NETHERLANDS - The €215bn Dutch ABP pension scheme has today named the date for its earlier announced split into a fund and an - as yet nameless - separate administration body.
From March 2008, ABP will adopt a pension execution company (PUB) construction and the organisation will split into a fund and a separate administrative body - ending its self-administering (ZAF) status.
Under this new structure, ABP ‘s management will remain the full shareholder of the new administration agency and its subsidiaries, the fund said in a statement today.
ABP added it will also set up a holding company NV, with a supervisory board and an executive board, while the new administration agency will preside over the fund's administration, asset management, services and communication.
"The fund's board - which will continue under the name ABP - will appoint the members of this supervisory board as shareholders," said the fund, adding the executive board of the administration agency will comprise the executive board members of ABP.
A spokesman said no appointments had been made yet ast he fund will look at these in the coming months, alongside finding a new name for the entire administration body.
According to the statement, the participants' and employers' council of ABP will retain its function towards the fund administration.
However, a new clients' participation council, to function as a sounding board, will be introduced to the administration agency, while the fund's administration will receive support from a separate administration bureau.
"The relation between fund's board and the pension board will not change as a result of this organisational change," said ABP.
"The pension board - in which social partners from the government and education are represented - will remain responsible for the content of the ABP scheme," the fund added.
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