Eduard Ponds
1987 …2021

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Personal profile

Research interests

Eduard Ponds holds the chair of Economics of Collective Pension Plans at Tilburg University. He is expert in economics of pensions and collective pension plans, in particular in the fields of pension funds, pension plan (re)design, risk management, actuarial aspects, intergenerational risk sharing, and classic and value-based ALM. His publications are mainly on collective pensions, in particular related to the pension fund sector in the Netherlands and elsewhere.

He is also employed at APG (, a pension service provider in the Netherlands with 450 bln euros AuM and 25 clients (end 2018). As of 1995 he has been actuary, research asset management, member management team Finance.

Eduard Ponds has introduced two innovations for the Dutch pension fund sector which are widely used by pension funds. These innovations concern first the so-called policy ladder as tool to define conditional indexation by Dutch pension funds, and secondly the method of value-based ALM and value-based generational accounting which are used to determine generational redistribution in case of changes in the design and funding of collective pension plans.

He is one of the first to recognize the importance of generational transfers within the Dutch pension fund sector, as put forward in his PhD project of 1995, titled: Supplementary pensions, intergenerational risk-sharing and welfare. This topic is now heavily debated for years in a nation-wide debate on pension reform in the Netherlands.


  • Professor Economics of Pensions, Tilburg University (2007-present)
  • Program manager Actuarieel Instituut (2014-2017)
  • APG All Pensions Group: actuary, member management team Finance, senior researcher APG Asset Management (1995-present)
  • Assistant professor Open university Netherlands in 'Financial Markets and Institutions' and in 'Monetary Economics and Policy' (1987-1995)
  • Researcher at Tias Tilburg University (1985-1987)

Current courses

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External positions

Policy and research (APG AM)

1 Sep 2007 → …


  • Intergenerational Risk Sharing
  • Ageing
  • Asset Liability Management
  • Pension Fund
  • Public Economics
  • Pension Deal
  • Aging
  • value-based generational accounting
  • value-based ALM


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