Partner Perspective: Utrecht School of Economics 6
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Newsletter of the Network for Studies on Pensions, Aging and Retirement Issue 1 Spring 2005 Partner Perspective: Utrecht School of Economics 6 Meeting Europe’s Social and Economic Needs 15 Netspar Netspar News Visiting address is published by Netspar, Network for Studies on Pensions, Faculty of Economics and Business Aging and Retirement Administration Tilburg University, Warandelaan 2, 5038 AB Tilburg Postal address P.O. Box 90153, 5000 LE Tilburg, The Netherlands Phone +31 13 466 2109 Fax +31 13 466 3066 E-mail [email protected] www.netspar.nl Board of Scientific Directors Lans Bovenberg Arie Kapteyn Theo Nijman (chair) Coordinators Administration: Jet de Ranitz History of Netspar 3 Education: Arthur van Soest Partners: Rob Bakker Scientific Council Academic Excellence Richard Blundell, University College London Safeguarding Quality 4 Axel Börsch Supan, University of Mannheim Paul Embrechts, ETH Zurich Olivia Mitchell, Wharton - University of Governance Pennsylvania Luis Viceira, Harvard University Netspar Style 5 David Wise, Harvard University Advisory Board Jacques Hagenaars, Tilburg University Partner Perspective Ruud Hagendijk, Mn Services Karel Noordzij, PGGM Utrecht School of Economics 6 Jan Nijssen, ING Hans van Oijen, Stichting Instituut Gak Erry Stoové, SVB (chair) Theo Verhallen, Tilburg University Educational Ambitions 7 Guus Wouters, Interpolis Netspar partners Pension funds and asset liability Research companies ABP Macro, Meso and Micro Teams 8 Mn Services PGGM SFB Groep Insurance companies and banks Network ABN AMRO Achmea Four Men, Three Pillars and Netspar 12 Fortis ASR ING Interpolis Public sector EU Conference 15 DNB Ministry of Economic Affairs Ministry of Finance Ministry of Social Affairs and Employment Short News – Calendar – The Cartoon 16 Sociale Verzekeringsbank Other organizations Stichting Instituut Gak Support Staff Marleen Brouwer Lenie Laurijssen Ludwina van der Wijst Editors Rob Bakker Clemens van Diek Etc. Editorial Services, Breda Photography Beeldbank, Tilburg University Ben Bergmans, Tilburg University Verbeeld, Tilburg Clemens van Diek, Tilburg University Marcel van den Bergh/ Hollandse Hoogte Raymond Rutting/ANP Photo Bart Nys fotografie, Overasselt Cartoon Hans van den Tillaart Graphic Design LaVerbe, Nijmegen Printed by Rikken Print, Gendt ISSN 1574-8790 © 2005 Netspar, The Netherlands The logo symbolizes the exchange between various spheres History of Netspar By Lans Bovenberg Scientific Director Netspar Consider this first issue of Netspar News as a rather elaborate birth announcement. Netspar was conceived when the Dutch National Science Foundation (NWO) announced in August 2003 that I was awarded one of the 2003 Spinoza prizes. How to spend the seed money of 1.5 million euro that came with the Spinoza prize? Theo Nijman and I brainstormed one afternoon about the possibility of working together on a research institute on pensions. We tested the idea with Dick de Beus, who at the end of 2003 still served as the executive director Lans Bovenberg of PGGM – the pension fund for the Dutch (founding father of Netspar, l) and Hein health care sector. Dick welcomed the idea – van Oorschot to put it mildly. Soon after that, Arie (president of Tilburg Kapteyn and I spoke with Stichting Instituut University, r): Netspar, a piece of cake? Gak. This private foundation, which supports research in social insurance, doubled the Spinoza premium. With the support of NWO, PGGM, and the GAK fund, only if her analyses are supported by The dynamics in the logo suggest the the conception had taken place. During the scientific evidence, which can be constant flow of new ideas that give rise to three months before the official award of reproduced and tested by her international innovation when combined. At the same the Spinoza premium on February 4, 2004, scholarly family. time, social innovation should respect the seedling gained considerable weight: enduring values of intra- and all the other participants lined up. Her final main character trait is sociability intergenerational solidarity and reliability. and, related to that, a willingness to listen Taking on this challenge, Netspar wants to Core values to the arguments of others. Netspar likes to explore how the future and the past can be Netspar, born on March 30, 2005, is a bring people together so that they can learn linked: protecting what is valuable and healthy, prosperous girl with three key from each other’s knowledge, experiences replacing what no longer fits new character traits. First of all, she is and perspectives. She is also quite open- circumstances. independent. Although she adores her minded, in that she is not committed to parents, she is not afraid to question their one