Board summary
The key overviews and an analysis of the modules, in a single document for the board.
Independent knowledge institute since 2013
Understanding costs.
Understanding costs.
Not just comparing them.
IBI provides pension funds with systematic and practical insight into their implementation costs, by benchmarking them against comparable pension funds. Costs are assessed in relation to scale, complexity, membership characteristics, investment policy, risk, return and service levels.
For IBI, benchmarking is not an end in itself and does not produce a league table. The aim is to give insight into differences — and into the factors that explain those differences.
Recommendations on Implementation Costs
Dutch legislation and regulation
Peer group & universe
79
Pension funds benchmarked
14.1 m
Members represented
21 / 25
Largest pension funds
2013
Founded as a knowledge institute
Our yardstick
One consistent Dutch yardstick
IBI translates differences in costs and performance into the factors that cause those differences. Not only showing where a fund stands, but above all explaining why it stands there: are our costs appropriate given our policy choices?
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From benchmark to insight
Uniformly calculated key figures, audited input and a comparison with peer group and universe.
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From insight to assessment
Costs in relation to policy, risk, scale, complexity, return and service delivery.
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From assessment to better board decisions
Substantiation for decision-making, accountability and communication towards members.
What we stand for
Benchmarking by and for the sector
Based on Dutch legislation and regulation, developed together with a sounding board group of pension funds and fully aligned with the Recommendations on Implementation Costs.
01
Principles
Benchmarking that follows the needs and wishes of pension fund boards, with audited input and reliable calculations based on predefined definitions.
Read more 02Legislation as the foundation
Uniformly calculated statutory key figures in line with the Recommendations on Implementation Costs — the applicable framework established through self-regulation.
Read more 03Diagnostic, not a league table
Normalised scores in radar charts show the profile of a fund at a glance — the costs as well as the factors that help explain those costs.
Read more
“A thorough benchmark goes further than comparing costs alone and also brings into view the factors that explain the differences.”
Our products
Three reports, one coherent picture
Our reports support the entire governance of the pension fund: from the board and the investment committee to the supervisory board and the accountability body.
Module report
Statutory key figures, asset management, solvency and pension administration — each compared with peer group and universe.
Uniform Pension Cost Overview
A digital report free of jargon, developed at the request of the AFM, for members, the supervisory board and the accountability body.
Radar charts
A profile, not a ranking
A radar chart shows the profile of a pension fund at a glance, instead of separate figures only: the costs as well as the factors that help explain them. Because we work with normalised scores, the fund can be properly compared with a selected peer group and with the universe.
Future Pensions Act
A new view on costs
With the introduction of the Wtp, members have detailed insight into their pension capital and its movements — including the returns and costs allocated to them. This calls for a new way of communicating and accounting for costs.
- More attention to the returns and costs allocated to members
- Comparisons between age cohorts within a single fund
- A more prominent role for the accountability body in assessing implementation costs
- Benchmarking before and after the transition, to test expectations
“Costs are the new red flag”
Where the explanation falls short, lawyers see costs as the new risk area. The introduction of cohorts and possible cost differences within a single fund increases the risk of questions, complaints and disputes. Timely, clear and explainable communication is essential — but also complex.
Track record
79 different pension funds benchmarked
Since its founding, IBI has benchmarked 79 different Dutch pension funds. Together these funds represent the pensions of 14.1 million members in the Netherlands.
21 / 25
Largest pension funds
36 / 50
Largest pension funds
45 / 75
Largest pension funds
14.1 m
Members represented
In conversation
The Transparency Detectives
Eric Veldpaus talks to the BBC about benchmarking, implementation costs and transparency.
Set today's benchmark for tomorrow
Curious what thorough benchmarking would mean for your fund? Get in touch for an explanation of the reports or an informal conversation.