NETHERLANDS – Common pension management firm PVF Achmea is under scrutiny at €16bn Dutch metals industry pension scheme PME, Bedrijfstakpensioenfonds Metalektro, which is looking at costs and service standards.
“PME is constantly seeking the best service providers for the keenest price,” PME said. “That is the case for both pension administration and asset management.
“During the year, PME embarked on a study with regard to the options for outsourcing the pension administration on expiry of the existing contract,” the industry-wide scheme said in its new annual report for 2004.
“As part of this study PME shall be looking at the costs and standard of service provided by PVF Achmea in relation to what other providers can offer.”
PME is one of Achmea’s 33 industry-wide pension fund clients, according to the provider’s website.
PME is the industry wide pension fund for the Metalektro, the mechanical and electrical engineering industries. PME has 1,350 affiliated companies, 165,000 active members and 135,000 pensioners.
PME returned 11.89% in 2004, the annual report says, 0.8% above benchmark. Achmea was not immediately available for comment.