particular worldview. She loves The two areas in the logo that are linked arguments. As a female, she has a economics, but she also has a keen interest by Netspar also reflect the subject area of somewhat different perspective on the life in sociology and psychology. Netspar: the intergenerational contract and cycle than her brothers within her male- the dynamics of the life cycle. The dominated pension family. Rather than The symbolism of Netspar’s logo intergenerational contract stipulates that taking strong positions herself, she always The logo of Netspar suggests exchanges, each generation invests in the human likes to bring balance into the debate by links, balance and focus. Most importantly, capital of the next and is taken care of at putting forward the key trade-offs: it symbolizes the exchange between various the end of its life by the generations in sketching the playing field, and leaving it to spheres: education and research, academia which it has invested. The point at which others to take policy positions on that field. and practice, public and private sectors, the two areas meet represents the rush hour micro and macro, the old and the young. of life in which the middle generation cares Her independence is closely related to her Netspar links these various spheres in a for both the previous and the next intellectual interests. This should come as flexible, dynamic network organization. generation. The past and the future, the old no surprise, since she was conceived by the Netspar also aims to balance the various and the young, are thus tied together. NWO. The Spinoza prize guarantees scientific arguments and to focus different disciplines integrity and scholarship. Netspar realizes and perspectives on a single area: pensions, that she can maintain her independence social insurance and aging. Netspar works in the present, where the action is, to employ knowledge accumulated in the past to address future challenges. Academic excellence Safeguarding Quality By Theo Nijman Scientific Director Netspar Adept management of its academic excellence is one of the essential conditions for Netspar’s success. International networks can be built and maintained only if a player is highly respected in the academic community. Likewise, knowledge that is developed in recent work internationally can be exploited to address policy questions that are relevant in the Dutch institutional setting only if stringent This page: Theo Nijman academic standards are met. To ensure that Opposite: Erry Stoové all of its activities will meet such high standards, Netspar has implemented a number of mechanisms for good ...through activities and publications Aspirations and advisors governance. Openness and transparency will be Netspar will initiate a new Master of Science hallmarks ensuring the quality of all of program on ‘Economics and Finance of Netspar’s activities and publications. For Aging’. Accreditation of this program (slated Starting at the top of the organization example, Netspar researchers must make to begin September 2006) also requires a The first indicator of quality management at their assumptions (as well as underlying substantive quality check by the accrediting Netspar is the joint role played by the three datasets and models) accessible, in so far as authority, the NVAO (the Netherlands- Scientific Directors and seven Program possible, to all participants. Discussion Flemish Accreditation Organization). Coordinators – all with excellent academic Papers in the Netspar DP series will always Netspar’s Partner Council, comprised of credentials, and the latter representing six present not only the views of the author, representatives from all sponsoring parties, different Dutch universities – in the but also comments submitted by a will help to ensure that Netspar’s research selection of senior researchers. In the discussant and a summary of the pertinent and its education program remain in line selection process, the Netspar management discussion (which takes place after every with the needs of the sponsors. The evaluates carefully an individual’s presentation of draft DPs). Likewise, Netspar Advisory Board has a clear non –executive publications in the highest ranked academic will organize brainstorm meetings that role in outlining and safeguarding strategic journals worldwide – another quality bring together people with opposing views decisions. Last, but not least, Netspar’s control instrument. to address topical policy questions. Scientific Council is vital in safeguarding A summary of these sessions, and academic quality and advising Netspar’s Junior researchers are recruited primarily on discussions, will be published in sub- researchers on emerging developments. the international job market, which was sequent issues of Netspar News. Netspar will Each member