Bakers' scheme replaces Syntrus Achmea due to concerns over accuracy
NETHERLANDS - The €2.2bn industry-wide pension fund for the bakery sector has replaced administrator Syntrus Achmea with TKP, following several years of unhappiness with its performance.
As of 1 January, Groningen-based TKP has replaced Syntrus as provider of its pension administration, Bakkers Pensioenfonds said.
Leo van Beekum, employee chairman of the scheme, told IPE: "We have changed providers because we haven't been satisfied with the performance of Syntrus Achmea for several years, with mainly accuracy falling short of our expectations."
He added that the issue of accuracy tipped the balance in favour of TKP during the selection process, in which four pension providers took part.
However, Van Beekum also noted that the performance of Syntrus Achmea has considerably improved recently, and that it came second in the selection.
The current coverage ratio of the bakery scheme is 102.6%, including 6% for increased longevity, according to Van Beekum.
"As the funding ratio is 2.6% ahead of the mapped out recovery, there is no need for rights cuts in the near future," he said.
The legally required financial buffers for the pension fund equate to a coverage ratio of 114.4%.
The bakers' pension fund has over 235,000 participants, of whom over 40,000 are active participants and over 177,000 are deferred members.
Elsewhere, Syntrus Achmea announced that it has been appointed by the pension fund of Group4Securicor (G4S) as its pension provider, after already having been tasked with its asset and fiduciary management as well as board support.
In December, the new pension fund of Royal Bank of Scotland Netherlands also picked Syntrus Achmea as its pension provider.
Syntrus declined to comment on Bakkers appointment of TKP.