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Annual report Pension & Development Network 2011


Members steering Group: Jacques van der Horst, former CSR Officer at Syntrus Achmea, currently CSR Officer at MN Services (from December 2011) Aaltje de Roos, Senior policy Advisor Ministry of Foreign Affairs

Rene Blijlevens, Senior Advisor Dutch Association of Insurers

Guus Boender, Director Ortec Finance and Professor Asset Liability Management Free University Amsterdam

Henk Hermsen, Head of Investment Strategy at SPF Beheer

Caroline van Dullemen, Director WorldGranny

Jansje van Middendorp (until December 2011) & Boudewijn Sterk, Programme Managers P&D Network The P&D Network office is part of and located at WorldGranny. Members of the Advisory Council are (alphabetic order): • Herman Bril, Managing director at Cardano • Else Marie van den Eerenbeemt, Family Psychologist • Fabian Fagel, Lecturer Operations & Process Management International Institute for Hospitality Management The Hague • Gerda Havertong, Actor • Maria Henneman, Media communication specialist, former chief-editor ‘Netwerk’ • Ilona Hofstra, Program producer and media trainer • Joanne Kellermann, Director ‘De Nederlandsche Bank’ • Prof. dr. Jan Kuné, Professor pension sciences at the University of Amsterdam • Prof. dr. Paul Schnabel, Director The Netherlands Institute for Social Research (‘Sociaal Cultureel Planbureau’ SCP) • Erik van Laar, vice chair of the ‘Centrum van Directeuren en Commissarissen’ (NCD) • Frans van Loon, former Director ING Emerging Markets, former Chair Foster Parents Plan International • Jenneke van Pijpen, former Vice chair ABVAKABO/FNV, former Member Board ‘Pensioenfonds Zorg & Welzijn’ • Eegje Schoo, former Minister of Development Cooperation and Netherlands Ambassador in India


1.Introduction 1.Introduction ..................................................................................................................... 3 2. Results for 2011 ............................................................................................................. 3 2.1.Program Development.................................................................................................. 3 2.2. Concept Development ................................................................................................. 5 2.3. Network Development ................................................................................................ 8 3. Summary of results and activities 2011: ...................................................................... 14 4. Financial Accounts ....................................................................................................... 15 Budget P&D Network ...................................................................................................... 15 Explanation....................................................................................................................... 16 Annex ............................................................................................................... 17 Executive summary 5 Year Strategic Plan ........................................................ 17

The Pension & Development Network, operational since 2008, is a non-profit organization, specialized in the development of micro pension provisions. The aim of the Pension & Development Network is to build bridges between pension experts in the Netherlands and Micro Finance Institutions (MFI) or other companies with customers from the bottom of the pyramid. To this extent, the Pension & Development Network was set-up as a collaborative enterprise together with various Dutch financial institutions that are willing and able to apply their expertise in the field of pensions to the growing need for institutionalized old age provisions in emerging economies. The Pension & Development Network was initiated by WorldGranny and partners and managed from the WorldGranny office.

In 2010 the Pension & Development Network witnessed the launch of the first micro pension program in South India. During 2011 the Pension & Development Network continued to expand the geography of its projects - the Network was worked with NGOs and MFIs in Asia (India, Mongolia, Philippines, Vietnam and Sri Lanka), Africa (Kenya) and Central America (Guatemala, Nicaragua and Honduras).

The Pension & Development Network has launched its 5 Years Strategic Plan in January 2011. This plan covers 2011-2016. The main objective of the Pension & Development Network for this period is to give a total of one million people access to a (micro) pension provision through the local partner organizations of the Pension & Development Network.


In 2011 the Pension & Development Network participated in several international summits, as well as organized a conference on implications of global ageing. Furthermore, AEGON Global Pensions published an article of the Pension & Development Network in its “Pension View� newsletter.

Also the interest in the Pension & Development website was increasing during 2011, resulting in 10.153 visits from 161 countries. Alongside with this, the Pension & Development Network continued to invest in various kinds of social media tools. Moreover, WorldGranny received wide public recognition in 2011, having been ranked in Top 50 of charity organizations in the Netherlands.

2. Results for 2011 In the following report, the different results in terms of projects and partners, conferences, workshops and meetings, communications and public relations are outlined. This is structured according to the three pillars of the five-year strategic plan: concept, program, network.

