{"id":69,"date":"2019-12-17T11:00:29","date_gmt":"2019-12-17T09:00:29","guid":{"rendered":"https:\/\/www.cardano.nl\/en\/?p=69"},"modified":"2021-12-17T12:37:42","modified_gmt":"2021-12-17T10:37:42","slug":"why-do-not-all-pension-funds-pursue-a-dynamic-balance-sheet-policy","status":"publish","type":"post","link":"https:\/\/www.cardano.nl\/en\/why-do-not-all-pension-funds-pursue-a-dynamic-balance-sheet-policy\/","title":{"rendered":"Why do not all pension funds pursue a dynamic balance sheet policy?"},"content":{"rendered":"\n\n<div class=\"alignfull\"  data-name=\"acf\/block-hero\">\n\t<div class=\"hero bg-color--dark-green\" data-module=\"hero\">\n\t<div class=\"hero__inner\">\n\t\t<div class=\"container\">\n\t\t\t<div class=\"row\">\n\t\t\t\t<div class=\"col-12 col-md-8 col-lg-6\">\n\t\t\t\t\t<div class=\"group\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t<h1 class=\"\">\n\t\t\t\t\t\t\tWhy do not all pension funds pursue a dynamic balance sheet policy?\n\t\t\t\t\t\t<\/h1>\n\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Dynamic balance sheet policy is rational but feels counterintuitive<\/h2>\n\n\n\n<p><strong>Dynamic balance sheet policies reduce the risk of benefit cuts and non-indexation. However, by no means all funds pursue this rational risk policy, because it feels counterintuitive.<\/strong><\/p>\n\n\n\n<p><em>By Noortje de Beijer, Head of clients at Cardano<\/em><\/p>\n\n\n\n\t<div class=\"alignwide\"  data-name=\"acf\/block-text-image\">\n\t\t\n\n<div class=\"text-media \">\n\t<div class=\"row row--spacing\">\n\t\t<div class=\"col-12 hidden-md\">\n\t\t\t\t<div class=\"text-media__media text-media__image text-media__image--align-right\" >\n\t\t<img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"467\" src=\"https:\/\/www.cardano.nl\/en\/wp-content\/uploads\/sites\/5\/2021\/12\/Noortje-de-Beijer-01.jpg.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/www.cardano.nl\/en\/wp-content\/uploads\/sites\/5\/2021\/12\/Noortje-de-Beijer-01.jpg.png 696w, https:\/\/www.cardano.nl\/en\/wp-content\/uploads\/sites\/5\/2021\/12\/Noortje-de-Beijer-01.jpg-300x201.png 300w\" sizes=\"auto, (max-width: 696px) 100vw, 696px\" \/>\n\t<\/div>\n\n\t\t<\/div>\n\t\t<div class=\"col-12 hidden-md\">\n\t\t\t\t<div class=\"group\">\n\n\t\t\t\t\t<div class=\"group__item\">\n\t\t\t\t<div class=\"group group--small\">\n\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"group__item\">\n\t\t\t\t\t\t\t<h2 class=\"text-media__title h3\">\n\t\t\t\t\t\t\t\tBehavioural finance explains irrational sentiment\n\t\t\t\t\t\t\t<\/h2>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\n\t\t\t\t\t<div class=\"group__item\">\n\t\t\t\t\t\t<span class=\"stripes   stripes--large\">\n\t<span class=\"stripes__light\"><\/span>\n\t<span class=\"stripes__dark \"><\/span>\n<\/span>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\n\n\t\t<div class=\"group__item\">\n\t\t\t<div class=\"text-media__content\">\n\t\t\t\t<p>Dynamic balance sheet policy \u2013 which I believe is the same as dynamic market risk policy \u2013\u00a0 introduces a sense of calm into the pension fund boardroom. It is more in line with the fund\u2019s pension objectives and contributes to a more robust balance sheet, but still it\u2019s a policy rarely pursued by pension funds. Why? This rational risk policy feels counterintuitive. In 2007, a time when many funds had high funding levels, this type of policy was wholly ignored, as can be explained by behavioural finance.<\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t\t<\/div>\n\n\t\t<\/div>\n\n\t\t<div class=\"col-6 hidden-xs visible-md\">\n\t\t\t\t<div class=\"group\">\n\n\t\t\t\t\t<div class=\"group__item\">\n\t\t\t\t<div class=\"group group--small\">\n\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"group__item\">\n\t\t\t\t\t\t\t<h2 class=\"text-media__title h3\">\n\t\t\t\t\t\t\t\tBehavioural finance explains irrational sentiment\n\t\t\t\t\t\t\t<\/h2>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\n\t\t\t\t\t<div class=\"group__item\">\n\t\t\t\t\t\t<span class=\"stripes   stripes--large\">\n\t<span class=\"stripes__light\"><\/span>\n\t<span class=\"stripes__dark \"><\/span>\n<\/span>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\n\n\t\t<div class=\"group__item\">\n\t\t\t<div class=\"text-media__content\">\n\t\t\t\t<p>Dynamic balance sheet policy \u2013 which I believe is the same as dynamic market risk policy \u2013\u00a0 introduces a sense of calm into the pension fund boardroom. It is more in line with the fund\u2019s pension objectives and contributes to a more robust balance sheet, but still it\u2019s a policy rarely pursued by pension funds. Why? This rational risk policy feels counterintuitive. In 2007, a time when many funds had high funding levels, this type of policy was wholly ignored, as can be explained by behavioural finance.