Building fair pensions together
Within Arcturus, Constance van Noort and her colleagues support pension providers, insurers and advisers with the implementation of the new pension system. They do this through secondment, consultancy, and with tools developed by Arcturus that provide insight into scenarios, costs and the impact of pension schemes.
In this interview, Constance talks about her career, the changes surrounding the Future of Pensions Act (“Wet toekomst pensioenen”), and how the team contributes to a fair and future-proof pension arrangement for everyone.
How did you end up in the actuarial profession?
“I studied econometrics in Tilburg and came into contact with actuarial work through my internship supervisor. After graduating, I completed my actuarial qualification via my first employer, where I spent twelve years working on consultancy and secondment assignments in the life and pensions domain. When the company became increasingly international, I realised I preferred working in a more close-knit environment.”
And that’s when Arcturus crossed your path?
“Yes, exactly. In early 2017 I had some very pleasant conversations with the partners Peter and Jan. Peter immediately had a great assignment for me, and the collaboration went so well that I wanted to join the company. What appealed to me most was the mentality: the same work ethic, a collegial atmosphere, and the sense of rolling up our sleeves together. I love that! I officially joined A in September 2017.”
“Before long, I brought in a long-term secondment assignment at a major pension insurer. That collaboration ended up lasting six years! I initially joined as maternity cover and then moved from one project to the next: consultancy work, annual reporting, automation projects, you name it.”
Arcturus was mainly known for its non-life work. Fair to say?
“That reputation is partly accurate, as a large share of the work was indeed non-life. But there were already very solid assignments in life and pensions too. When I joined, there were three or four colleagues with a similar background. I could, and still can, really spar with them and continue building things together. That immediately energised me. And we’ve grown significantly since, also in pensions.”
Secondment provides flexibility and specialist expertise
Since joining Arcturus, Constance has mainly worked in life and pensions consultancy, often on-site with clients. She is currently seconded to the administrative organisation of an industry-wide pension fund, which is heavily involved in implementing the Future of Pensions Act. The Dutch Central Bank (DNB) has just granted approval for the transition (“invaren”).
Secondment offers pension providers and insurers flexibility and additional expertise exactly when they need it. “For me, it’s ideal,” Constance explains. “You work with and within the client’s organisation, while always being able to fall back on colleagues at Arcturus. That allows us to do the right thing together, which is central to me.”
A lot is happening in the pensions sector: pension funds are extremely busy with transitioning and implementing the new system afterwards; employers need to adjust their schemes; and pension advisers are guiding everyone through the changes. We can help with that, via secondment and through tools that provide insight into the financial implications.
How does Arcturus support pension providers and advisers with tooling?
“The tools we develop provide insight into costs and differences using scenario analysis. Examples include equivalence analyses, net benefit calculations and compensation assessments. We now also offer a tool specifically for pension advisers to compare the old and new pension systems, not only for the current situation, but also for the long term.
Many employers have not yet started working with a pension adviser on the required adjustments, often because of potential cost increases. Our tools enable quick and effective insight into the financial consequences. By 1 January 2028, many schemes must be fully Wtp-compliant. The tools help organisations make the right choices and create clarity about the impact.
In addition to developing calculation and comparison models, we also perform model validation for insurers and advisers, ensuring that decisions are based on reliable and validated calculations.”
Do you have any tips for employers?
“Employers and employees: start on time. Compare providers carefully and don’t rush the process. That’s the only way to make the right decisions for both employees and employers. We’re ready to help develop a step-by-step plan and perform the calculations needed for proper insight.”
Involving juniors and mediors in pension projects
Within Arcturus, juniors and mediors are increasingly involved in pension projects, strategy and working groups. They find it much more interesting than they initially expected. “The system transition has such a major impact that you simply can’t manage it without proper analytical thinking, and that challenges our clever actuaries. Take the question of what constitutes a balanced assessment of interests during the transition. The outcome differs for every pension fund, and without expertise it’s almost impossible to grasp. As an actuary, I feel particularly useful on these topics.”