Dutch Decision Time
As pressures on pension fund solvency increase, Dutch giants ABP and PGGM have chosen divergent strategies. Nicholas Dunbar reports
Niels Kortleve, head of the integrated balance management committee at Dutch pension fund PGGM, likes to use a parable to describe the dilemma currently faced by his fund. "I want to go on holiday to the Far East, and I plan my trip," he says. "Two days before I'm due to leave I get a phone call saying my mother-in-law is in hospital. You can reach the conclusion that you have to change your plan due to short-term risks; you have to deviate from your long-term plan."
The parable goes to the heart
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