Working on a transition that affects everyone

‘How can we ensure that the transition to the new pension system is fair for millions of Dutch people?’ That’s the question I’m working on every day.

I joined DNB in September 2017, right after graduating. I started at the Financial Markets division, where I worked for about five years. During that period, I was able to develop my expertise and was also given the opportunity to write my PhD thesis. After that, I was seconded to the European Central Bank for three years, where I worked on financial markets and the implementation of monetary policy.

As the end of my secondment drew near, I started thinking about my next move. At that time, the pension transition was a major, important and topical issue, which also required a great deal of resources. That appealed to me, and that’s why I joined the Pension Supervision division.

From a collective pension to a personal pension

The pension transition is a complex societal challenge in which pension funds are making the transition to a new system and must carefully justify how they balance the interests of different groups of pension fund members.

Pension funds must make the transition from the old system – which consists of a ‘collective pot of money’ and commitments regarding future pension benefit payments – towards a system that is more personalised and transparent, and in which such commitments are no longer made.

This means that existing pension assets must be distributed in a fair and balanced manner. Pension funds draw up plans for this transition, which we assess. We take a critical look at whether all members can feel that they are represented in a balanced way and whether pension funds can explain why their choices are balanced.

A balance between analysis and discussion

I love the variety of my job. One day I’m delving deep into figures and models, analysing a pension fund’s transition plan, and the next, I’m having discussions with pension fund board members, actuaries and other experts. It’s the combination of content and interaction that makes the job so interesting.

And since no two pension funds are the same, you must understand and assess the situation of each and every pension fund individually. In doing so, I’m part of an assessment team with colleagues from various disciplines, such as financial specialists and data experts. I also maintain close contact with pension funds.

To be honest, I used to think that being a supervisor would be rather boring, but that idea proved completely wrong. In fact, the work is dynamic, involving short lines of communication, collaboration and contact with various parties. This came as a positive surprise to me.

Contributing to the public good

What drives me in my work is the opportunity to contribute to the public good. The transition to the new pension system is a significant societal change, and it is important that the transition is managed carefully. We help to build confidence in the system by ensuring that this transition is carried out fairly and transparently.

What also makes DNB unique as an employer is that you can develop yourself in several different directions. For example, I have gained experience in the central bank domain, internationally at the ECB, and now in the supervisory domain. That diversity means you continue to develop as a person. If you’re ready for something new, you can often find it at DNB.

If you’re interested in the financial sector and want to work on issues that really matter, then this is a brilliant place to be. You’ll be given responsibility, the freedom to develop, and the opportunity to make a contribution to major societal themes.’