SPW, the €10bn sector-wide pension fund for Dutch housing corporations, has extended APG’s contract for asset management and pensions provision for an indefinite period.

APG will also continue as SPW’s adviser on communications, as well as legal and actuarial matters.

The industry-wide scheme has been a client of APG and provider Cordares, which merged with APG in 2008, since 2006.

APG and SPW said the focus of their continued co-operation would be to improve service quality and lower costs.

SPW chairman Jim Schuyt highlighted the “high degree of satisfaction” among participants and cited “good returns on investment, APG’s considerable knowledge of the housing corporation sector and excellent communication”.

SPW has 400 affiliated employers and manages the pension rights of 67,000 pensioners.

As of the end of February, its official ‘policy’ funding ratio stood at 108%.

APG recently announced that SPMS, the €9bn occupational scheme for medical consultants, extended its contract for pensions provision and advisory services on communication, legal and actuarial matters until 2021.

SPMS has been with APG since 2011, following its departure from provider Doctors Pension Funds Services (DPFS), jointly owned with SPH, the €9.5bn pension fund for general practitioners.

At the time, SPMS placed its fiduciary asset management with BlackRock.

In 2013, PGGM, the €182bn provider of the healthcare scheme PFZW, took over DPFS and took on SPH as a new client.