Toekomst voor aanvullende pensioenen

Taking the Dutch pension system to the next level: a view from the outsideof the benchmark portfolio averaged 8.6% versus 9.2% for the actual fund.Thus OTPP generated an additional 2.2% of investment return per year bytaking an additional 60 basis points (0.6%) of balance sheet mismatch risk,a ratio of almost 4:1. This outperformance has added C$29 billion to OTPPsbalance sheet since 1991. Current assets stand at C$139 billion.How to explain these extraordinary results? A starting clue is OTPPsstated investment beliefs: 23• Our responsibilities are intergenerational: So we must be long-horizoninvestors.• We take a holistic perspective: Long-horizon investors must look beyondpure financial considerations, and examine the environmental, social,and governance aspects of investing as well.• We operate within a clear, integrated risk budget: It includes liabilitymismatch risk, liquidity risk, and we use derivatives to manage riskwhere appropriate.• Our primary asset is human capital: We empower our people, urge themto collaborate, and give them space to make mistakes.• Investment markets are not fully efficient: They offer exploitable opportunitiesto generate excess returns in both public and private markets.• Global networks: Strong global people networks facilitate the identificationand exploitation of investment opportunities.• Investing is a business: Returns matter, but so do costs.31An important consequence of the ‘cost matter’ belief is that 80% of OTPPsassets are managed internally. Its strong in-sourcing strategies are especiallyeffective in long-horizon private markets investing (e.g., real estate,infrastructure, private equity), where the ‘2-and-20’ rule of thumb for feescan easily lead to total annual investment management costs in the 4-5% ofassets area. 24OTPP was designed based the organizational principles of Peter Druckerin the late 1980s. Claude Lamoureux was appointed as OTPPs first CEO in1990, retiring 17 years later in 2007. In 2008 he would write his versionof OTPPs unconventional inception and evolution in the article ‘EffectivePension Governance: The Ontario Teachers’ Story’. 25 Drucker’s organizationalprinciples have been transforming pension organizations not just23 From the OTPP 2013 Annual Report.24 The ‘2-and-20’ rule means a base fee of 2% if assets, and an additional fee equal to 20% ofthe investment’s return over some pre-established hurdle rate. For more on the cost of privatemarkets investing, see Phalippou (2009) ‘Beware of Venturing into Private Equity’, and Dyckand Pomorski (2011) ‘Is Bigger Better? Size and Performance in Pension Plans’25 Lamoureux (2008).