Dutch co-operative financial group Achmea has changed the name of its subsidiary for pensions provision from Syntrus to Achmea Pension Services, it has announced.
A spokesman explained that the decision was partly meant to improve the subsidiary’s reputation – which had incurred some “dents” – and that the new name indicated a repositioning with a focus on innovative digital services.
At the end of 2016, Syntrus Achmea announced that it would cease services to mandatory industry-wide pension funds in the Netherlands.
At the time, it indicated that its new IT system could not cope with the multitude of the sector scheme arrangements. Many sector schemes had left Syntrus Achmea following prolonged IT problems.
Achmea concluded that solving these problems would be too expensive and that it would instead refocus on company pension funds, non-mandatory sector schemes, occupational pension funds as well as the general pension fund (APF) of its subsidiary, insurer Centraal Beheer.
The company said it would keep the name Syntrus Achmea for the time it would take to guide the departing sector schemes “to the exit”.
All pension funds involved have found a new administrator.
Achmea introduced the name Syntrus – a combination of the words “synergy” and “trust” – in 2008, when PVF Achmea and Interpolis merged.
It had already abolished the name Syntrus at its asset management branch in 2016, when Syntrus Achmea Asset Management was swallowed up by Achmea Investment Management.
Achmea made clear that its property management subsidiary Syntrus Achmea Real Estate & Finance (SAREF) would keep its name.