2.1.Program Development Output 1. India

The project group DHAN of the Pension & Development Network finalized the model development for the micro pension product. In 2010 the DHAN Foundation, HelpAge India and the Pension & Development Network officially launched their joined micro pension pilot product for the clients of the DHAN Foundation. But the full micro pension product could be implemented only after receiving financing from the Dutch insurance companies and pension funds. A new foundation came into existence to monitor the implementation of the micro pension program. Output 2. Kenya

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The Pension & Development Network continued to research the socio-economic situation in Kenya and the possibilities for developing and implementing a micro pension provision. In 2011 the Pension & Development Network started working with Apollo Insurance company in order to develop a micro pension product for the Kenyan market. A follow up on the feasibility study was prepared with partnership of AON Hewitt. The development of a first African micro pension program is to be expected to be finalized by the end of 2012.

Output 3. Mongolia

The Pension & Development Network has, on request of the Mongolian MFI “XacBank�, researched the socio-economic situation in Mongolia and, according to its findings, designed a (micro) pension provision scheme for XacBank. Though initially there was enthusiasm for the product, due to internal shifts, no follow up was made in the first half of 2011. In September, a senior advisor of the Pension & Development Network Tom Roos visited Mongolia in order to re-open the discussion on developing a micro-pension product for the Mongolian market. During the Microfinance Summit in Valladolid, Caroline van Dullemen met a delegation of the XacBank and she learned that there was still interest, but the development of a micro insurance product by the holding company (Tenger Financial Group) received priority over the development of a micro pension product.

Output 4. Philippines

The Pension & Development Network has developed a tailor-made project plan for RIMANSI, a network organization of Mutual Benefit Associations in the Philippines, Vietnam, Cambodia and Indonesia. The Pension & Development Network has put a lot of effort to realize funding for the RIMANSI proposal and was disappointed to learn that the Rabobank Foundation was not ready to fund it. The Doen Foundation rejected the proposal due to overwhelming number of submitted proposals. Further development and implementation of this project is delayed until funding is found.

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2.2. Concept Development Output 5. Guatemala, Honduras and Nicaragua The Pension & Development Network's technical mission visited the REDCAMIF office in Guatemala in March 2011. The goal of the technical mission was to evaluate REDCAMIF’s micro pension project plan regarding the design and actuarial issues of the pension plan, as well as IT and administrative aspects of it.

5.1 Background information In 2009-2010 REDCAMIF developed a pilot project for micro pensions, which intends to contribute to reducing poverty of micro and small entrepreneurs, self-employed people and low-income families in Central America through the formation and accumulation of economic resources in the medium and long term. Starting in September 2010, the first phase of the REDCAMIF micro pension project, market research and feasibility study, was completed. The market study determined that the potential demand of the Central American region for a micro pension provision covers more than 8.5 million people. Currently, the project finds itself at the end of the second phase (product development), almost ready to move into the third phase (implementation and evaluation). Before going into the third and final project phase (implementation and evaluation), REDCAMIF contacted the Pension & Development Network to assess and examine the setup of its micro pension project. Funding came from the InterAmerican Development Bank (IDB) and the Duchess of Luxembourg.

5.2 Technical mission The mission consisted of two consultants – Edo de Wit, who works as an actuarial consultant at the Dutch insurance company AEGON and has experience in pension plan design and financing, and Robert Timmer, a management consultant at Mastermind Consultancy, and is experienced with the administration and automation of group pensions. After conducting site visits, meetings with future clients and delivering several presentations on pension provisions from a Dutch perspective, Edo de Wit and Robert Timmer had gathered sufficient information and insight to form an analysis on quick-scan level regarding the set-up of REDCAMIF’s micro pension project. The conclusions of their analysis were presented to REDCAMIF in the

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form of a report, which included recommendations on the product design, asset management, administrative infrastructure design and cost loading.

Output 6. Vietnam A team of the Pension &Development Network visited TYM Fund in Vietnam in October, 2011, in order to assess the possibilities for the TYM Fund for development and implementation a voluntary micro pension project.

