PGGM appoints new chairman

NETHERLANDS - The €89bn Dutch pension fund PGGM has appointed Martin van Rijs as chairman of the executive board of its new administration cooperative.

The fund announced today he will take up his post early next year, with the launch of the new cooperative.

Earlier this year, PGGM decided to split into a pension fund and an administrative organisation, via which it will be able to offer insurance products such as the life course scheme (‘levensloop').

"By separating its functions in this way, PGGM will be better able to meet the needs of its participants by giving them an overview of and insight into their future financial situation and offering supplementary income-replacement products," the fund said in a statement today.

Van Rijn is currently director general for healthcare at the Dutch ministry of health, welfare and sport. He previously served as director-general for management and personnel policy at the ministry of the interior and kingdom relations.

In addition to Van Rijn, the executive board will consist of two of the current executive directors, Else Bos (investments) and René van de Kieft (operations, finance & control).

"The executive board will be responsible for the day-to-day management of the administrative organisation, which in turn will be responsible for administering the collective pension scheme and offering and advising on supplementary income-replacement products and other services," said PGGM.

The pension fund will continue to be responsible for pension policy and will still be the owner of the fund capital.

The fund also announce today Heino van Essen, chairman of the executive directors, will leave PGGM on January 1. He served with PGGM for 10 years.

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