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11 Publications

“I wish all we had to process was the new contract”

Published on: 25 November 2020

Pension system reform requires drastic ICT operation


The Netherlands is on the eve of the largest-ever pension system reform in the world. That transition is causing quite a few headaches in the sector. One of the challenges is whether pension administrators’ existing ICT systems are suitable for this major change to the system. And if that is not the case, is there still enough time to set up a completely new ICT architecture?


To start with the pressing question: can the current systems be adapted to accommodate the new contract? According to Wim Henk Steenpoorte, who is responsible for the transition to the new system at APG, the two systems that APG is currently using are "very good systems in and of themselves, which are currently working just fine. Of course, you can see if you can modify existing systems, which is why we are now doing research into this. But because the character of the system is changing so fundamentally, I’m not ready to make any big claims that that route is the most sensible. That is why we are consciously looking broadly at different options: build it ourselves or buy or create it through an alliance.”


The fundamental change Steenpoorte is referring to concerns the transition within the Dutch pension system from defined benefit (DB) to defined contribution (DC). With a DB contract, the fund makes a promise about the amount of future pension benefits; in the case of a DC system, the participant knows what he or she is investing, but has less certainty about the amount of the pension payments.


According to Steenpoorte, what makes this ICT issue so difficult is that the administration of a pension contract becomes increasingly complicated over time. "They are contracts that store an enormous history. Changes are made every year. People get married or divorced, for example, and all those lifetime events have a major impact on the administration of their pension. This accumulation of changes makes administration intrinsically more and more complicated.”


A lot of pressure

In addition, apart from the two variants of the new pension contract, a number of other legislative changes already need to be implemented in the ICT systems. "I wish all we had to process was the new pension contract in whichever variant a fund chooses. But there is already a lot of pressure due to the bill on pension equalization, regarding divorce, lump-sum payment, standardization of survivor's pension, standardization of the partner concept, experimenting with legislation on pensions for the self-employed and evaluating communications regarding pensions. What we really want to avoid is having to make all these changes twice; once in the current system and once in the new system," says Steenpoorte. In any case, it going to be a very busy time for the people working on our current systems.


Speed required
He doesn't have to think long about what the ideal circumstances would be to make the transition go smoothly. "To begin with, speed up the process of arriving at new legislation. It has now been promised that this will be completed in December 2021, and in order to achieve this there cannot be any obstacles. But it is imperative for the decision-making process at the level of social partners and pension funds. Secondly, everyone would benefit from clarity regarding the process in which funds choose their options – with respect to the form of the contract, but also, for example, about the design of the solidarity reserve. The third requirement for a workable transition, is the conditions that are imposed on the integration (transferring participants’ pension entitlements from the old system to the new system, ed.).

That integration is going to be a complex job to begin with, but if there is also going to be an option to make individual objections, that is going to really complicate things. That also applies to retroactive changes. For a DC contract, that is almost impossible to do. Suppose, for example, a year’s worth of pension premium is invested retroactively. That premium can then no longer be invested in the financial markets of a year ago, but the participant is entitled to any returns achieved during that year. How are you going to solve that? Because we can only process changes on the day they are reported to the fund and the administrator; the so-called timeliness principle.”


There is also a possible scenario in which there is no integration. "All participants would then receive two pension contracts, one for the old system and one for the new one. Changes would then have to be processed in both the old and the new system. When there are questions from participants, the two systems would both have to be examined to find an answer,” Steenpoorte says.


Will APG be able to deal with this? Steenpoorte: "We are imagining every scenario, and ultimately, there is a solution for everything. But this would really be a nightmare - for funds and their participants, and for APG.”

Volgende publicatie:
The quality of pension administration needs to go from Premier League to Champions League

The quality of pension administration needs to go from Premier League to Champions League

Published on: 20 April 2020

‘If the basis isn’t in order, you lose people’s trust’


APG can look back over a financially strong year. But some things also went wrong due to mistakes in the pension administration. The bar must be raised, say Chairman Gerard van Olphen and CFRO Annette Mosman. But first it’s all hands on deck to deal with the consequences of the coronavirus crisis.


