SPUN, the €485m Dutch pension fund of IT firm Unisys, has announced it will join the general pension fund De Nationale APF, set up by asset manager NN Group and its subsidiary AZL.
In a joint statement, SPUN and De Nationale APF said that the general pension fund would carry out both asset management and pensions provision for the pension fund’s 2,700 participants as of 1 January 2018.
The APF is to take over the implementation of the pension plan, which has been closed to new entrants since 1 July.
Since then, new pensions accrual has switched to BeFrank, the low-cost defined contribution vehicle owned by insurer Delta Lloyd – which was in turn taken over by NN IP earlier this year.
The company pension fund will be liquidated when the transfer to De Nationale APF has been completed.
At the APF, the Unisys pensions will be managed in an individual compartment, SPUN said.
Currently, €480m of SPUN’s defined benefit assets are managed by MN.
According to Geert Bierlaagh, director of the pension fund, the €5m of assets under defined contribution arrangements are managed by NN IP, but are likely to be transferred to BeFrank.
Syntrus Achmea Pensioenbeheer is administration provider of SPUN.
De Nationale APF also looks after the pension plans of the general pension fund’s co-founder AZL, as well as potato chips company McCain.
Including SPUN’s assets, the general pension fund will have approximately €750m of assets under management.