6.1 Background information The Vietnamese MFI TYM Fund contacted the Pension & Development Network with a request for the assistance in the development of a voluntary micro pension scheme in June 2011. After the initial preparations, a team of two consultants, consisting of Job Harms of Triodos Facet and Boudewijn Sterk of the Pension & Development Network, spent one week in Vietnam to assess the options for TYM Fund to develop and implement a voluntary micro pension product. The TYM Fund itself is a microfinance arm of the Vietnamese Women’s Union (VWU), which is focusing on improving the lives of poor women living in the rural areas of Vietnam. TYM Fund offers its financial services to VWU members by making use of the communal network of the VWU, which consists of 11 million female members. Currently TYM Fund offers to its 65,000+ members the mandatory micro pension product, which is a part of a larger insurance package for “loan protection”. This product is obligatory for all clients of TYM Fund, who spent 0.4% of their loan amount per year on this package containing Life Insurance, Hospitalization, Loan Protection and Pension. However, TYM Fund wants to upgrade its existing mandatory pension provision to a voluntary micro pension product that is adapted to the demands of TYM Fund’s clients. According to TYM, a newly developed pension product should guarantee an income at 55 years of age and should provide flexible benefits to make it suitable for clients.

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6.2 Technical Mission The members of the technical mission were invited to one of the weekly meetings with TYM Fund clients. Here the team had a chance to become acquainted with the operational procedure of TYM Fund, as well as with some of its clients. From the field visit to TYM clients the mission learned that before clients can actually start saving for their pensions, their children should have grown up and moved out of the house. Although the age for starting pension savings differ per household, it is safe to assume that this lies somewhere between 30 – 35 years. Both TYM Fund and Pension & Development Network are currently researching possibilities to move the micro pension project forward. The Pension & Development Network is in its final stage of selecting a partner from its network that will participate in the micro pension project – most likely this will be Milliman. We estimate the take off of this micro pension project only in the second half of 2012.

Output 7. Sri Lanka The Pension & Development Network sent an intern to SEEDS to do a micro pension assignment. Anouk Smits will work as a research consultant for the Pension & Development Network’s Sri Lankan counterpart - local micro finance organization SEEDS (Sarvodaya Economic Enterprise Development Services) till June 2012. Anouk’s project focuses on market research and development of the micro pension for marginalized in Sri Lanka.

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2.3. Network Development Output 8. Chair on Global Aging and Gender at Rijksuniversiteit Groningen With the University of Groningen we have discussed the preconditions under which a Chair on Global Aging and Gender could be installed. An academic report was written – structure report – as a basis for curriculum development. The Chair will be situated between social and economic faculties and include research on micro pensions as well. The search for funding is the next step.

Output 9. Website and PR During the year 2011, the Pension & Development Network continued to invest in social media and online communication. 9.1 The content of the Pension & Development Network’s website has been further expanded in form of the news articles, as well as the knowledge center content has been updated. 9.2 Between January 1st and December 31st 2011, the Pension & Development Network website received 10.153 visits (a 25% increase compared to 2010), of which 7.901 were unique visitors (85,9% increase compared to 2010). Other statistics about visiting a website can be obtained from the table below1. Indicator Number of visits Number of unique visitors Page views Pages/visit Average time on site % New visits

2010 8.099 4.249 29.193 3,60 00:03:12 51,7%

2011 10.153 7.901 24.315 2,39 00:02:12 76,22%

In 2011 visitors from 161 countries viewed the Pension & Development Network website, compared to 117 countries in 2010.

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Data gained via Google Analytics www.google.com/analytics

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Top 10 list of countries the website’s visitors came from, between 01-01-2011 and 31-1220112 Position

Country

Visits

1

Netherlands

2310

2

United States

1337

3

India

1198

4

United Kingdom

714

5

Germany

252

6

Canada

225

7

Singapore

190

8

Australia

188

9

Bangladesh

163

10

Philippines

163

9.3 During 2011, three digital newsletters were sent to 756 registered mailing contacts of the Pension& Development Network. The number of registered mailing contacts in 2011 increased by 32% compared to 2010.

9.4 The Twitter account of the Pension & Development Network had 95 followers on December 31st, 2011, which is almost 3 times more than in 2010. Through the usage of Twitter the Pension & Development Network is actively promoting its micro pension activities.

9.5 The Pension & Development Network’s group on LinkedIn contained 216 members on December 31st, 2011, which is almost 63% increase compared to 2010. The LinkedIn group is used to inform members of vacancies, events and other related information from the Pension & Development Network.

