NETHERLANDS – The 1.2 billion-euro pension scheme of Dutch research institute TNO has chosen Hewitt Heijnis & Koelman as actuary and pensions consultant.

“Hewitt was chosen as a result of a competition, including all major providers in the Dutch market,” Hewitt said in a statement. The TNO is a defined benefit scheme with 13,000 members and is ranked in the top 15 of Dutch corporate pension funds.

"Over recent years, we have developed a good working relationship with Hewitt,” said Eric van Ballegooijen and Arie van Luijk, managing directors of the fund.

“Our decision to appoint Hewitt was based on their impressive track record as a leading actuarial consulting firm as well as the responsiveness of the team.

“We have experienced a great deal of commitment from the Hewitt team in defining our short and mid term priorities and outlining the process of working together."

Dutch consulting firm ORTEC remains TNO’s asset-liability modelling consultant.

Arnout Korteweg, Hewitt Heijnis & Koelman’s coordinating business manager in the Netherlands, said: "Like the majority of company pension funds, TNO's pension fund is facing various complex issues in today's environment.

“Hewitt's integrated actuarial consulting services, including certifying abilities and investment consulting, will help TNO's pension fund to effectively anticipate on the current economy and future legislation changes."

The appointment of Hewitt follows a meeting of the fund’s supervisory board on September 25. Hewitt was chosen from three firms, according to the fund’s web site.

The fund returned 7.25% in the second quarter, and –3.48% in the first quarter. Its coverage ratio from March 31 to September 15 this year has risen from 92% to almost 100%.

TNO was set up in 1930 to provide companies and government with research support.