The €186m Stichting Co-op Pensioenfonds in the Netherlands has outsourced its administration, board support and pensions communications to Syntrus Achmea as of 1 January.
Theo van Gameren, employer’s chairman of at the Co-op pension fund, said: “Syntrus Achmea offered the best price/quality ratio.
“Also culture-wise, the deal connects very well, as Syntrus Achmea’s operations are based on a cooperative philosophy. Therefore, we are very confident about the future cooperation.”
The Co-op scheme has approximately 9,000 participants, and provides pensions for former employees of Co-op supermarkets and Cuvo funeral services.
In other news, SP VNU, the €440m pension fund of publishing company VNU, and Aon Hewitt have signed a contract for outsourcing its pensions administration.
Aon Hewitt has already taken over the management of participant and benefit administration, as well as financial administration, including the annual reporting.
The administration of SP VNU will be incorporated in Aon Hewitt’s standard platform Lifetime.
The pensions adviser will also support the scheme’s board.
According to Johan van der Tas, executive director of benefits administration at Aon Hewitt, the scheme’s choice showed the consultant was on track to achieve its growth target.
“Over the last three years, we have welcomed 12 new clients,” he added.
SP VNU is pensions provider for more than 5,600 former workers at media company VNU.
Lastly, Buck Global Investment Advisors (BGIA), the investment practice of Buck Consultants, has been appointed by the Pirelli Common Investment Fund to monitor and evaluate services provided by its fiduciary manager.
Under the terms of the mandate, BGIA will be responsible for independent, objective monitoring and evaluation of its fiduciary manager, including customised reporting.
BGIA launched its Fiduciary Management Evaluation Service in May 2013.