Even APG’s Executive Board is working from home on account of the coronavirus crisis. Just like nearly all the three thousand other employees who now work from their dining tables or their attics to look after the pensions of 4.7 million participants (nearly a third of the Dutch population) for the eight affiliated pension funds including ABP, bpfBOUW and SPW. Pleased that the switch to working from home has gone so smoothly, Gerard van Olphen and Annette Mosman - responsible for finance, risk management and data - look back via video call over the first few weeks.

As a result of the coronavirus crisis everything that came before suddenly seems far removed. And yet it’s worth pausing to look back at 2019. It was a strong year for APG: pension values were further increased by good financial results, a fine return on investment and lower costs. But there were challenges too: for example APG as an investor slightly underperformed the market average, a few things went wrong with pension administration, and APG has some work to do to catch up in terms of making its own corporate management sustainable. So this year too there’s plenty of work to be done.


First of all, the coronavirus crisis: how is APG dealing with it?


Gerard: ‘First of all we're taking good care of our employees, both in the Netherlands and in Hong Kong and New York. We’re supporting people maximally in working from home and we’re paying extra attention to internal communication. We also understand and pay attention to the difficult situation that some colleagues are currently in, such as combining work with taking care of their child, informal care or other situations. We also pay special attention to the health of our people. We’re also offering our help externally. Employees with a background in care can be placed with hospitals on full pay. On behalf of the funds we have also made student accommodation that we own or rent available as emergency hospitals, and we are supporting hospitals in the North of Italy in which we invest. Furthermore we have invested nearly ninety million euros in corona bonds for our clients: the funds raised are used to combat the pandemic and its socio-economic consequences. In consultation with the affiliated funds we are also adopting an accommodating stance with companies in problem sectors with regard to possible reductions or holidays in contributions or dividends.’


Many people in the Netherlands are afraid their pensions will be reduced.


Gerard: ‘Well, we’re certainly not going to reduce them during the year. At the end of the year we will look and see whether that is necessary. In the first quarter of 2020 the coverage ratios of the pension funds fell as a result of falling stock prices and turbulent financial markets, but for any decision to reduce pensions we do not look at the current situation.’

Annette: ‘Pension is uncertain and subject to numerous influences that we explain to participants as best we can. So we can’t take away the growing uncertainty about future pensions, but we will see to it that monthly pension payments continue normally even in these uncertain times. People can count on their income just as always, and that contributes to peace and confidence in society.’

How do you look back at 2019?


Annette: ‘Financially it was a good year. First of all we sold our insurance company Loyalis in order to concentrate on our core activities. As a result we were able to pay a super dividend to the affiliated funds, which will largely end up in participants’ pensions. At the same time total revenues increased and we managed to reduce costs. In this way we maximize pension value and make sure that as big a proportion as possible of each euro paid in works to the benefit of the participants. It also enables us to invest more in communication with participants and employers, for which we have set up a new business unit.’


Not everything went well last year: for example there was negative publicity about errors in the pension administration.


Gerard: ‘Yes, there were a number of things that we simply didn’t do right. For example, at the beginning of last year, it was discovered that over 500 ABP participants had for years been receiving a partner supplement to which they were not entitled. In some cases people were suddenly asked to pay back thousands of euros. We came in for a lot of criticism over this. We hadn’t fully realized what an impact this would have on participants and hadn’t properly thought about an equitable solution. In the end, ABP called a halt to the demands for reimbursement and gave back the money that had been reimbursed. Conversely some 600 participants had received too little supplement; they have since been paid with retroactive effect. And then we found out that there were 16,000 people who hadn’t applied for disability pension because they didn’t know they were entitled to it. We immediately contacted these people to tell them how they could apply for this pension.’


Shouldn’t APG have opened up sooner about the mistakes and how they were dealt with? Participants had to take them to TV consumer programs like ‘Kassa’ and ‘Meldpunt’.


