A consortium of pension fund service providers PGGM, MN, Syntrus Achmea and APG from the Netherlands, PKA of Denmark and Finland’s ETK will examine how all European citizens can be given an online overview of their accrued pensions. This was announced by the European Commission, the party commissioning the system, last week. The consortium will present its recommendations next year.
Last year, the European Commission published a White Paper setting out an agenda for adequate, safe and sustainable pensions in Europe. It contains twenty recommendations, one of which is the development of a European pensions tracking system. In August 2012 a so-called ´call for proposals´ was issued, inviting European parties to submit a proposal for such a system. Last week the European Commission announced that the consortium of PGGM, MN, APG, Syntrus Achmea, PKA and ETK is the best party to lay the foundations for a European pension tracking system.
The consortium endorses the importance of ensuring pensions in Europe are future-proof. A pensions tracking system can make an important contribution in this regard. Denmark, Finland and the Netherlands all have experience with such a system. In the Netherlands, for example, the national Pension Register was launched in 2011, giving every Dutch citizen an online overview of his or her accrued pensions at both pension funds and insurers.
PGGM is a cooperative pension fund service provider. PGGM offers its institutional clients pension fund management, comprehensive asset management, policy advice and management support. PGGM currently manages roughly EUR 133 billion in pension assets on behalf of five pension funds representing some 2.5 million people. As a cooperative with roughly 578,000 members, PGGM is helping to achieve a valuable future. PGGM is working both on its own and with strategic partners to develop innovative future provisions by linking together pensions, care, housing and work. More information can be found at www.pggm.nl
MN is one of the largest pension administrators and asset managers in the Netherlands, with over 60 years of experience. MN manages assets worth more than EUR 90 billion for a wide variety of pension funds in the Netherlands and the United Kingdom. In addition, MN currently administers pensions for nearly 2 million people and more than 36,000 employers. MN employs roughly 1,000 people. More information: www.mn.nl
About Syntrus Achmea
Syntrus Achmea looks after the pensions of more than 3 million people in the Netherlands on behalf of over 80 pension funds. Syntrus Achmea manages assets worth EUR 64 billion, of which EUR 14 billion are invested in real estate and mortgages. As such, Syntrus Achmea is the largest direct real estate investor in the Netherlands.
Syntrus Achmea stands for a sustainable and affordable income for the future. More information: www.syntrusachmea.com
APG, a financial services provider in the collective pensions market, provides pension fund administration, asset management, management support and communication services to pension funds. For these pension funds and their 4.5 million active and retired participants in the public and private sectors, APG manages pension assets totalling about EUR 329 billion (month-end February 2013). APG administers over 30% of all collective pension schemes in the Netherlands: www.apg.nl
PKA is a pension service provider owned jointly by five pension funds enrolling members primarily employed in the Danish social and health sector. PKA provides service in all aspects of running a pension fund – including developing of IT-based member services. The five pension funds have approximately 255.000 members and total assets of EUR 26 billion. More information: www.pka.dk
The Finnish Centre for Pensions (ETK) is a statutory co-operation body, expert and producer of joint services for the development and implementation of the earnings-related pension scheme in Finland. ETK conducts research and produces statistics for the evaluation and development of pension provision. Other services include information logistics, actuarial services, international pension matter and advisory services, as well as legal services. More information: www.etk.fi