first_imgThe five largest pension funds in the Netherlands are seeking co-operation on pensions provision, according to APG, the asset manager and pensions provider for the €420bn civil service scheme ABP.In its 2019 annual report, it said that ABP was carrying out a joint investigation with “two other providers” into the options of cost reduction through a co-operation on pensions provision.In addition to ABP, APG also serves BpfBouw, the €63bn pension fund for the building sector.The metal pension funds PME (€52bn) and PMT (€80.3bn), which are served by MN, and the PGGM-managed €218bn healthcare scheme PFZW are also looking to join forces. APG added that any co-operation would be subject to the individual schemes keeping their individual criteria. It also said the pension funds involved expected to take the first concrete steps this year.The five pension funds have combined assets of €833bn, and represent 8.7 million of Dutch workers and pensioners.APG reported administration costs of €67.30 on average for its eight pension fund clients, a drop of €2.10 relative to 2018.The pensions provider said it also aimed for cost cuts and improved efficiency by attracting new clients, adding that growth would also boost the potential for innovation and synergy.It highlighted that it wanted to add more than 100 professionals to its asset management operations, and that half of them would be allocated to its investment teams in Hong Kong and New York.last_img read more