Annette: ‘The affiliated pension funds are the interface and the point of contact for the participant. So we must be more transparent toward the pension funds concerned about mistakes, problems with data and the possible solutions to them. If they’re informed in good time that something has gone wrong, they can pro-actively communicate with their participants and seek solutions. This would partly avoid problems ending up on Kassa.’

Gerard: ‘The annoying thing is that when we do something wrong, it’s the fund concerned that has to face the music. As administrator, we can’t take part in Kassa ourselves, much as we might like to take responsibility. For example, there was one couple on Kassa who had received three letters with corrections in two years. That damages credibility. It’s only natural that people then start to wonder about reliability and competence in general. It’s a struggle. This year we really need to pull our socks up and improve our quality.’


What specifically are you doing to prevent these kinds of incidents in the future?


Annette: ‘We learn from them. Together with the pension funds we’ve set to work determinedly on further simplifying pension regulations, systems and application procedures and we're busy with data cleansing and verification. We’re making employees aware that the bar’s been raised and we’re making use of new technology to be able to take the next step.’

Gerard: ‘The basis must be in order. Because if the pension administration is not right, you lose people’s trust, however much you might invest in communication with participants. With the new pension contract the bar will soon be raised even higher: all data will have to be correct and complete and seamlessly dovetailing with the data of the UWV (Employee Insurance Agency) and the National Insurance and Pension Agency. So we really need to work our way up from Premier League to Champions League.’


In view of the current crisis, does it still make sense to agree on a new pension contract that shifts the risk more toward the participant?


Gerard: ‘We’re going from a pension guarantee to a pension ambition: an estimate of future returns. The old system is no longer sustainable, but in the new system as far as we're concerned three principles remain unchanged: collectivity, solidarity between generations and an obligation to save for later. The coronavirus crisis does make it all the more urgent to cut through knots in the debate about the new pension contract. APG is actively thinking about this. We are working out how various scenarios would be, suggesting alternatives and looking at the specific implications for participants and employers, with the emphasis on comprehensibility and feasibility.’

Annette: ‘We also want to help people now to think about their future financial situation and making the right choices in good time. With this in mind, we’ve developed Clear Overview & Insight, with which you can compare your expected pension with your current pattern of income and expenditure and see whether you're going to have enough. APG aims to present itself as a trusted guide, offering people insight into their income now, in the near future and later.’


APG also positions itself as a responsible investor, and makes demands of its investees in terms of sustainability. However APG itself seems not yet to be meeting these demands overall. How are you going to change this?


Gerard: ‘The affiliated funds, particularly ABP, but also bpfBOUW, aim to be global forerunners in sustainability policy: responsible conduct in the areas of environment, working conditions, diversity and human rights. Together we have established firm ambitions which are aligned with the Climate Agreement, for example for CO2 emissions of the equity portfolio. We take account of these in our investment decisions and we talk to investee companies about them. But this of course implies that we must also set a good example, and that's where we still fall short. Our CO2 emissions as an organization are relatively high, from our establishments in the Netherlands, Asia and the US and because we travel a lot. We’re looking now at how we can reduce our environmental footprint, for example by making our offices more sustainable, more videoconferencing and thus less travel between establishments and for our work.’

Annette: ‘We aim to be transparent about our sustainability performance too, both as regards the investment policy pursued on behalf of the funds and in our own business management. This year we’ve taken the first step toward integrated reporting: one annual report in which we render account of progress toward both financial and non-financial objectives. That’s actually quite difficult. For example, before you can report properly on sustainability, you first have to know what goals you want to make measurable and to what extent. That’s what we're busy with now, so that next year we’ll be able to show what we’ve achieved across the entire breadth of our business, what’s going well and anything that still isn’t. There are many benefits to be derived from this. This transparency can also contribute to society’s confidence in us.’

Read the interview with Ronald Wuijster: ‘In both our investment and our remuneration decisions we look to the long term’


Read APG’s Annual Report 2019 here.

Volgende publicatie:
APG at retirement conference: blockchain and dinosaurs

APG at retirement conference: blockchain and dinosaurs

Published on: 7 June 2018

Unfortunately, this article is not available in Dutch.

