ABP’s Loyalis wins Dutch ministry admin contract
NETHERLANDS - Loyalis Maatwerkadministraties, the pensions subsidiary of Stichting Pensioenfonds ABP, has won a contract to administer two income-security schemes for the Dutch Ministry of Internal Affairs.
The allotment, awarded via a tender procedure, covers the so-called ‘suppletieregeling', the supplementary payment on top of incapacity benefits for ministry workers.
Loyalis is also to administer the supplementary payment that the workers receive on top of unemployment benefits.
The firm will take up its duties for these allotments from January 1 2007.
Loyalis offers civil servants and teachers the tax-friendly ‘levensloop', or "life course" the substitute for pre-pension arrangements, and additional products and services. In 2005, its revenue was €720m.
Earlier this year Loyalis stated that it had been awarded the levensloop arrangements of the Dutch police, also via a tender procedure of the Dutch Ministry of Internal Affairs.
In July civil service pension fund ABP announced an increase of its stake in its subsidiary company Loyalis from 20%, which it held since 2003, to 100%.
Recently levensloop has come under fire and ABP and Dutch healthcare pension fund PGGM were fined by regulator De Nederlandsche Bank, because their respective subsidiaries were directly approaching the pension funds' participants with levensloop products.