The €1.2bn pension fund Getronics is to be liquidated and its assets divided between the €10bn scheme of telecommunications company KPN and the new general pension fund (APF) Stap.

The Getronics scheme was affiliated with the IT company of same name, which KPN acquired in 2007.

The pension fund, which closed to new entrants in 2015, said its closure had made it more difficult to ensure continuity.

It has transferred €520m of pension rights, accrued in defined contribution arrangements for 11,500 participants, to the pension fund of its parent company.

Accrued DB rights, as well as pension benefits for 8,000 pensioners and deferred members, will be moved to the general pension fund Stap, managed by insurer Aegon and its subsidiary TKP.

The Getronics scheme is the second to join Stap after E-Way, the Dutch pension fund of Eastman Chemicals, which outsourced €155m of assets for 500 active participants.

In other news, the €323m company scheme of Hunter Douglas will also be liquidated, transferring its assets to the €45bn metal scheme PME.

The manufacturer of window-dressing products said finding board members had become increasingly difficult.

It said hiring an external board member, as well as an external chair for its investment committee, had increased costs per participant from €368 to €498.

As of the end of October 2016, funding at the Hunter Douglas scheme and PME stood at 97.9% and 92.1%, respectively.

Clemens van Slingerland, vice-chair at the Hunter Douglas scheme, said a liquidation surplus was likely and would be added to participants’ pension rights.

The pension fund, which has 665 active participants and more than 1,200 pensioners, will move administration from AZL to MN, PME’s provider.

The Dutch regulator issued the liquidating scheme with fines of €20,000 in total, for failures in its investment policy and operational management in recent years.

The regulator also cited the lack of a clear policy for derivatives and active management.

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