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Data gained via Google Analytics www.google.com/analytics

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Output 10. The volunteer database of the Pension & Development Network contained 103 registered professionals who wish to contribute to the activities of the Pension & Development Network, on December 31st, 2011.

Output 11. AEGON Global Pensions published an article of the Pension & Development Network in its “Pension View” newsletter of May 31, 2011. This article, titled “Micro Pensions: Helping the Poor to Save for the Future”, is written by Boudewijn Sterk, Programme Manager for the Pension & Development Network. The article elaborates on the daunting outlook of persistent old-age poverty, which many emerging economies are facing, and argues that micro pension provisions offer a simple and effective means to alleviate this problem. In the article many important issues were discussed, such as socio-economic challenges of global ageing; the “youth bulge” in Africa; the role of micro pensions in the times of global ageing, and the importance of social security; the market for micro pensions and the trends in the micro finance industry.

Output 12. In May 2011 WorldGranny director Caroline van Dullemen and Robert Timmer (Mastermind) participated in the Conference on Investment and Innovation in Microfinance held in London. Caroline van Dullemen together with Robert Timmer hosted a workshop “What are the challenges and opportunities of micropensions for clients, MFIs and possible future investors”, which was devoted to such aspects as: - The socio-demographic features for different regions; - Global experiences on micro insurance and ground-breaking pension provisions; - Technology that is available to scale up the client base and to ensure access to low-cost products. Moreover, during this Conference Caroline van Dullemen presented at the plenary session in a panel “Broadening the scope of Microfinance: Identifying the new impact investment opportunities for investors”.

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Output 15. In June 2011 WorldGranny director Caroline van Dullemen presented het paper on micropensions in India at the Second European Research Conference on Microfinance held in Groningen. This Conference aimed to bring together the researchers and practitioners working in the field of microfinance and intended to provide a platform for the exchange of ideas between academics and practitioners in this field. Caroline van Dullemen presented her paper during a special session on micropensions at this Conference.

Output 14. In July 2011 WorldGranny director Caroline van Dullemen discussed the Second European Research Conference Groningen and the Pension & Development Network’s input in a panel on Radio VPRO.

Output 15. The Pension & Development Network hosted a presentation on micro pension provisions at the C5 Micro Investment Summit in Geneva in July 2011. Boudewijn Sterk, Programme Manager at the Pension & Development Network, hosted a workshop at the Conference on optimizing micro pension provisions in developing countries. The C5 Conference is a four-day summit, which focuses on reviewing the micro finance challenges and opportunities in Africa and the newest microfinance development from a global scale. Boudewijn Sterk in his presentation made a focus on the following topics: -

Gaining insight to the process of global ageing;

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Assessing the impact of global ageing in developing countries: in what way is this related to social policy?

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Analyzing measures to combat the effects of global ageing through micro pensions;

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Specific examples from the Pension and Development Network: lessons learned from Mongolia, Central America, India and the Philippines.

Output 16.

In November 2011 WorldGranny organized a conference on the

implications of global ageing. The conference was held in the auditorium of the Dutch Central Bank. The conference gathered a lot of professionals from investment banks, international non-profit organizations, micro finance institutions, as well as from the areas of pension and insurance provision. At the end of the conference there was a panel discussion that reflected on the 11


different contributions of the conference, focusing on the subject of Global Aging, its implications and the strategies needed to combat them. (see annex for conference report).

Output 17. WorldGranny director Caroline van Dullemen participated in the Global Microcredit Summit 2011 as a panelist for the conference workshop “When clients grow old” in November 2011 in Valladolid, Spain. Over the last decade the microfinance sector has experienced an incredible growth. The number of poor families with a microloan has grown more than 18-fold from 7.6 million in 1997 to 137.5 million in 2010. At the Global Microcredit Summit 2011 various speakers addressed these developments and the controversies that emerged from them. About 2000 people participated in the Summit, with the question how to get microfinance back on track as an often recurring theme. The conference workshop “When clients grow old” was the first event since the beginning of the annual conference 5 years ago that was made to the aging of microfinance clients. Caroline van Dullemen presented figures on global aging and focused on the gender differences with respect to longevity and skewed access to finance and means of production. Micro pensions could be the next step in social protection packages for the oldest generation of tomorrow.

