Pension fund for Dutch security sector leaves Syntrus Achmea for TKP
SPB, the €1.4bn sector scheme for private security in the Netherlands, will replace Syntrus Achmea Pensioenbeheer as its provider with TKP Pensioen next year.
The scheme said TKP, a subsidiary of insurer Aegon, was more advanced in collecting digital data from its affiliated employers than its current provider.
The industry-wide schemes for IT (TrueBlue) and butchers (Slagers) also recently left Syntrus Achmea.
Peter Priester, executive board member at SPB, said: “TKP offers more interaction with the employers, such as a monthly feedback about the provided details.
“This is important because there are many mutations in our business, which is comparable with the temporary employment sector.”
The security scheme had already pro forma cancelled its contract with Syntrus in 2015.
“At the time,” Priester said, “we had questions about the continuity of Achmea’s service for industry-wide pension funds, following its decision to focus on the new general pension fund (APF) of its subsidiary Centraal Beheer.”
He added that SPB, with the assistance of pensions adviser Sprenkels & Verschuren, had concluded that TKP was the most suitable provider because of its experience with digital processes.
Earlier this year, the €533m scheme for the wheel and tyre sector (Banden en Wielen) parted ways with Syntrus Achmea Pensioenbeheer, soon after the €2.1bn pension fund for the confectionary industry (Zoetwaren) also opted for another provider.
In addition, Towers Watson cancelled its contract with Syntrus Achmea, claiming the provider had failed to set up a participant portal for its low-cost DC vehicle (PPI) in time.
Syntrus Achmea Pensioenbeheer argued that it had set up a new system allowing for less exceptions, with Centraal Beheer APF as its first user.
Marco Simmers, spokesman for Syntrus Achmea, said: “We are discussing the pension plan with our customers while explaining the options to migrate to our new system.
“We are aware some clients would opt for moving to another provider as a result of our strategic choice. Although we do regret this, it is part and parcel of entrepreneurship.”
Syntrus Achmea is the provider for approximately 50 pension funds.