NETHERLANDS - The €103bn pension provider PGGM and Rabobank are exploring their options for a close co-operation on pensions.
PGGM - the provider of the €99bn healthcare scheme PFZW - said it wanted to offer its members insight into their personal pension status, while Rabobank wants offer financial advice in case of a possible shortfall.
As part of their joint project, 'Saving for Later', both parties will develop a website, while Rabobank will make advice capacity available through its network of local branches.
They said they would jointly develop a website - showing PGGM members their accrued pension rights - which must be operational in the last quarter of 2011.
PGGM members can also table other financial commitments, such as mortgages, during a consultation with Rabobank advisers about their financial planning.
PGGM, in addition to being a pension provider, is also a co-operative of almost 560,000 members from the care sector, which offers tax-friendly saving products and annuity insurances.
Piet van Schijndel, board member of AAA-rated Rabobank, said: "Given the changing pension system, it is becoming clear people are getting more freedom of choice and increasingly taking responsibility for their own pension income.
"On the market for individual pensions, there is a shift from insurance products to bank solutions."
Martin van Rijn, chief executive at PGGM, added: "PGGM not only wants to offer its members insight into their personal pension situation, but also into their entire financial picture.
"Being co-operative parties, PGGM and Rabobank share a culture and philosophy, have the ambition of customer-based advice and want to invest in a long-term relationship with our clients."
Both Van Rijn and Van Schijndel stressed that Rabobank would not pay PGGM a bonus if it sells financial products to its members.
Van Rijn said: "As we are both co-operatives, profit is not our aim."
Diana Abrahams, spokeswoman at PGGM, added: "As the financial crisis has made clear that few people have a proper insight into their financial picture, we want to provide our members with a complete picture.
"Rabobank can assist in offering an overall financial advice. It is not about pushing financial products."