Foundation started April 25th, 1968 (45 years track record); Sponsors and participants are represented in Board; Collective pension plans 12: 4 DB (FP/AP) and 8 DC (Premium varies: 6%-16%); Disability and Survivors Risks covered through Reinsurer Alhermij (SwissRe); Fully Integrated administration (participants, actuarial, payroll, financial, securities); ISO 9001 – 2008 certified since 1998; Compliant with pension fund ordinance PB 1985 no.44; Assets ANG. 752 million per 30/06/2013; Liabilities ANG. 648 million per 30/06/2013; Total participants 4381 per 30/06/2013; Solvency (asset to coverage) ratio Q2, 2013 =>116 % (Never had an underfunding); Prudent mortality tables GBM/GBV 2000-2005 with 1 year age deduction; Long Term Net Fund Returns over 45 years: > 7% on average; Long term average indexation % per year (period 1988 – 2012) is: > 2%; Important Data / Figures Vidanova
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Foundation started April 25th, 1968 (45 years track record); Sponsors and participants are represented in Board; Collective pension plans 12: 4 DB.
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Foundation started April 25th, 1968 (45 years track record); Sponsors and participants are represented in Board; Collective pension plans 12: 4 DB (FP/AP) and 8 DC (Premium varies: 6%-16%); Disability and Survivors Risks covered through Reinsurer Alhermij (SwissRe);
Fully Integrated administration (participants, actuarial, payroll, financial, securities); ISO 9001 – 2008 certified since 1998; Compliant with pension fund ordinance PB 1985 no.44;
Assets ANG. 752 million per 30/06/2013; Liabilities ANG. 648 million per 30/06/2013; Total participants 4381 per 30/06/2013; Solvency (asset to coverage) ratio Q2, 2013 =>116 % (Never had an underfunding);
Prudent mortality tables GBM/GBV 2000-2005 with 1 year age deduction; Long Term Net Fund Returns over 45 years: > 7% on average; Long term average indexation % per year (period 1988 – 2012) is: > 2%;
Website: (www.vidanova.net).
Important Data / Figures Vidanova
Committed with its clients. Clients’ pension interest forms an optimal basis for transparent and quality service
VISION and GOALS:
Realize consistent and managed growth while guaranteeing efficiencyForm strategic alliances that add value with commercial institutions and institutional investors
To become the preferred private collective pension provider in the Dutch Speaking
Caribbean
MISSION
CORE VALUES:Professional and MeticulousAccessible and InvolvedMotivated and InnovativeEfficient and Result orientedIndependent and Transparent
Client and Service Driven
Current Governance Structure2002 - 2013
Governance StructureVIDANOVA PENSION FUND
FOUNDATIONBoard of Supervisory Directors
Board of Managing Directors
Vidanova Pension Management
Foundation Operations
SponsorsParticipants
Supervisory Authority
CBCS
External AccountantPWC
External ActuaryMilliman
Advisors: LCG Associates AIC International Corporate Financial Solutions ICTAS BNY Mellon Spotlight / Stradius The Galan Group
1. Governing body
2. Identification of responsibilities
3. Delegation and expert advice
4. Custodian
5. Suitability
6. Risk-based internal control
7. Reporting
8. Disclosure
9. Actuary
10. Accountability
11. Auditor
(12. Redress)
0
1
2
3
4
5
2003 2005 2010
Pension Fund Governance Development
VIDANOVA Pension Management
Executive Director
Manager Business Unit Pensions
CoordinatorPensions &
Payroll
Collaborator / Advisor
Pensions
Manager Business Unit Finance
Receptionist / Archive
Collaborator
Collaborator Finance &
Payroll
QUALITY IMPROVEMENTS Quality and electronic process handbook
Disability and Survivors Risks (DB plans stop loss) DC plans reinsured at Elips
ISO 9001 certification since 1998
Yearly client satisfaction surveys with average high satisfaction score (above norm)
Pension Fund Governance Compliance Scans level 4,3 reached in 2010
Flexibilization of pension plans (parametric changes) at contract level
Annual Financial and Actuarial Reports delivered in 3 months with unqualified opinions
All policy papers are updated annually
Competencies VPM Personnel are constantly improved
Calculation models for DB and DC plans developed
12 different DB and DC pension plans available for clients
VPV, Reserve calculations and Annual Reports are produced internally
Applications Lifetime, Altair, Exact, AFAS, BPM one implemented and up to par
Mutations through WEB portal, downtime ICT low
Business Continuity Plan / IT performance scans complies with CBCS regulations
Sponsor and Participant Interface and Pension planner are available for clients
VPM holds regularly presentations to sponsors and participants at no cost to clients
ICT Infrastructure / Web Connectivity
Databases:
SatisfiedClient
Sponsor
wireless
Lease lines
Sponsor
Offside backupsE Commerce Park
Pensions Payroll General Ledger
Investments Document Management
Core applications: Lifetime, Exact Globe, Altair, AFAS, BPM - One, Microsoft Office, Database Oracle and SQL
ISO 9001 – 2008 Certificate
Vidanova Policies in place
•5 year Business Plans
•5 year budget with performance indicators
• ICT Information Plan
•Communication Plan
•Quality Management System
•Quality Handbook & Process descriptions
•ABTN (actuarial business plan)
•Asset Liability Management Studies
• Investment Policy (local & international)
•Asset Allocation Studies
•Code of Conduct
•Risk Assessment Paper
•Pension Fund Governance policy and scan
Note: All policy documents are updated on a regular basis
IFSReal Estate KFRE
LCG AssociatesGlobal Investment
Advisors
CustodianBNY Mellon
Investment Manager/ Fund
RBC Royal BankCommercial Banking
ASKA Insurance NV
CentraleHypotheek
Bank
Joint ventures Pension Funds
Project Development
VIDANOVA
VIDANOVA’S STRATEGIC PARTNERSHIPS
VIDANOVAParticipants Development 1968 - 2012
Actives 267Participants with deferred rights 6Pensioners 29Participants with disability pension 3Widows and orphans 15J unior participants 101
Total 421
Participants per category at the start of the fund in 1968: Participants per Category December 31, 2012
Actives 2,493 Participants with Deferred Rights 637 Pensioners 564 Participants with Disability Pension 18 Widows and Orphans 201 BNP 15
Total 3913
1968
2013Participants Growth
137,2%
1997
Growth 1997 – 2013
Average 8,6%
4381 participants2807 active 629 deferred 945 pensioners