benefi t from the collective knowledge of our 146member fi rms around the world. We believe our commitmentand our passion for serving our fi rms’ clients to the very best ofour ability helps make us stand out.KPMG’s Global Financial Services practice has more than21,000 partners and professionals throughout our globalnetwork, and we provide audit, tax and advisory services too.Each of our fi rms’ clients has unique needs, which calls for amultidisciplinary approach. Our professionals work as a team,cutting through complex issues, to offer the added value to ourclients to help them excel. We draw on a broad base of expertiseand experience gained internationally in a wide variety ofbusinesses and markets.KPMG fi rms have an established track record in pensions;ranging from pension funds to pension administrators, lifeinsurance companies and asset managers. The professionalsat KPMG stay up to date with the pensions market, are familiarwith the issues and can provide strategies to address clientconcerns.The pensions market is in for quite a change in the years tocome. KPMG can advise on various areas; such as goodgovernance, asset management, improved transparency, coststructure optimisation and risk management.We would welcome the opportunity to discuss how KPMGmember fi rms can help you achieve your business objectives.To find out how we can work together, please contact us:Wim Teeuwissen, PartnerT +31 (0)30 658 3094teeuwissen.wim@kpmg.nlEdward Snieder, PartnerT +31 (0)20 656 7941snieder.edward@kpmg.nl131

Mylette Tax Reclaim ServiceKorenmolenlaan 1a, 3447 GG WoerdenThe NetherlandsT +31 (0)348 414 775F +31 (0)348 418 557www.mylette.nlinfo@mylette.nlMylette Group is a knowledge driven organization founded in2001, where operational experience and excellence is regardedas a requirement.One of the services Mylette offers is the Tax Reclaim Service.This service has been successfully offered since 2006. Our taxconsultants have a proven track record and extensive experienceof almost two decades in the area of operational reclaimingwithholding tax.Mylette provides a complete service of reclaiming internationalwithholding tax for financial institutions such as pensionfunds, as well as advising banks and asset managers on howto establish an operational framework in which relief at sourceis applied if possible. We also advise on how to implement theoperational implications of a Q.I. status and the FATCA legislation.Mylette uses state of the art software, which enables us notonly to produce the correct, up-to-date tax reclaim formswithin the agreed timeframe, but also to provide our customerwith transparent and clear reporting of the reclaim requests.Our broad network of information suppliers allows us to reclaimwithholding taxes based on the most recent treaty agreementsand national or European rulings.We can provide a “full reclaim service”, where we produce,guide and monitor the reclaim forms through the completereclaim process. We can also provide our clients with onlya duly completed tax reclaim form. In this case, the client isresponsible for the rest of the tax reclaim process. In short, ourreclaim service can be tailor-made to the needs of our clients.Our pricing is fi xed and transparent, contradictory to mostcompetitors in trade.132

Our experienced consultants can also be contracted if clientsneed a hands-on-approach, for instance, to check tax reclaimpossibilities.Mylette also provides tailor-made workshops or courses toraise the level of knowledge regarding Tax Reclaim or relief atsource structures within your operational department. Thesecourses are provided in cooperation with Mylette Academy.For more information, please contact:Robert Jessurum Lobo CIPT +31 (0)348 414 775M +31 (0)6 5268 8907robert@mylette.nlPwCPricewaterhouseCoopers B.V.Thomas R. Malthusstraat 5, 1066 JR AmsterdamP.O. Box 90351, 1006 BJ AmsterdamThe NetherlandsPricewaterhouseCoopers Accountants N.V.P.O. Box 90357, 1006 BJ AmsterdamThe NetherlandsPricewaterhouseCoopers Advisory N.V.P.O. Box 9616, 1006 GC AmsterdamThe NetherlandsPwC provides industry-focused assurance, tax, humanresource and advisory services to build public trust andenhance value for their clients and their stakeholders. With4,900 colleagues in the Netherlands and more than 163,000people in 151 countries around the world, they share theirthinking, experience and solutions to develop fresh perspectivesand practical advice.Sonja Barendregt-Roojers, Audit PartnerT +31 (0)88 792 4088sonja.barendregt-roojers@nl.pwc.comFred Gertsen, Audit PartnerT +31 (0)88 792 4084fred.gertsen@nl.pwc.com133

Frank van Groenestein, Audit PartnerT +31 (0)88 792 4065frank.van.groenestein@nl.pwc.comMarco Corver, Audit DirectorT +31 (0)88 792 4058marco.corver@nl.pwc.comMartijn Jansen, Audit DirectorT +31 (0)88 792 5175martijn.jansen@nl.pwc.comArno van der Spek, Audit Senior ManagerT +31 (0)88 792 4095arno.van.der.spek@nl.pwc.comJesse IJspeert, Audit ManagerT +31 (0)88 792 4043jesse.ijspeert@nl.pwc.comStefan Verweij, Systems & Process Assurance DirectorT +31 (0)88 792 5446stefan.verweij@nl.pwc.comMartin Eleveld, Regulatory and Compliance PartnerT +31 (0)88 792 4997martin.eleveld@nl.pwc.comRobert Bark, Advisory PartnerT +31 (0)88 792 7682robert.bark@nl.pwc.comMischa Borst, Actuarial PartnerT +31 (0)88 792 7457mischa.borst@nl.pwc.comPwC Tax Advisors N.V.P.O. Box 90358, 1006 BJ AmsterdamThe NetherlandsT +31 (0)88 792 0020F +31 (0)88 792 9792The tax department of PwC is fully equipped to advise andassist pension funds with all forms of taxation they may incur intheir line of business. PwC Tax can advise pension funds on taxeffi cient structuring of their direct investments and investmentsin mutual funds, hedge funds, infrastructure funds etc. We alsoadvise pension funds on the appropriate amount of withholdingtaxes and assist with filing refund claims for EU withholdingtaxes which have been levied contrary to EU principles.134

