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IPE special report May 2018

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Deloitte Dutch scheme extends Aegon contract

NETHERLANDS – The €400m Dutch pension scheme of consulting firm Deloitte has expanding its deal with Aegon for asset management and reinsurance in response to the new FTK rules.

The transaction will make Aegon the executor of the pensions of approximately 6,500 active and deferred members. The annual premium will be €6m.

“We have chosen for security and certainty in relation to the new financial assessment framework FTK”, said Deloitte pension fund director M. de Mooij.

The existing contract has been renewed and extended to all ‘historic’ members in the final salary scheme. The scheme’s administration for the active members will not be carried out by Aegon and will stay with Robeco.

“Keeping the pension costs stable is very important to us. Aegon has responded very well by offering flexibility in switching to the valuation basis of the new financial assessment framework during the coming years. We will be much less sensitive to the present low market rates that way”, added C.E.M. Estourgie, chairman of Stichting Pensioenfonds Deloitte in a statement.

According to de Mooij the contract with Aegon will allow Deloitte’s scheme to switch from the fixed rate of 4% to market rates later than January 1, when the assessment framework, also known as FTK, will come into force.

Aegon director J.M. Overmeer is considering Deloitte’s choice as confirmation that the products and service of his pensions branch is meeting the requirements of the market.

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