Output 18. Caroline van Dullemen participated in the World Entrepreneurship Forum’s session in November 2011. The 2011 edition of the World Entrepreneurship Forum took place in Singapore from in November 2011. Over 150 members from 70 countries, mainly entrepreneurs and social entrepreneurs, gathered during 3 days in order to elaborate recommendations about "Entrepreneurship-a driver for Innovation and Technology". Caroline van Dullemen took part in the Forum’s session on financial products and services for older people. Output 19. WorldGranny was ranked number 30th in the Charity Top 50, leaving more than 400 organizations behind. The Charity Top 50, which is an initiative from the Dutch newspaper Trouw, analyzed more than 800 charity organizations in the Netherlands. It was the second year that Trouw publishes the Charity Top-50. In the previous year the Top 50 only included charity organizations with a focus on healthcare. This year there are three different ranking lists: one for International

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Aid, one for Welfare and Culture and one for Healthcare. WorldGranny competed against up to 450 charity organizations in the category International Aid. The website of the Trouw Charity Monitor contains the complete database of all reviewed charity organizations.

Output 20. In 2011 the Pension & Development Network continued to expand its wide network, by preparing Memorandum of Understanding with several new partners. These partners are: 20.1 AON Hewitt Aon Hewitt is the world’s pre-eminent human resources consulting and outsourcing company with the resources, expertise, and global reach to solve the most pressing and complex people challenges that organizations face today. AON Hewitt works with clients to design incentive programs, manage pension risk, develop investment strategies, and optimize organizational structures to improve business results.

20.2 Delta Lloyd Delta Lloyd Group offers insurance, asset management services and banking products for both corporate and private clients.

20.3 Milliman Milliman is among the world's largest independent actuarial and consulting firms, with 56 offices in key locations worldwide. Milliman serves the full spectrum of business, financial, government, education and non-profit organizations through consulting practices in employee benefits, healthcare, investment, life insurance and financial services, and property insurance.

20.4 Towers Watson Towers Watson is a leading global professional services company that helps organizations to improve performance through effective people, risk and financial management. With 14,000 associates around the world, Towers Watson offers solutions in the areas of employee benefits, talent management, rewards, and risk and capital management.

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3. Summary of results and activities 2011: The goals of the P&D Network to realize at the end of 2011 are reached: •

Ten participants of Dutch side agreed to participate in P&D Network – Syntrus Achmea, Ortec, Verbond van Verzekeraars, SPF, DeltaLloyd, Milliman, Towers Watson, The Dutch Central Bank, Mastermind, University of Groningen. Furthermore relations are ongoing with Aegon, MN Services, Talent&Pro, PGGM, APG and ING.

Five organizations from developing countries to be connected to the network: Dhan Foundation (India), Redcamif (Latin America), Rimansi (Phillipines), TYM (Vietnam), Apollo (Kenia).

Furthermore, all of the Pension & Development Network’s activities have been executed according to the planning, except for a training mission to the Dhan Foundation. But several meetings were organized between the CEO of the DHAN Foundation and P&D Network participants in the Netherlands. The submission of a research request has been realized in 2011. See annex for the full proposal. Unfortunately this was not rewarded by Netspar. The conference in the Dutch Central Bank was held on 10 November. See annex for report.

Other activities •

Newsletter 4 x

2 x thematisch expertmeeting

• -

8 x Steering Group meeting - 22 Feb. 13 April, 14 June, 6 September, 2 November, 14 December Promotions at conferences and in press

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Professionalize website and community

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Expanding LinkedIn group

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Fundraising EU, Dutch sponsors

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Expanding database

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Cooperation academic institutes

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4. Financial Accounts Budget P&D Network Budget 2011 Income Government the Netherlands and abroad¹ International and national NGOs (incl. UN)² Private Foundations³ Members P&D Network⁴ In-kind contributions members P&D Network⁵ TOTAL CONTRIBUTIONS

150.000 100.000 100.000 60.000 250.000 660.000

Expenditures Programmes Contribution start product local partner org. Investment improving models Implement M&E framework Trainingen Impact studies In-kind expenses members P&D Network Travelling costs Support P&D Network office

100.000 50.000 2.000 4.000 10.000 90.000 27.000 37.000

actuals 100.000 25.000 250.000

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375.000

239355 4430 1284 90000 3316 (fundraising)+ 10538 (proj Asia + L-Am)

