New board member Arnout Korteweg – from A to Z in pensions

the ‘never-ending’ dedication of Arnout Korteweg

“My wife is deeply worried about what I’ll do when I actually retire,” says Arnout Korteweg with a smile. “She reckons my work is my hobby. And to be honest, she has a point.” After our chat of just under an hour with Arnout, that point has been well and truly made. Pensions are the common thread running through his life. As of 1 July he becomes a board member of Pensioenfonds Robeco, representing the pensioners. It brings things full circle. “I’ve experienced the pensions profession from A to Z,” he begins. “I ended up in the pensions sector straight after my studies, and now that I’m almost retired myself, I’m staying active in that very same world. That feels special.”

A chance turn towards a lifelong career

After his studies, it isn’t exactly obvious that Arnout will end up in pensions. An assignment involving an insurer brings him into contact with Aegon. He applies there after graduating and is taken on. At Aegon he discovers the world of collective pensions. What begins as a first job by chance grows into a lifelong fascination with the field. “Pensions affect everyone. You’re working on something that matters to a great many people for almost their entire lives. At today’s contribution levels, we work more than a day a week for our pension!”

Enterprising in senior roles

His drive develops like a whirlwind. Arnout becomes director of a pensions advisory firm and helps it grow from four to ninety employees. Roles at Robeco, Hewitt, Mercer and later the Nationale APF follow. There, as an executive board member, he is involved from the very start. A bit of an entrepreneur, then? “Yes, but I don’t see myself as the classic entrepreneur who starts a business at their own risk and expense. I am enterprising, though. I find it fascinating to set up new things.”

Flourishing years at Robeco

During his years at Robeco he gets to know both the liability and asset sides of the balance sheet. “Asset management, in other words.” He looks back on this period as one of the finest phases of his career. “The economy was doing extremely well in those years. The markets were on our side and there was every opportunity to develop new initiatives. With our team we closed an enormous number of deals in five years. You were given the chance to work ideas out and really build something. I’ve always valued that enormously.” His return to Robeco, albeit in a different role, therefore feels familiar. “I always enjoyed working there. I kept warm contacts with people from that time too. That makes coming back all the more enjoyable.”

A leader experienced in change

The pensions world has seen a great deal of change over the past few decades. Arnout witnessed almost all of it at close quarters. It began in the era of the Brede Herwaardering ‘a major overhaul of Dutch tax and pensions rules’ in the early 1990s; he saw the reforms of the Witteveen Committee; and he is now guiding pension funds through the transition to the new pension system under the Future Pensions Act (Wtp). “These are major moments in the history of our pension system,” he says. “I see it as a privilege to have experienced those developments first-hand.”

“At other funds I’d already gained experience with the transition to the new system. You learn how a process like that unfolds, what questions members have and where the points of attention lie.”

By now Arnout has already gained experience of the transition to the new system at other funds. As chair of Pensioenfonds KLM Cabinepersoneel, for instance, he saw the transition up close. “You learn how a process like that unfolds, what questions members have and where the points of attention lie.” Arnout also brings broad knowledge of pension schemes, governance, risk management and compliance. He himself emphasises something else: “I always try to see the bigger picture. A board member isn’t there for one group, but for all the members. You have to keep searching for a balanced weighing of interests.”

The vital role of communication

“You can never pay too much attention to good communication.” There ‘ that’s clear. Arnout worked for years as a pensions adviser and knows how complicated pensions can be for members. Now that the pension system is changing, clear explanation is essential. “People need to be guided properly through important choices. We work with professional administrators and advisers, but as a board you remain responsible for the end result. You have to stay sharp on the quality of both the administration and the communication.”

No shine without a little friction

Arnout is a likeable character; a man who enjoys working with others. At the same time, he doesn’t shy away from difficult discussions. “I’m not necessarily one for harmony,” he says with a laugh. “Although our house used to be called ‘Huize Harmonie’ ‘ Harmony House ‘ so perhaps that says something after all. Differences of opinion are part of the job. You’re absolutely allowed to disagree with one another. In fact, sometimes that’s necessary. But it always has to happen constructively. In the end, you’re working towards the same goal.” That fits this moment well, as pension funds set off down new paths. Care, transparency and collaboration are the foundations beneath successful change.

An active pensionado

Although Arnout is officially almost of pensionable age, a quiet retirement will have to wait a while yet. He has lived with his wife Babs on the Veluwe, a rural region in the centre of the country, since 2018. They once moved out of the Randstad ‘ the urban heart of the Netherlands ‘ with the idea that work would gradually wind down. “That plan didn’t quite work out,” he says with a broad grin. His diary tells the story. He regularly travels across the Netherlands for his various board roles: KLM Cabine in Amstelveen, Pensioenfonds Sabic in Sittard and now Pensioenfonds Robeco in Rotterdam. By the standards of De Nederlandsche Bank, the Dutch central bank, he works four days a week. Officially, that leaves one day for hobbies. Golf, for example ‘ something he’s done for thirty years but far too rarely gets round to. Or walking and travelling.
For now, though, pensions win out over the golf course. “For the next four years I really have no other plans,” he says matter-of-factly. At Pensioenfonds Sabic, too, Arnout has just been reappointed for another four years.

Back to Rotterdam

His reunion with Robeco visibly energises him ‘ both because of his past with the organisation and his bond with Rotterdam. “My family used to live here. We came here often. I always enjoyed working at Robeco and I’m looking forward to contributing again.” Alongside shiploads of knowledge and experience, that contribution consists of a genuine interest in people. Because behind all the legislation, transitions and pension schemes, what Arnout sees above all are the members the pension is meant for. “That’s ultimately what you do it for,” he concludes. “For people who need to be able to trust that their pension is well looked after. If you can contribute to that, this remains a wonderful profession.”