<\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t\t<\/div>\n\n\t\t<\/div>\n\t\t<div class=\"col-6 hidden-xs visible-md\">\n\t\t\t\t<div class=\"text-media__media text-media__image text-media__image--align-right\" >\n\t\t<img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"467\" src=\"https:\/\/www.cardano.nl\/en\/wp-content\/uploads\/sites\/5\/2021\/12\/Noortje-de-Beijer-01.jpg.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/www.cardano.nl\/en\/wp-content\/uploads\/sites\/5\/2021\/12\/Noortje-de-Beijer-01.jpg.png 696w, https:\/\/www.cardano.nl\/en\/wp-content\/uploads\/sites\/5\/2021\/12\/Noortje-de-Beijer-01.jpg-300x201.png 300w\" sizes=\"auto, (max-width: 696px) 100vw, 696px\" \/>\n\t<\/div>\n\n\t\t<\/div>\n\t<\/div>\n<\/div>\n\t<\/div>\n\n\n\n<p>Dynamic balance sheet policy involves managing funding level risks by adjusting your policy as funding levels rise or fall, instead of waiting for the multi-year assessment to make changes. You reduce risk at low funding levels and funding levels between 130% and 150%. You increase risk when you are unable to guarantee all future indexation, i.e. between low funding levels and approx. 130%.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">We tend to all or nothing<\/h2>\n\n\n\n<p>The fact that this feels irrational is largely due to our tremendous mental resistance to taking losses when things are going badly and \u2018taking profits\u2019 when things go well. Loss aversion is quick to increase everyone\u2019s appetite for risk when losses loom on the horizon. Although this does increase the chances of recovery, it simultaneously boosts the odds that funding levels will drop even further. We tend to all or nothing. When things are going very well, we are inclined to take bigger risks, on the pretext of \u2018we\u2019re doing well, right?\u2019 and \u2018we can take it\u2019. We become euphoric.<\/p>\n\n\n\n<p>The graph below illustrates the difference between our intuitive risk appetite and our risk appetite when pursuing a dynamic balance sheet policy.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"501\" src=\"https:\/\/www.cardano.nl\/en\/wp-content\/uploads\/sites\/5\/2021\/12\/webite-plaatje-cga-1280x626-1-1024x501.jpg\" alt=\"\" class=\"wp-image-72\" srcset=\"https:\/\/www.cardano.nl\/en\/wp-content\/uploads\/sites\/5\/2021\/12\/webite-plaatje-cga-1280x626-1-1024x501.jpg 1024w, https:\/\/www.cardano.nl\/en\/wp-content\/uploads\/sites\/5\/2021\/12\/webite-plaatje-cga-1280x626-1-300x147.jpg 300w, https:\/\/www.cardano.nl\/en\/wp-content\/uploads\/sites\/5\/2021\/12\/webite-plaatje-cga-1280x626-1-768x376.jpg 768w, https:\/\/www.cardano.nl\/en\/wp-content\/uploads\/sites\/5\/2021\/12\/webite-plaatje-cga-1280x626-1.jpg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Awareness and discipline<\/h2>\n\n\n\n<p>How can executives avoid these cognitive pitfalls? It starts with awareness, followed by discipline. Define your dynamic risk policy before your fund ends up with troubling funding levels and make it default policy. By the time a particular situation does occur, you will have already thought about it and have protected yourself from excessively risky behaviour. Will it still be possible to deviate from the established risk policy, should the situation so require? Of course it will, but you will have to come up with good arguments. Either way, it will change the nature of the discussion.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Eliminating uncertainty<\/h2>\n\n\n\n<p>This is how Dynamic balance sheet policy eliminates any uncertainty about whether or not to take action and whether it is already too late. Because it aligns risk policy more closely with the fund\u2019s pension objectives, it provides peace of mind and contributes to a more robust investment policy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dynamic balance sheet policies reduce the risk of benefit cuts and non-indexation. However, by no means all funds pursue this rational risk policy, because it feels counterintuitive.<\/p>\n","protected":false},"author":20,"featured_media":53,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"editor_notices":[],"footnotes":""},"categories":[1],"cardano_tag":[],"cardano_topic":[],"cardano_type":[],"class_list":["post-69","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin  - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why do not all pension funds pursue a dynamic balance sheet policy? - Cardano - NL - English<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cardano.nl\/en\/why-do-not-all-pension-funds-pursue-a-dynamic-balance-sheet-policy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why do not all pension funds pursue a dynamic balance sheet policy?\" \/>\n<meta property=\"og:description\" content=\"Dynamic balance sheet policies reduce the risk of benefit cuts and non-indexation. 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