Photo of Eduard Ponds
  • Warandelaan 2, Prisma Building, room P 2.122

    5037 AB Tilburg


1987 …2022
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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 generational accounting which is 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

Click here for my courses.

External positions

Policy and research (APG AM)

1 Sep 2007 → …


  • Intergenerational Risk Sharing
  • Ageing
  • Asset Liability Management
  • Pension Fund
  • Public Economics
  • Pension Deal
  • Aging

Fingerprint Fingerprint is based on mining the text of the person's scientific documents to create an index of weighted terms, which defines the key subjects of each individual researcher.

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Research Output 1987 2018

A value-based assessment of alternative US state pension plans

Lekniute, Z., Beetsma, R. M. W. J. & Ponds, E. Apr 2018 In : Journal of Pension Economics and Finance. 17, 2, p. 129-169

Research output: Contribution to journalArticleScientificpeer-review

U.S. States
Pension plans

Framing and the annuitization decision: Experimental evidence from a Dutch pension fund

Bockweg, C., Ponds, E., Steenbeek, O. W. & Vonken, J. Jul 2018 In : Journal of Pension Economics and Finance. 17, 3, p. 385-417

Research output: Contribution to journalArticleScientificpeer-review

Pension funds
Framing effects
Individual characteristics

Ageing-driven pension reforms

Bonenkamp, J., Meijdam, L., Ponds, E. & Westerhout, E. Jul 2017 In : Journal of Population Economics. 30, 3, p. 953-976

Research output: Contribution to journalArticleScientificpeer-review

pension reform
Population aging

Haciendo que los sistemas de pensiones privados en Latinoamérica funcionen para los individuos

Garcia Huitron, M., Haan, J., Ponds, E. & Rodriguez-Montemayor, E. Aug 2017 Ideas para Una Reforma de Pensiones. Tuesta, D., Melguizo, A. & Carranza, L. (eds.). Santa Anita: Universidad de San Martin de Porres, p. 619-678

Research output: Chapter in Book/Report/Conference proceedingChapterProfessional

Multi-period risk sharing under financial fairness

Bao, H., Ponds, E. & Schumacher, H. Jan 2017 In : Insurance: Mathematics & Economics. 72, p. 49-66

Research output: Contribution to journalArticleScientificpeer-review

Risk Sharing
Expected Utility
Iterative Algorithm

Projects 2005 2022

Behavioral biases and individual heterogeneity in pensions: Household Asset Liability Management

Goossens, J., Werker, B., Ponds, E., Knoef, M. & van den Goorbergh, R.


Project: Research projectPersonal grants

Pension fund design and risk management

de Jong, F., Cui, J. & Ponds, E.


Project: Research projectDissertation research