Volgende publicatie:
Looking back at a successful Blockchain conference

Looking back at a successful Blockchain conference

Published on: 16 February 2018

On February 8th, APG & PGGM hosted the ‘Future of Pensions Blockchain Conference’ at Pakhuis West in Amsterdam. APG and PGGM decided back in 2015 to work together on several blockchain-based experiments to explore if they could improve the pension administration and industry as a whole. On this specific day, for the first time in public, they showed the results achieved.


Theo van Kessel (Director Business Improvement & Change at APG] & Peter Bannink (Manager Outsourcing & Innovation at PGGM) opened with a Q&A discussing the challenges faced in pensions and the challenges that face APG/PGGM today and in the future. The two well-known names in the industry set the tone for the day: “change and innovation is needed to stay ahead of the game.” Thereby the opening was a perfect introduction to what was next: four demos of the prototypes that are built so far. Two international speakers were invited to talk about decentralised asset management and how to solve issues around exchanging/curating data. TNO was next up discussing the opportunities and challenges when it comes to smart (pension) contracts. 


The day ended with a fantastic panel moderated by Hidde Terpoorten (Blockchain Lead at APG) discussing the future of blockchain in pensions, with Sandra van Heukelom (Lawyer and Partner at Pels Rijcken), Marjolijn Pouw (Innovation Manager at PGGM), Rutger van Zuidam (Founder at Dutchchain & Blockchaingers), and Fieke van der Lecq (Professor of Pension Markets at VU). The panel concluded that we shouldn’t stop at challenges, but rather explore the opportunities of this new technology and don’t be afraid of making a wrong step once in a while. This was also reflected in the forecasts for how long it will take for the first blockchain application to ‘go live’ in the pension industry, where 3 years was the furthest away guess. Thus, the panel ended the first edition of the conference with a clear message to the audience: 


‘There’s a lot to figure out still, but lets explore the future of pensions together!’


APG & PGGM look back at a very successful day in which they could show their progress and connect with the blockchain ecosystem. 

Volgende publicatie:
APG and PGGM develop a blockchain application for pension administration

APG and PGGM develop a blockchain application for pension administration

Published on: 12 October 2017

APG and PGGM have successfully completed the first phase of a joint experiment involving the development of a pension administration blockchain application. The two pension administration organizations will now be conducting further research with this prototype. Over time, the continued development of this prototype will produce a more flexible and transparent pension administration system at considerably lower costs.


Wim Henk Steenpoorte, member of the APG’s Executive Board: "We aim to create the maximum possible value for pension funds and their participants. By investing in smart applications, such as blockchain, we make our pension administration simpler and cheaper over time. This is good news for pension funds and their participants. We are pleased to be able to facilitate this development and partnership at the Smart Services Campus in Heerlen."


Paul Boomkamp, member of PGGM's Executive Board: "With this experiment we are building the pension infrastructure of tomorrow for our clients and their participants. It is an important step that we are able to take with the support of our largest client, PFZW. The first results make us excited and curious to learn and explore even more. Ultimately, this experiment has to show that blockchain technology has the potential to manage a policy administration at lower rates.. It is an excellent development that two of the largest pension administration organizations are joining forces to work on this kind of innovation."


Pension Administration Blockchain Application

The expectation is that blockchain technology has the potential for significantly improving the services pension funds provide to their participants. A key objective is to lower participant costs and to simplify pension administration, and make it more secure. In addition, the personal pension data will be become more accessible to participants.


The developed prototype is comparable to a pension administration system shared by all parties. This is controlled by means of so-called smart contracts. This is a set of a programmable rules that specify who can view, change, and use the data.

The use of blockchain technology makes it possible to store pension information in the nodes of the blockchain network. These nodes are points in the network and consist of, for example, pension providers, employers, and regulators. The nodes check the information, execute the programmed pension contracts, and synchronize with each other. This makes the storage of pension information secure and participants—at the push of a button—can see how much pension they have accrued.


