NETHERLANDS - Dutch postal operator TNT is to set up a new career-average pension fund for around 20,000 post deliverers.

TKP Pensioen, the pension administration firm originally set up by the Dutch posts and telecoms pension funds and now part of Aegon, will run pension administration and asset management in a five-year deal. Financial terms were not disclosed.

"Over the next five years, the fund is expected to grow to a membership of around 20,000," TKP said.

TKP already administers two other TNT pension funds covering almost 100,000 people. TKP added that these funds' boards have decided to extend their contracts by two years to 2010 - meaning that all the contracts expire at the same time.

"The support provided by TKP Pensioen on difficult issues such as FTK (Financial Assessment Framework), VPL (Early Retirement, Pre-pension and Life Course Saving) and IFRS is also greatly appreciated," said TNT personnel director Gérard Aben.

"Since the takeover by AEGON in 2003, there has been an increase of over 50% in the number of members administered by TKP Pensioen and in the assets under management," said TKP chief executive Hans Hokke.

"Although wholly owned by AEGON, TKP Pensioen has established its own position in the market for major pension funds opting to outsource their administration and/or asset management."