The Dutch pooled pension schemes (APFs) Stap and Het Nederlandse Pensioenfonds (HNPF) plan to merge in 2027, creating a combined €18bn vehicle with more than 150,000 participants. The new entity would be by far the largest of the three remaining APFs.
APFs have expanded rapidly over the past decade and played a central role in consolidating the Dutch pensions landscape, absorbing smaller schemes that lacked sufficient scale to operate independently.
According to Stap and HNPF, the merger will deliver “scale and clout for future-proof pension administration.”
The partners said they expect further consolidation following the completion of the Dutch defined benefit (DB) to defined contribution (DC) transition.
“When choosing an APF, scale will be decisive,” they said in a joint press release.
They added that greater scale would enable increased investment in areas such as digital services and advice, and make the merged entity more attractive to larger pension fund clients.
The plan remains an intention from both boards, with approvals still required from supervisory boards, stakeholder bodies and De Nederlandsche Bank (DNB).
Operational integration is targeted for the end of 2027, when the Dutch pension transition is expected to be largely complete, and funds are likely to explore consolidation options more actively.
The two APFs each manage around €9bn in assets. Stap and HNPF are already the largest players by assets, ahead of Centraal Beheer APF (€7.8bn) and De Nationale APF (€5.9bn).
In terms of membership, HNPF has 88,000 participants and Stap 54,000, ranking them second and third, respectively.
“Both funds have healthy business operations and stable portfolios,” the two said. “We choose to take the initiative now, from a position of strength.”
The press release did not provide further details on implementation or asset management arrangements. The APFs said “nothing will change for participants during implementation”.
This article was first published on Pensioen Pro, IPE’s Dutch sister publication. It was translated and adapted for IPE by Tjibbe Hoekstra.