Next Phase

The first results are very promising and at the same time, there is still much to learn about blockchain and the opportunities for pensions. In the coming period PGGM and APG therefore will continue the blockchain project. For this experiment are talks are held with various parties in the pension chain such as pension funds, regulators and information providers.

Together with PPF APG, the company pension fund of APG, a test case is developed in which the administration of the fund is implemented in blockchain. This fits the strategy of the fund for an efficient pension implementation.

Volgende publicatie:
Pension fund for practices of architects selects APG as its new pension provider

APG new pension provider for pPension fund for practices of architects

Published on: 30 March 2017

Efforts to prepare a seamless transition will be undertaken in the coming period. The administration and implementation of the pension scheme will be actually transferred to APG as of January 1, 2018. The agreement between the two parties will extend to 2023, with the option of renewal.


APG will ensure correct administration of pension rights, collection of pension contributions, and payment of retirement benefits for the PFA.


Willem Jan Boot, chairman of the board of PFA: “After a careful process, APG emerged to be the best pension provider. We feel that APG is a future-proof party and believe it is the party that can best service our participants and employers.”


Gerard van Olphen, Chairman of APG’s Executive Board said: “We are pleased that PFA has chosen APG. We would like to thank PFA’s board for their confidence in us. We will pull out all the stops in the coming period to ensure a smooth transition, so that we can provide optimal service to both the pension fund and the individual participants from January 1, 2018.”

Volgende publicatie:
Life Sight partly because APG Inadmin daughter, now also for smaller employers

Life Sight partly because APG Inadmin daughter, now also for smaller employers

Published on: 11 September 2016

By partnering with APG-daughter Inadmin is the product of Life Sight (formerly Towers Watson PPI) also within reach of smaller businesses. Life Sight piggybacks on the scale that APG provides Inadmin daughter. Annemiek Vollenbroek, director of Life Sight and Inadmin director Rik Douwes talk about their collaboration in Life Magazine Sight on 12 September.


Independent and open platform

"Last year we started to orient ourselves to a new administrator. Two criteria were top of the list of the Life Oversight Board. The administrator must be independent and provide an open platform. "Our principle is that we work together with independent parties, 'says Vollenbroek. Inadmin performs as APG daughter pension, investment and insurance administration of defined contribution (= Defined contribution, DC) for Premium Pension Institutions (PPIs), (corporate) pension funds, asset managers and insurers.


Good track record of flawless execution

The second requirement was that the contractor should be able to run the product of Life Sight immaculate and so had to have a good track record. Vollenbroek "That makes sense, but requires a lot of a performer because we have a unique concept. With us NextGenDC-investment concept, the participant will receive an investment mix that is tailored to their personal preferences and situation. That vary from employee to employee. Furthermore, the investment is in line with the investment horizon of the participant and takes into account the need to purchase a lifetime benefit to the effective date (investment purchase price oriented). Moreover, let us see what the net pension participant about expect. At that amount, we take account of inflation so that the participant will get a realistic view of his retirement income relative to its current income. "

Through the combination of these two requirements Life Sight quickly came off at Inadmin. That's not to say Life Sight board on thin ice is gone. "We have also looked at some foreign parties and examine whether Willis Towers Watson could do the performance itself. Moreover, we have asked for a second opinion to make sure we had seen no possibilities overlooked, "says Vollenbroek.


Lower costs through scale

Discussions on cooperation were initiated late last year. "The range of first contact to contract usually lasts for a year," says Rik Douwes, director of Inadmin. In the coming months the administration of Life Sight is about to Inadmin.

"We are very pleased with Sight Life as a customer," said Douwes, who founded earlier mortgage servicer Stater. "We are a subsidiary of APG and focus on others. We specialize in defined contribution. We only do the administration and communication, no other issues such as management support and asset management. The administration is not the most exciting part of a product, but should be good. It is a hygiënefactor.'

