Pensioenfonds PGB implements Defined Contribution scheme supported by KAS BANK

KAS BANK 

KAS BANK NewsFlash 19 January 2016

In a new move for the Netherlands, the Pension Fund PGB will be the first to offer labour unions the choice between a defined contribution or defined benefit scheme, or a combination of the two. In order to facilitate this new structure implementation of the DC scheme went live on January 4th 2016.

In order to ensure a smooth transition to this new structure, Pension Fund PGB worked closely in partnership with KAS BANK. As a specialist in the area of custody and investment administration, KAS BANK is bringing this expertise to act as a partner of Pension Fund PGB to administer this new DC scheme. In total, this new structure covers a portfolio of more than EUR 21 billion assets under administration.

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"Thanks to the quick and professional support from KAS BANK we have started energetically with our new DC scheme," Rob Heerkens, trustee of Pension Fund PGB says of the partnership.
Harold Clijsen, investments director at Pension Fund PGB, spoke of the successful implementation phase: "We highly appreciate the contribution and commitment of KAS BANK. Despite the time constraints the transition to the new structure went really well. "

The participants of the Pension Fund PGB DC scheme take part in a “lifecycle mix”. This “lifecycle mix” includes a return and a matching portfolio which Pension Fund PGB determines the investment mix for. The DC scheme went live initially for the participants of the Fisheries and Wholesale Flowers and Plants industry schemes. RELX (Reed Elsevier) also takes part in Pension fund PGB and is also able to execute both schemes.

"The DC scheme of Pension fund PGB fits perfectly with the future pension system in the Netherlands,” says Sikko van Katwijk, Chairman of the Board of KAS BANK. “We are therefore proud to be able to support the implementation and administration of the new structure."

For further enquiries please contact:

Emma Craig, Marketing
E: emma.craig@kasbank.com
T: +44 (0)207 153 3662