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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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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 derde artikel kijken we voor de nieuwe premieregelingen naar de gewenste strategische mate van renteafdekking per leeftijdscategorie.
Management samenvatting
Verschillende factoren beïnvloeden het niveau van de renteafdekking, te weten nominaal en reëel renterisico, volatiliteit van pensioenvermogen, termijnpremie, convexiteit, diversificatie, rentevisie, kapitaalbeslag en herverdeling uit solidariteitsreserve.
Tabel 1 in de artikel geeft een overzicht weer van de mate waarin deze factoren pleiten voor een zekere hoogte van de renteafdekking in de nieuwe premieregelingen.
De relevantie van deze factoren is namelijk afhankelijk van de leeftijd van de deelnemer:
Voor jongeren is vooral de impact op het verwachte rendement van belang vanwege de lange horizon en de premies die nog ingelegd gaan worden. Daarnaast kunnen het kapitaalbeslag en de volatiliteit van het pensioenvermogen een rol spelen.
Voor ouderen is juist het beperken van risico’s de meest belangrijke doelstelling van de renteafdekking waarbij de bescherming tegen nominaal of reëel renterisico een belangrijke afweging is.
Hieruit concluderen we het volgende voor het bepalen van de gewenste strategische mate van renteafdekking in een lifecycle:
Voor jongeren lijkt veelal een renteafdekking tussen de 0% en 50% te worden gekozen. Voor ouderen lijkt zonder een sterke rentevisie dat 100% renteafdekking passend is.
Over het algemeen lijkt het verstandig om over een periode van minimaal 10 jaar de renteafdekking op te bouwen, zodat normaal gesproken over ten minste een volledige economische cyclus van de rente pensioen kan worden opgebouwd en het risico goed gespreid kan worden.
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 tweede deel van de serie lichten we toe hoe de renteafdekking er op hoofdlijnen uit gaat zien en wat de verschillen zijn tussen een solidaire en flexibele premieregeling.
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All investments contain risk and may lose value.
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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_Strategische mate van renteafdekking in een lifecycle_v5.pdf
