NETHERLANDS – TKP Pensioen, a subsidiary of life insurance giant Aegon, has won an administration contract with Dutch publishing house Wegener.

TKP is to look after the administration of Wegener’s pension fund, which covers 12,000 participants and pensioners. Wegener owns a number of magazines and regional Dutch newspapers. The administration contract will initially run for five years and is to start on January 1.

Wegener said it had decided to enlist the services of TKP after the all-in contracts with three other life insurers were due to expire next year. “These contracts did not give us a lot of room to manoeuvre,” it said.

In a statement, Aegon said the deal was “an important step” in TKP’s goal of doubling its administrative business within five years.

The seven billion-euro TKP Pensioen fund looks after the pensions of some 220,000 workers of Dutch postal group TPG and telecommunications giant KPN. Aegon said the Wegener contract will add three jobs, taking the total number of staff at TKP Pensioen to 155.

Elsewhere, the 126 million-euro pension fund for the clothing industry has switched its investment management from Achmea to Mn Services.

Mn Services said in a statement that it would become the fiduciary manager for the industry-wide fund. It says it was selected “because of its sizable and solid investment management approach.”

Mn Services has been active in the pensions sector for over fifty years. It manages assets worth over EUR 22 billion, making it the second-largest investment manager for pension monies in the Netherlands. Achmea were not available for comment.