We assist pension funds with exploring the possibilities ofasset- and pension pooling and the implementation of suchstructures. In this respect, PwC Tax can obtain tax rulings fromthe tax authorities and can also issue opinions. Our advice andassistance can be obtained on corporate and personal incometaxation, withholding taxes and VAT. We also have closeconnections with industry organizations and national and EUgovernmental organizations. With our extensive internationalnetwork of offi ces in 151 countries our expertise is widespreadwhich allows us to advise and assist our clients in the best possibleway on all their (international) tax-related activities. Furthermorewe assist pension carriers and employers with theirinternational or multi country pension schemes and pensionstrategy. We help our clients set up a pension scheme which istax compliant in more than one EU countries.Clark Noordhuis, Tax PartnerT +31 (0)88 792 7244clark.noordhuis@nl.pwc.comMartin Vink, Tax PartnerT +31 (0)88 792 6369martin.vink@nl.pwc.comAlfred Lagendijk, Pension Tax PartnerT +31 (0)88 792 6350alfred.lagendijk@nl.pwc.comWim Koeleman, Partner pension fundsT +31 (0)88 792 6340wim.koeleman@nl.pwc.comFai Cheung, Manager international pensions and taxationT +31 (0)88 792 7693fai.cheung@nl.pwc.comBastiaan Starink, Manager pensions and taxationT +31 (0)88 792 6406bastiaan.starink@nl.pwc.com135

Index who is whoAA&O Pensioen Services 37ABN AMRO 39Actuera B.V. 104ADP Nederland B.V. 105AEGON Asset Management 39AEGON Global Pensions 39Allen & Overy LLP 88Allianz Global Investors 40Altera Vastgoed NV 41Amsterdam Institute of Finance 32amsterdam inbusiness 30Aon Corporation / Aon Hewitt 106APG 42ASR 44Authority Financial Markets 30Avida International 108AZL 45BBeFrank BV 46bfinance Netherlands 109BGA Pensioenrechtadvies 89BlackRock 46Blue Sky Group 47BNP Paribas Investment Partners 48BNY Mellon 49Booz & Company B.V. 110Boston Consulting Group 111Bureau Bosch 111CCardano 111CBRE Global Investors EMEA 51City of The Hague 30Clifford Chance 90CMS Derks Star Busmann 91DDarwin Platform 112136

De Brauw Blackstone Westbroek N.V. 92De Nederlandsche Bank 31Deloitte 128Delta Lloyd Corporate Clients 52Deutsche Bank AG 53Dexia Asset Management 53Dimensional Fund Advisors 55DLA Piper Nederland N.V. 94Duisenberg school of finance 32Dutch Fund and Asset Management Association 31DutchInvestor 113EEdmond Halley BV 114Ernst & Young 129FF&C Netherlands B.V. 56First Investments 57First Pensions 58Franklin Templeton Investments 59GGMO Netherlands 61HHenderson Global Investors 61Hill & Knowlton Strategies 114Holland Financial Centre -Centre for Retirement Management 32Holland Van Gijzen Advocaten en Notarissen LLP 95Houthoff Buruma 96IIG&H Consulting & Interim 115IMQ Investment Management B.V. 62ING Investment Management 63Interpolis 63JJ.P. Morgan Worldwide Securities Services 64137

KKAS BANK N.V. 65Kempen & Co N.V. 66KPMG 131LLane Clark & Peacock 117Linklaters LLP 99Lombard Odier Darier Hentsch & Cie (Nederland) N.V. 67Loyens & Loeff 100MMcKinsey & Company 119Mercer B.V. 119MFS International (U.K.) Limited (Netherlands Branch) 68MN N.V. 70Montae 120Mylette Academy 33Mylette Tax Reclaim Service 132NNationale-Nederlanden 71NautaDutilh 101Netspar 34Northern Trust 73NorthgateArinso 122Nyenrode Business University 35OOrdina 123Ortec 124PPetercam Nederland N.V. 73PGGM 74PIMCO Europe Ltd 75Privium Fund Management 77PwC 133PwC Tax Advisors N.V. 134RRobeco Investment Solutions 77Rotterdam School of Management, Erasmus University 35138

SSchroder Investment Management Benelux N.V. 78SEI 79Simmons & Simmons 102SNS Asset Management 81SNS Reaal 82Sprenkels & Verschuren 124SPO 35State Street Corporation 82Stibbe N.V. 103Syntrus Achmea 83TThreadneedle Investments 84TiasNimbas Business School 35TKP Pensioen BV/TKP Investments BV 86Towers Watson 125Towers Watson Academy 36VVANDERSCHOOT&WESTERBRINK 126ZZwitserleven 87139

ColophonMarch 2012Holland Financial CentreAddressGustav Mahlerplein 3-115, 1082 MS AmsterdamThe NetherlandsPost AddressP.O. Box 75926, 1070 AX AmsterdamThe NetherlandsT +31 (0)20 708 58 00info@hollandfinancialcentre.nlHolland Financial Centre for Retirement ManagementPieter J. Kiveron MBA, Managing DirectorEdward van Vierzen, Consultant Retirement ManagementDaan D. J. Rovers MSc, Information Offi cer