ABP BECOMES APG

[BIZ: Heerlen, March 16]
The Dutch public service pension fund ABP, in business for 85 years, with 2.6 million participants and one of the largest organizations of its type in the world, has changed its organizational framework.
As of March 1, 2008, ABP has established a wholly-owned subsidiary which will act as an independent management company for the ABP pension fund. This organization, APG – All Pensions Group Ltd, will manage all services for the ABP pension scheme (pension administration, asset management, ICT and communications). The separation of the pension fund and the management company will allow a further expansion of services to ABP’s members and pensioners and strengthen the collective pension product. The separation meets the requirements of the new Dutch Pensions Act. ABP holds 100% of the shares in APG. The name of the ABP pension fund will continue to be used in communications with members, pensioners and employers.
Drs. L.C. Brinkman, chairman of the Board of Trustees of ABP: “This step will keep our organization strong and future-proof. We are convinced that delivery of the scheme is in good hands at APG.”
The Board of the ABP Pension Fund has entered into a long term agreement with APG that specifies service quality and cost levels for implementation of the pension scheme. This agreement acts as the framework within which annual performance contracts are agreed. This secures the advantages of a collective, intergenerational pension system – a good pension at an attractive price.
http://www.abp.nl/