Dutch insurer outsources pensions administration to APG subsidiary
Inadmin, a subsidiary of the €337bn pensions provider APG, has been awarded a contract for pensions administration by insurer ASR.
The insurer is the second client of Inadmin, which has started as the administrator of Pensional, the new pensions vehicle PPI launched in a joint venture between APG and ABN Amro bank.
Inadmin focuses on the administration of collective defined contribution plans offered by PPIs, insurers and company pension funds reconsidering their pension arrangements.
Rik Douwes, Inadmin’s managing director, said: “We offer an open model, in which the PPI can choose its asset manager and insurer.”
In his opinion, the contract with the insurer is unique.
“Pension funds and insurers represented separated worlds until now,” he said.
According to Douwes, Inadmin will also target potential customers for pensions administration in cross-border arrangements.
For his part, Jos Baeten, chief executive at ASR, said: “The opportunities Inadmin made available, combined with APG’s reliability, were the reasons for ASR to use Inadmin’s platform for the administration of this pension scheme.
“This decision is consistent with our policy of creating flexible and structurally lower costs.”
Last June, APG presented its “advanced” system Lifetime – developed by APG subsidiary Inovita – for tailor-made administration of DC plans for PPIs, insurers and pension funds.