Photo of Eduard Ponds
  • Warandelaan 2, Koopmans Building, room K 308

    5037 AB Tilburg


Accepting PhD Students

1987 …2022

Research output per year

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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
  • retirement

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Research Output

U.S. municipal yields and unfunded state pension liabilities

Lekniute, Z., Beetsma, R. M. W. J. & Ponds, E., Sep 2019, In : Journal of Empirical Finance. 53, p. 15-32

Research output: Contribution to journalArticleScientificpeer-review

  • 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

  • Effecten van Meer Keuzevrijheid bij Pensioenuitkering

    Folmer, K., Lever, M., Ponds, E., Starink, B. & Westerhout, E., Sep 2018, Tilburg: Network for Studies on Pensions, Aging and Retirement (NETSPAR). 51 p. (Netspar Design Paper Series; vol. 2018, no. 105)

    Research output: Book/ReportReport

    Open Access

    Effecten van Meer Keuzevrijheid bij Pensioenuitkering

    Starink, B., Westerhout, E., Lever, M., Ponds, E. & Folmer, K., 17 Sep 2018, Centraal Planbureau (CPB). 36 p. (CPB Report)

    Research output: Book/ReportReport


    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

  • Projects

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

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


    Project: Research project

    Pension fund design and risk management

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


    Project: Research project