More schemes leave Conduent for new providers
The Dutch pension funds for Citigroup Nederland and AC Nielsen have left US pensions provider Conduent as of 1 January.
Both schemes followed similar moves by the Dutch schemes of PepsiCo (€269m), Yara (€568m) and Metro (€584m) last year.
On its website, the €119m Citigroup pension fund – which has selected Hardenberg-based Dion Pensioen Services as its new administrator – cited that “its provider during the past [few] years had ceased offering its services as of 1 January” as the reason for the change.
AC Nielsen (€63m) didn’t elaborate on the reason for the transfer of its administration.
Last year, IPE’s Dutch sister publication Pensioen Pro reported on an exodus of pension funds from Conduent, after the US firm reportedly indicated it would cease operating in the Netherlands.
However, while Metro Pensioenfonds stated Conduent was exiting the Netherlands and Yara cited similar concerns, it has proven difficult to get confirmation from Conduent of this announcement.
Last year, Conduent sold part of its HR activities to private equity house HIG Capital, which has renamed it as Buck. Buck relaunched under the new brand in the UK at the start of this year.
The firm’s Dutch and London-based offices declined to comment.
Although the €230m Dutch pension fund of Nike still mentioned Conduent on its website as the address for questions about pensions, the scheme recently announced that ABM Amro’s low-cost defined contribution vehicle (PPI) would be its new provider as of 1 January.
The Citigroup scheme followed the PepsiCo pension fund in joining Dion Pensioen Services, which is also the pensions provider for the Dutch company schemes Owase (€903m) and British American Tobacco (€642m).