Dutch pension provider MN will cut 200 jobs in 2022 and 2023 following the departure of pension fund PME as its client for pensions administration.
The Hague-based MN currently employs around 1,000 people. Most of the jobs to go are in the area of pensions administration – the department responsible for member communication and pension payments. Some jobs will also be scrapped among advice, HR and other support functions.
According to a spokesperson, most of these jobs will have already disappeared by next year.
On top of its 1,000 employees, MN also employs around 200 external consultants. These numbers will also be reduced, but exact figures are not yet available. MN’s asset management division will be spared any lay-offs as PME will remain as an asset management client.
The staff on the list to lose their jobs are being assisted by the company to find new employment, said an MN spokesperson. “The labour market is looking favourable at the moment, so this has already been yielding results. However, it’s not realistic to assume everyone will have found a new job when their contract will be terminated.”
Employees set to leave will receive financial compensation or could be eligible for early retirement, according to MN’s newly negotiated collective labour agreement. The spokesperson could not say how much money MN has reserved for this.
The staff reduction is “emotionally tough” for employees, the spokesperson said, adding: “They have memories and ambitions here that they are leaving behind.”