Sandra van Eijk - managing board ING CDC Pensioenfonds

An interview with Sandra van Eijk, who joined the managing board of ING CDC Pensioenfonds and NN CDC Pensioenfonds on 15 June 2017. As a board member, she will represent the employer. Sandra is CFO of NN Bank.

Was a position as board member of these two pension funds a logical step in your career, or did the opportunity just happen to present itself?
Four years ago, I was appointed as CFO of NN Bank, which was founded when parts of WestlandUtrecht Bank were merged with Nationale-Nederlanden. I put a lot of my energy into setting up the new organisation. When my calendar started clearing up late last year, I notified NN that I would be interested in a board position. That's why I was approached for membership of the CDC pension funds’ board. Before that, I was unaware of this being possible within the company.

What do you consider your main mission as a new board member?
The challenges we are facing are overwhelming. The pension system is set to change. We must cope with rising life expectancy in the Netherlands and the impact that has on affordable pensions. We must restore the funding ratio in order to re-enable pension rises in line with inflation. None of these things are certain. I’ll be satisfied if we can deal with these challenges through good governance of the pension funds as well as good interaction with participants and other stakeholders. It is essential that participants take control of their pensions. Pensions were always well organised in the Netherlands, so most people tend to feel things will work out for the better. However, pensions are conditional and by no means 100% secure.

You are already well informed on pensions
My background in finance and risk helps me a lot. And I also have professional experience in the pension field, through the so-called third pension pillar and in an international position I had for ING. At the time, we were working on the concept of turning pension into an exportable product. We were focusing on DC pension plans, but felt we were missing the collective aspect. Ironically, I am now working with CDC pension plans, which does have that collective element. I’m going to freshen up my backlog in pension law and have enrolled for a course in November.

Your appointment has improved the board’s diversity situation: 7 men and 2 women. Is that important to you?
Diversity is important to any board. It has even been laid down in a code. Men and women, young and old. It doesn’t need to be exactly fifty/fifty, though, because more importantly, board members have to be highly qualified. But the atmosphere is certainly different if there are women and young people on the board. They complement each other. Diversity ensures that discussions are different and in fact better. NN has more women in senior positions than most other companies. Men and women are different. It helps to be aware of those differences and deal with them in a smart way.

You already pointed out that pension fund boards need younger members. After this summer, we are launching the Pension Fund Academy to make young employees more interested in pension, help them learn about this topic and to expand their network. How do you feel about this initiative?
I am very excited about it. As board members, we are going to play an active role in the Academy. Young/old diversity might actually be even more important to a pension fund board than male/female diversity. The Pension Lab is another interesting initiative. Engaging young people and getting them to take an active part in pension, for example as a member of the pension fund's managing board or supervisory board, is more than welcome.

Many employees see their pension as a remote topic... 
Well, I don’t see it that way. You might consider me a nerd, because I started planning my pension 15 years ago. I am excited about our tool, the Pension Planner, particularly the On Track section. I enjoyed filling it out. It gave me an insight into my pension situation and it shows that you can take control. Really cool. A good idea for everyone.

What do you intend to focus on in your next four years as a pension fund board member?
Continuity. Carrying out the policies in light of all the challenges of pension and a new pension system, and being in control in terms of finance and risk. I also want to enhance my experience in governance. I am typically an operational manager, but have already learned a lot about good governance from my older fellow board members at NN Bank. They are really experienced and have taught me how to be most effective as a board member.

Where can we find you when you're not at work?
In the Dutch province of Brabant. I moved from the urban Randstad area to rural Brabant in September last year. Back to the town I grew up in, with my husband, three children (aged 7, 9 and 12) and our 13-year-old dog. My weekends are spent with them! Moving back to Brabant was a good decision. I truly feel at home there.

Do you have any advice for the participants?
Start thinking about your pension choices well in advance. Give yourself freedom to choose and thus to achieve what you want. Be aware that you need to take action. That’s my advice in general, but certainly when it comes to pension.