NETHERLANDS – The Dutch pension scheme of US industrial group General Electric is to outsource its pensions administration to Aegon’s TKP Pensioen.
“As from January 1 2006, TKP Pensioen will take on the administration of pensions for the GE Pension Fund, which has over 5,000 current and former members,” TKP said. “The contract runs for five years with a renewal option.” Financial terms of the deal were not disclosed.
The GE deal follows similar contracts with UWV in 2004 and Wegener at the start of this year.
Groningen-based TKP says it is the largest corporate pension fund administrator in the Netherlands, measured in terms of the number of active fund members.
It added: “The GE Pension Fund chose TKP Pensioen partly because of its professionalism and its thorough and comprehensive pensions administration service.
“The pension administrator’s progressive position on internal control is another factor.” TKP has type I and II SAS70 certification.
TKP was originally set up as an administration agency by telecoms firm KPN and postal service TPG and was bought by Aegon in 2002.