Inadmin work for multiple clients, who benefit from the economies of scale to lower costs. "This allows us to broaden our audience," says Vollenbroek. "Initially we focused only on larger companies. From now on, our product is also available for companies over 100 employees. "


Vollenbroek stresses the importance of a good performer. "The participant and the employer perceived the administration along with communication as the core of the product. I expect that the strength of our product through collaboration with Inadmin more will come forward. "

The power of Life Sight is the combination of communication and the way in which investments are tailored to the participants. "We are under staffing standard (default) lifecycle that fits that population," Vollenbroek explains. "Those default varies by company and by individual. That is unique. Other PPIs usually works with some variations of a lifecycle. "

The next step is the investment per participant. To give a good insight automated, a participant must answer some questions. "We do not want to bother participants with complicated questions about investing. Experience shows that they drop out. Therefore, we ask for the desired retirement income. Participants will issue examples of people with similar income 'says Vollenbroek. To determine the risk appetite, participants are asked how much income they need at least after retirement.

On the basis of the answers shall Life Sight uses algorithms to provide an optimal individual lifecycle fixed for the participant. "We expect thousands of scenarios and then select the scenario with the highest probability of the desired retirement given its risk posture. In this way we relieve the employer. Which need not concern themselves with individual pensions. "

By Investing

Vollenbroek and Douwes expect the automated solution is further refined. 'How more data we have, the better to provide insight. If we know more about for example the ability and the mortgage goes more towards personal financial planning. Then we can offer the participant an insight to change the mix or pour in as needed to reach his retirement goal, "says Vollenbroek.

For the foreseeable future Life Sight sees through investing after retirement as an important development. "PPIs now also get the opportunity to play a role in the distribution phase. This has major consequences, 'says Vollenbroek. Participants must make choices earlier example. In that case also we want to keep it simple communication. "

On improvements to the PPI product Sight and Life Inadmin produce continuously. "Good cooperation is necessary to adapt products on time," says Vollenbroek. "We are very satisfied with the cooperation. If Inadmin promises something, it comes true. If something can not, let us know in due time. Moreover, we have set up a governance model with a high contact frequency. This contributes to the good cooperation."


Read more:

Volgende publicatie:
APG invests in innovative technology, including blockchain

APG invests in innovative technology, including blockchain

Published on: 11 July 2016

APG is to work alongside other companies and knowledge institutions on practical applications of blockchain, artificial intelligence, and technology which contributes to reducing carbon emissions. APG will be earmarking a significant part of its innovation budget for this in the coming years. Developments in these fields are advancing at lightning speeds, and hold great promise for society. The insights and experiences acquired along the way will contribute to further improvements in APG’s operational management. The projects will be conducted on the Brightlands Smart Services Campus in Heerlen.


Gerard van Olphen, APG CEO: “Blockchain’s inherent promise, artificial intelligence and the effects of climate change will all exercise significant influence on the future of APG, the commercial world and society. By investing substantially now in such technical innovations, entering into partnerships with companies, start-ups and knowledge institutions, APG is contributing to the strength, synergy and speed needed for the Netherlands soon to be a leading player. Participants in affiliated pension funds will also benefit from this. So I am extremely proud that we are taking a first step in this direction here today.”


APG has put together a special team for the execution and supervision, led by Joep Beukers, Director of Innovation at APG. This team will ensure that smart applications will be developed on the campus for a range of sectors, in line with the chosen spearheads. For blockchain, this will include applications for the financial sector, logistics, the property sector and the medical field. The aspiration is to evolve into the European breeding ground for blockchain applications. A variety of companies will collaborate, making a contribution to the center. Research and study programs of several scientific institutions will also be used, including Dutch knowledge institution TNO and BISS (the Business Intelligence & Smart Services Institute). Finally, start-ups and scale-ups will be recruited, with a range of facilities being made available to them on-campus. This aspiration and working method also applies to applications involving artificial intelligence and climate solutions.


Consultations have taken place on the spearheads, among others with the Fintech representative in the Dutch cabinet, Willem Vermeend, who believes these innovations are vitally important for the Netherlands’ smart industry and the country’s financial sector. From his position as Endowed Professor of Smart Industry at the Open University in Heerlen, he will take on chairmanship of the project’s advisory and program board.

