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Borgdorff to leave VB (Updated)

NETHERLANDS - Peter Borgdorff has announced he will step down as director of the Dutch Association of Industry-wide Pension Funds (VB) to join major Dutch pension fund, PGGM. (Updated with quotes from Borgdorff)

Borgdorff, director at the VB since 2002, will head the fund's executive office from December 1 this year.

PGGM, the industry-wide fund for the Dutch health care and social work sector, plans to split into a pension fund and an administrative organisation from early next year.

"The task of the executive office will be to support the pension fund executive," PGGM said today. The pension fund will own the pension scheme and pension assets.

The fund announced it will shortly mandate the administrative organisation to administer the collective pension scheme.

Commenting on his departure, Borgdorff told IPE this morning: "With the separation of policy and implementation, PGGM is creating something that has not been done on this scale and in that way, so I can participate in something new.

"Here at the VB we often say we are lifeguards without a swimming pool - at PGGM I will get a swimming pool, I will be closely involved with a pension fund," he added.

Borgdorff also said he thinks it is a good time to leave the VB.

"A job like that should be done between four and eight years, not longer because there comes a times when an organisation deserves a fresh face and a fresh voice," continued Borgdorff.

The VB said in a statement this morning: "The governing board will shortly consider the succession in the imminent job opening."

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