NETHERLANDS - The €4.5bn pension fund of Dutch telecoms giant KPN and the €250m Aon Group Netherlands Pension Fund have appointed TKP pensions as fiduciary manager.

TKP Pensions, which already supplied the two KPN pensions schemes, one for workers and the other for management, has been reappointed for a period of six years until 2013.

KPN has also renewed its administration and management consultancy contract with TKP, which was acquired from KPN as a business in 2003 by AEGON Nederland.

Rudi Nieuwenhoven, KPN pension fund's chairman, said that the fund announced early the contract renewal, which is only due at the end of this year, as TKP's services are of "high quality" and the additional management consultancy "extremely professional".

Commenting on his fund's move, Leon Langenberg, Aon Group Pension Fund Foundation's chairman, said: "By the end of 2006 our 10-year capital contract was finished. During 2006 we looked at the possibilities to switch to ‘unbundling': splitting the pension administration, (re-)insuring the risks and the monitoring of reporting on asset management."

The fund decided that the appointment of a fiduciary manager for asset management was the best solution, as it gives greater flexibility at a lower cost.

Aon said that the fund's balanced mandates will soon be ended, and that TKP Investments will be responsible for the asset allocation and will also advise on the selection of asset managers.