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The following information regarding the Company’s funds is for informational purposes only and does not constitute an offer for shares, products or services and should not be interpreted as an offer to sell, an invitation to acquire an investment, or a solicitation of an offer to buy for any persons who are prohibited from receiving such information under their domiciled local laws.
Aegon Asset Management Investment Company (Ireland) Plc is structured as an umbrella type open-ended investment company with variable capital consisting of a number of different sub-funds (“Funds”) and is authorized in Ireland pursuant to European Communities (Undertakings for Collective Investment in Transferable Securities) UCITS Regulations and the Central Bank UCITS Regulations (“UCITS Regulations"). Aegon Asset Management Europe ICAV is structured as an umbrella type open-ended investment ICAV with variable capital consisting of Funds and is authorized in Ireland as a UCITS pursuant to the UCITS Regulations.
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Risk notice - Capital risk. The value of investments can go down as well as up and is not guaranteed.
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Risk notice - Capital risk. The value of investments can go down as well as up and is not guaranteed.
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Attention aux fraudeurs se faisant passer pour Aegon Asset Management, d’autres institutions financières et organismes de régulation: Nous avons reçu plusieurs signalements de fraudeurs se faisant passer pour Aegon AM et d’autres entreprises en créant de faux sites web, de fausses publicités et de fausses adresses mail. Pour en savoir plus sur la manière de vous protéger contre ces escroqueries et comment signaler un comportement suspect,veuillez lire ce qui suit.
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Risk notice - Capital risk. The value of investments can go down as well as up and is not guaranteed.
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Renteafdekking is traditioneel de hoeksteen van de beleggingsportefeuille van pensioenfondsen. Ook in de Wet toekomst pensioenen (Wtp) blijft renteafdekking een belangrijk onderdeel van het beleggingsbeleid. De mate van afdekking en hoe dit wordt toegedeeld naar deelnemers gaat echter veranderen. In deze serie analyseren we hoe de renteafdekking ingevuld moet worden in het nieuwe stelsel.
In dit tweede artikel lichten we toe hoe de renteafdekking er op hoofdlijnen uit gaat zien in de twee nieuwe pensioenregelingen; de solidaire (SPR) en de flexibele premieregeling (FPR).
Management samenvatting
Een FPR komt het dichtst in de buurt van een pure individuele premieregeling (defined contribution).
Renteafdekking moet dan ook per individuele deelnemer worden ingeregeld en is het belangrijk om de rentegevoeligheid van de beleggingen goed aan te laten sluiten op de rentegevoeligheid van de verwachte kasstromen.
Dit vereist een lifecycle voor een FPR waarbij goed is nagedacht over de rentegevoeligheid op elke leeftijd, met frequent herbalanceren en een efficiënt onderpandbeheer, zodat ook voldoende vermogen beschikbaar blijft om in zakelijke waarden te beleggen.
Een SPR is in feite een collectief ingestoken premieregeling. Er wordt nog steeds individueel vermogen opgebouwd, maar het rendement volgt uit de collectieve beleggingsportefeuille.
De renteafdekking in de SPR loopt via het beschermingsrendement. Hier zijn twee varianten beschikbaar en de keuze tussen deze twee varianten is van grote invloed op de inrichting van de renteafdekking.
Het theoretische beschermingsrendement gaat uit van een perfecte renteafdekking. In de praktijk zal het gewenst zijn om het beschermingsrendement dat wordt toegedeeld zo goed mogelijk te laten volgen uit de renteafdekking in de collectieve beleggingsportefeuille.
Voor het werkelijk (direct) beschermingsrendement wordt de beleggingsportefeuille opgesplitst in een rendementsportefeuille en één of meerdere beschermingsportefeuilles. In de meest zuivere vorm krijgt elk leeftijdscohort een expliciete blootstelling aan deze portefeuilles.
Tabel 1 in het artikel geeft de belangrijkste verschillen weer tussen SPR en FPR. Binnen SPR wordt ook onderscheid gemaakt tussen de theoretische en werkelijke methode voor de toedeling van het beschermingsrendement.
In het eerste deel van de serie laten we zien dat de renteafdekking relevant blijft en lichten we toe hoe de renteafdekking verandert van een vast strategisch niveau naar een bewegend doelwit.
In het derde deel van de serie kijken we voor de nieuwe premieregelingen naar de gewenste strategische mate van renteafdekking per leeftijdscategorie.
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All investments contain risk and may lose value.
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Responsible investing is qualitative and subjective by nature, and there is no guarantee that the criteria utilized, or judgement exercised, by any company of Aegon Asset Management will reflect the beliefs or values of any one particular investor. Responsible investing norms differ by region. There is no assurance that the responsible investing strategy and techniques employed will be successful. Investors should consult their investment professional prior to making an investment decision.
Opinions and/or example trades/securities represent our understanding of markets both current and historical and are used to promote Aegon Asset Management's investment management capabilities: they are not investment recommendations, research or advice. Sources used are deemed reliable by Aegon Asset Management at the time of writing. Please note that this marketing is not prepared in accordance with legal requirements designed to promote the independence of investment research, and is not subject to any prohibition on dealing by Aegon Asset Management or its employees ahead of its publication.
All data is sourced to Aegon Asset Management unless otherwise stated. The document is accurate at the time of writing but is subject to change without notice. Data attributed to a third party (“3rd Party Data”) is proprietary to that third party and/or other suppliers (the “Data Owner”) and is used by Aegon Investment Management B.V. under licence. 3rd Party Data: (i) may not be copied or distributed; and (ii) is not warranted to be accurate, complete or timely. None of the Data Owner, Aegon Investment Management B.V. or any other person connected to, or from whom Aegon Investment Management B.V. sources, 3rd Party Data is liable for any losses or liabilities arising from use of 3rd Party Data.
Aegon Asset Management UK plc is authorized and regulated by the Financial Conduct Authority. Aegon Investment Management B.V. is registered with the Netherlands Authority for the Financial Markets as a licensed fund management company. On the basis of its fund management license Aegon Investment Management B.V. is also authorized to provide individual portfolio management and advisory services as its UK and EU distribution.
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AegonAM Verschillen tussen de renteafdekking voor SPR en FPR.pdf