Total Programmes

320.000

Network Acquisition local partner organisations Acquisitie members P&D Network Optimalisation effectivity P&D Office Website, PR & Communication Annual conference In-kind expenses members P&D Network Support P&D Network office Total Network

15.000 7.000 8.000 5.000 5.000 90.000 37.000 167.000

3683 4221 4308 8044 127326 90000 18859

Concept Expand and deepen identity P&D Network Present at international confereces Impact Asessment tools improvement In-kind expenses members P&D Network Support P&D Network office Total Concept

30.000 12.000 23.000 70.000 38.000 173.000

16997 5232 2092 70000 12036

TOTAL COSTS

660.000

377.696

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We have submitted a proposal for funding to the Rabobank Foundation, to Stichting Doen, but these are not rewarded. 4 Four organizations agreed to commit to the network and contribute financially, but this was not yet finalized before the end of the year. 5 Contribution to the DHAN Foundation, still accrueded + E 3934,80 mission REDCAMIF Guatamala Robbert Timmer & Edo de Wit. 6 Organisational costs S.Kehedishen

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Explanation Income The Netherlands Ministry of Foreign Affairs participated in the P&D Network from the start. From 2009 till 2012 the Ministry has supported the network with an annual amount of on average â‚Ź 100.000,-. For 2011 and 2012 again an amount of â‚Ź 100.000,- will be contributed. Furthermore the German GTZ has been interested in the subject of ageing & development and has been sponsoring HelpAge Germany substantially these last years. We have not submitted a proposal for GTZ, DFID, Danish Aid or Norwegian Development Aid (NORAD), because we have focussed on partners for the programmes in upcoming economies. Now with potential partnerships with SEEDS (Sri Lanka), TYM (Vietnam), RIMANSI (Philippines) en REDCAMIF (Latin America), it is more likely to receive funds from these governments. Expenditures Most of our time and efforts have been spend in finding partners. In 2011 we have started to write time. In the time sheets we made a translation from the specific activities to the more abstract concepts in the budget.

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Annex Executive summary 5 Year Strategic Plan Today almost 1 in 10 people are over 60 years old. By 2050 the figure will be higher than 1 in 5. Currently 64% of older people live in less developed regions, by 2050 this figure will rise to 80%. In the 21 century a dramatic transformation in population age structures is witnessed: a process of global ageing as population growth rates decline through falling fertility rates and rising longevity. Sustainable and robust pension schemes are, in the view of the Pension & Development Network (P&D Network), the most suitable structural response to the consequences of global ageing, for they allow people to build an independent financial position. In order to develop this innovative solution to poverty, it is important that older people are socially and economically self-reliant, aware of their rights and have access to financial products. The extensive experience with creating pension provisions in the Netherlands is valuable support and inspiration in this process. By developing sustainable pension schemes the right conditions for older people are created, which allows them to live in a socially and economically self-reliant way. Ambitions and direction In order to develop and implement micro pension products worldwide, the P&D Network links pension funds, banks, policy makers and Non Governmental Organisations (NGOs) in the Netherlands to Micro Finance Institutes (MFIs), NGOs and banks in emerging economies. Through the exchange of knowledge and technical experience focusing on the development and implementation of old micro pension schemes, the Pension & Development Network realizes the development of long term saving and insurance products for old age. The P&D Network stands for effective and professional cooperation between its members and local partner organisations. Its mission is to provide support to enhance the capacity of MFIs in developing long term savings and insurance products for old age within the context of poverty reduction. Develop project organization The P&D Network is a project organisation: in all its activities the P&D Network is closely linked with its partners from the Dutch financial sector. By taking a leading role in the management side of its poverty alleviation projects, the P&D Network office allows its partners to fully implement their financial expertise and realize their goals within the field of corporate social responsibility by running projects in emerging economies, ensuring large impact. Outreach & local partners With regards to its outreach, the philosophy of the P&D Network is that the realization of sustainable and effective microfinance solutions for poverty alleviation is in general benefitted by large scale. This is certainly the case when developing and implementing micro pension provisions.

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P&D Network Annual Report 2011  

The annual report 2011 provides an overview of results of the Pension & Development Network in terms of projects and partners, conferences,...

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