Volgende publicatie:
Towers Watson PPI and Inadmin sign cooperation agreement

Towers Watson PPI and Inadmin sign cooperation agreement

Published on: 18 April 2016

Towers Watson Foundation PPI and Inadmin S.A. will cooperate with each other with the aim that Inadmin will carry the pension on behalf of the Foundation. Inadmin now serves four out of 11 PPI in the Netherlands.


Optimal administration for a distinctive pension product

Ton Stores, Director at Towers Watson PPI: "Towers Watson PPI stands for professionalism and is one of the few independent market players to select the flexibility and the possibility of other partners in order to keep the quality of our service to clients at level. To keep good employees and employers insight into the exploit personal situation and the potential contribution scheme of a new generation, we will cooperate with Inadmin.


Fourth PPI shows confidence in open platform philosophy for pension

Rik Douwes, Managing Director of Inadmin "Foundation PPI Towers Watson is a leading player and I am therefore particularly pleased that they are going to work with us. This underlines the great strides we have made in the development of the investment administration. Towers Watson is the fourth PPI who believe in our open platform philosophy. Pension as PPIs, (corporate) pension funds, asset managers and insurers are so able in a short time-to-market to offer their products on the pension market without investing in their own infrastructure."

Volgende publicatie:
Pension Fund for Housing Associations extends contract with APG

Pension Fund for Housing Associations extends contract with APG

Published on: 14 March 2016

APG remains Pension Fund for Housing Corporation (SPW) provide asset management, pension administration and communication. 2016 per sector pension SPW has extended the contract with APG indefinitely.


Services for SPW

APG manages and invests SPW pension assets of over € 10 billion. In addition, APG ensures the proper administration of pension collection of premiums and payment of retirement benefits. Furthermore, APG is responsible for communication with (former) participants and pensioners of SPW. Finally APG advises the Board of SPW in the field of communications, legal and actuarial matters.


“High customer satisfaction”

Both SPW and APG are positive about the cooperation in recent Pension Fund for Housing Associations extends contract with APG years and looking with confidence to the future. The focus remains on further increasing the quality of service and reduce costs.

Jim Schuyt, CEO at SPW: "We are satisfied with the cooperation with APG. Besides a good investment result is at APG too much knowledge accumulated over our industry. Moreover, the communication is excellent. This results in high customer satisfaction among affiliated employers and participants."

Mark Boerkamp, Chief Operations Officer at APG: "We are obviously very pleased with this contract extension. In recent years we have worked hard to improve the service to SPW and its participants. At the same time we have managed to reduce costs. The coming years we will continue on this path."


Second contract extension APG quickly

The new agreement with APG SPW is the second contract extension in 2016. APG made earlier this year that the contract with Stichting Pensioenfonds Medical Specialists (SPMS) has been extended until 2021. Thus knows the pension provider in a short time both an industry and a professional pension fund longer bind.

Volgende publicatie:
Stichting Pensioenfonds Medisch Specialisten extends contract with APG

Stichting Pensioenfonds Medisch Specialisten extends contract with APG

Published on: 15 February 2016

With invested assets of €9 billion, SPMS is one of the 20 leading pension funds in the Netherlands. The pension fund has been affiliated to APG since 2011. APG administrates pension rights, collects contributions and makes pension payments on behalf of SPMS. APG is also responsible for communication with SPMS’ participants. Finally, APG advises the board of SPMS on communication, legal and actuarial matters.


Micon Bijl, cardiologist and chairman of the SPMS board: “SPMS is satisfied with the services provided by APG. Everything that we, as an occupational pension fund, laid down as a condition for a possible contract extension have been met. The board has therefore decided to extend the contract with APG until January 1, 2021.”


Mark Boerekamp, Chief Operations Officer at APG: “We have worked hard during the past few years to integrate the pension administration and bring the standard of services to the required quality level for SPMS. We are proud that SPMS is confirming its trust in APG and its workforce through this contract extension.”