Dutch group ING has launch-ed a new employee benefits business unit in Spain to cover fringe employer benefits such as pensions and disability insurance.

The move is part of ING's strategy of exporting their domestic system to other European countries and hopes to tap into the estimated NLG25bn ($13.2bn) in Spanish pension reserves that are currently in the process of being switched from book reserve to pension plans, under the new Spanish law expect-ed by the year end.

ING, operating under the name of Nationale-Nederlanden, is al-ready Spain's largest foreign presence in the private life insurance market, and the new benefits unit will operate under the same name and sell its products through independent intermediaries and tied professional employee benefits advisors. The company will also be the first to provide direct internet communication with employers about their employee benefits contracts.