APG published its annual report today. The successful transfer of Pension Fund Work and (re)Integration (PWRI) and its own pension fund PPF APG to the new pension rules was an absolute highlight for APG in the year 2024.
“It makes me proud that we were the first administrator with a substantial number of participants switch to the renewed system,” says CEO Annette Mosman upon the publication of the 2024 annual report. That renewed system and the transition of two pension funds, PWRI and PPF APG, to the new pension rules left a strong mark on 2024. Now that the first funds have been successfully transitioned, APG is already busy with the funds that will transition to the new regulations in 2026 and 2027, which include bpfBOUW and ABP. In doing so, APG can build on the experience gained from the first transition process.
Focus on cost savings after the transition
“Because of the transition, we now have a dual organization in place, which is grafted onto both the old and new legislation. We are also investing in new IT systems for the transition to the renewed pension system. Despite these costs, the cost per participant increased by only 11 euros in 2024. The cost of regular services remained the same, while wages and prices increased. So, the cost of regular services actually went down. Our ambition is to reduce the average cost price per participant after the introduction of the renewed pension system. We have to become less expensive, but still deliver APG quality,” Mosman says.
2030 strategy
Other key areas of focus for APG’s board are the changes at APG Asset Management and the development of the 2030 strategy. The vision of ABP, APG’s largest client, is for APG to perform asset management exclusively for ABP in 2030. APG will continue to handle pension administration and communications for all its clients.
Read here the complete interview with Annette Mosman and the Annual Report 2024 here.