VKG to expand into third party pension provision
VKG, the e500m pension fund for Belgian doctors, dentists and pharmacists is applying for licenses to set up a mutual insurance operation and a mutual fund, in a move to widen membership to cover all the country’s health-care sector workers. It will also be offering supplementary services to its own members.
“We want to put ourselves forward as the centre for pensions in the medical sector,” says Karel Stroobants, chairman of the VKG’s committee of directors in Brussels. “We want to create a structure where different groups within the sector can join with us but keep their autonomy.”
They will be offered both the VKG’s investment management and administration services, but will also be able to obtain asset liability management studies and investment advice. Stroobants says they can choose from the range of managers VKJ uses or others.
The application to run a mutual insurance has been made to the Controlling Agency for Insurance Companies. The investment fund will be a BEVEK, which is widely used by pension funds for its tax advantages. Stroobants says:” This is the first time someone outside a bank has applied to run a BEVEK.”
VKG has increased its own staffing levels to improve service to its own members as well as cope with the expansion in services.