Security, the €178m Dutch pension fund of SecurCash, has joined the €21.5bn sector-wide scheme for private road transportation Vervoer.
Vervoer said Security – also known as PSS – transferred the pension rights of all its participants and pensioners as of 1 January, and that new pensions rights would be accrued under the pension plan for the sector for professional road haulage.
PSS carried out the pension plan for SecurCash Netherlands and SecurCash Geldverwerking, which includes value transport firm Brinks.
According to the scheme’s 2015 annual report, its sponsors have cancelled the contract for pensions provision with the scheme because of the low number of active participants and increasing costs.
This co-incided with provider Centraal Beheer Achmea’s decision to terminate its services, as its contract for re-insured pension arrangements could not legally be renewed.
The sponsors of PSS had carried out a significant reorganisation in 2015, resulting in the number of employees being nearly halved to just over 500.
According to the annual report, the scheme’s accountability body (VO) cited growing compliance requirements as a major hurdle to continuing PSS as an independent pension fund.
PSS reported administration costs of €443 per participant over 2015, spending 0.24% on asset management.
Security had its pensions re-insured with Centraal Beheer, while its administration was carried out bij Centraal Beheer Achmea.
As of the end of September, PSS’s funding stood at 101.7%, while Vervoer reported a coverage of 98.9% at the end of November.
PSS has more than 2,000 participants in total, with deferred members and pensioners numbering about 1,245 and 280, respectively.