Dutch scheme PNO Media to enter 'exclusive' relationship with provider MPD
The €4.2bn pension fund PNO Media and its provider Media Pensioendiensten (MPD) are thinking to become exclusive partners.
According to MPD’s annual report, both parties are weighing their options in anticipation to the extension of their contract, set to expire on 1 March 2015.
Jeroen van der Put, director at MPD, said PNO Media wanted to increase MPD’s focus on the scheme, as a merger with PGB, the €15.3bn pension fund for the Dutch printing industry, was no longer on the cards.
Following the strategic review, MPD said it was open to cooperating with other pension funds as long as their final aim was a merger with PNO Media.
“Solely acting as a provider for other pension funds only offers marginal synergy benefits,” he said. “This would come at the expense of the focus on the board. A merger delivers real synergy.”
Previously, MPD acted as a provider for the pension fund for the film and cinema industry (Film en Bioscoopbedrijf) for a three-month period before it merged with PNO Media.
The pension fund’s wish to keep the costs of pensions provision low is another reason for an exclusive relationship.
“MPD operating on a commercial basis would require PNO Media to set up an expensive pension competence bureau as a countervailing power,” Van der Put said.
In its annual report, MPD said it wanted to target the fast-growing creative sector, rather than just the media industry.
In the creative sector, it has identified a potential of 171,000 new participants, who are active in the areas of art, cultural heritage (museums and the preservation of historic buildings), the entertainment industry and creative business services.
MPD is an independent cooperation, with PNO Media and PNO Care as its members – PNO Media has by far the largest say in the organisation.
PNO Media has 59,765 participants, who are affiliated with 465 companies.