NETHERLANDS – Dick de Beus, chairman of the executive board of Dutch health and welfare pension fund PGGM is to resign on April 1 2004.

De Beus, 56, was granted permission by the board of governors to resign. The date of the resignation will mark de Beus’ 25th anniversary of board membership of the pension fund, of which he has been chairman since 1988.

“I took this decision for myself years ago. Twenty-five years is a good length of time. And by announcing it at this stage I am making it possible for the governors to find a successor in good time,” said de Beus.

A spokesperson for PGGM said that the board of governors will make an announcement in the next few months about his replacement. “It will be very difficult, however, to find someone to fill his shoes, but we have a lot of time to make the right decision,” he said.

Hans Alders, chairman of the board of governors, thanked de Beus for his “commitment to the organisation” and “the way in which he has carried his chairmanship during this lengthy period”.

De Beus will remain a consultant with PGGM after he leaves.

PGGM is Europe’s fourth largest pension fund and has a pension fund capital of around 47 billion euros.