Dutch consolidation forces Pensions Federation to cut jobs
The Dutch Pensions Federation will have to make several of its employees redundant after cost-cutting efforts failed to achieve the results it hoped for.
In its annual report, the Federation recorded a funding gap of 6%, citing falling revenues due to the declining number of pension funds in the Netherlands.
It said a reorganisation set in motion last year had failed to rein in staff expenses.
“Therefore,” it said, “the process will continue into 2015.”
A spokesman for the industry organisation declined to specify how many jobs would be at stake.
Last year, the Pensions Federation spent €230,000 to “streamline” its organisation.
In its annual report, it said it was unable to estimate how much more it would spend on further reorganisation this year.
It reported revenues of €5.9m last year, when the number of affiliated pension funds dropped from 258 to 240.
However, membership fees fell at a lower rate, as the contribution level is based on assets under management, which has not decreased over the period.
The Federation said it was also investigating whether its members needed guidance for their remuneration policy for board members, pensions providers and asset managers.