“Calm and continuity are essential, especially in a world that is constantly changing”

After 75 years, bpfBOUW is entering a new phase. The transition to the renewed pension system is the result of years of preparation and intensive collaboration with its administrator APG. Eline Lundgren, chair on behalf of employees at bpfBOUW, reflects and looks ahead. On sustainable investing, participants’ trust and a market exploration towards 2030.

The transition to the renewed system was not an abrupt change for bpfBOUW, but the moment when a long governance process became visible. According to Lundgren, the real tension did not lie in the transition itself, but in the decision-making that preceded it, a process in which carefulness and discipline were central. Against that background, the 75th anniversary takes on additional meaning: it marks not only a past, but also the beginning of a new phase.

bpfBOUW celebrated its 75th anniversary internally. Why does that suit the fund so well?
“That says everything about who we are. We deliberately keep it small, without keynote speakers or ceremony. Simply taking a moment together to reflect on what we do and for whom we do it. That is typical of bpfBOUW. We are down-to-earth, closely connected to the construction sector and do not want to create distance between ourselves and our participants.”

What do you see when you look back at those 75 years of development?
“That a pension fund needs time to truly mature. That easily takes forty years, because you have to complete a full cycle: people build up pension and also receive it. In that sense, we are now mature. At the same time, you must continuously keep moving. Our participants change, society changes and we change along with it.”

The transition to the renewed system is also illustrative of that. How do you look back on it?
“That transition itself was mainly a confirmation moment. We had prepared so thoroughly that 1 January 2026 felt like the completion of a process we had been working towards for years. The real tension was in the decision-making beforehand. Everything had to come together there: balance, feasibility and supervision. That requires a great deal of discipline from a board.”

In what way?
“Above all, calm and structure. That may sound contradictory, because so much is happening. But precisely in such an intensive process you need calm, continuity and overview. Those have been important guiding principles for me. You have to ensure your organisation remains stable while implementing major changes.”

What role did APG play in this?
“A very important role. We have truly worked intensively together over a long period. APG already had experience with funds that had transitioned to the renewed system, and we were able to learn from that. I see that APG goes the extra mile for bpfBOUW. The delivery is solid, engaged and professional. I have a great deal of appreciation for that. At the same time, a good partnership means challenging each other. We do that as well, always with the aim of improving together.”

The collaboration is often described as crucial for a successful transition. Do you recognise that?
“Absolutely. You cannot complete a trajectory like this alone. You need each other: the board, the executive office, the administrator, the social partners. It really is one large team. You have to trust each other, but also be willing to hold each other accountable. That has helped us realise this transition successfully.”

Yet you are exploring the market towards 2030. Why is that important?
“Because you must keep testing yourself. We want to know: what is available in the market? What can other administrators do? Are we still receiving the best possible service? Of course, we involve APG in this, as the collaboration is strong. It is a way to stay sharp and to continue learning.”

At the same time, the search for a new asset manager is underway. What does that mean for bpfBOUW?
“We are still fully engaged in that process, so I cannot comment on it yet.”

Sustainable investing is another important theme. What do participants expect from you in this regard?
“What we see is that participants do not necessarily expect us to be a front-runner. They expect us to invest responsibly and with a long-term perspective, and we must continue to do that carefully. So not leading every trend, but moving along in a timely manner. That requires a balanced approach.”

Where does the real value lie for them?
“Above all in impact that is recognisable. Our participants work in the construction sector, and that connection is important. They want to see that what we do is also relevant to their world. That makes sustainable investing tangible. It is not only about abstract objectives, but also about what it means for their sector and their future.”

How do you involve participants in all these developments?
“By listening to participants and following their experiences. In the renewed system, participants can directly see what is happening to their pension. We must guide them through what those changes mean and the questions they have: what do I see, why is this happening and what does it mean for the future?”

How do you view participants’ trust?
“That is crucial. We see that trust is high, and I am proud of that. At the same time, it places a great responsibility on us. They entrust us with their pension, and you have to deliver on that every day.”

What is the biggest challenge in the coming years?
“The transition has been completed, now we must steer in that new reality. The choices we make have an impact on our participants’ pensions. We must explain this in a clear and understandable way.”

And when you look ahead to 2030 and beyond?
“Then I hope we can say that we not only made the right choices, but that the system is robust and does what we expect. But also that we have maintained or even strengthened participants’ trust. In fact, just as we have seen over the past 75 years. Ultimately, that is what it is about: calm, continuity and trust. Those are not given; they are things you work on every day.”

Wim Koeleman on APG and bpfBOUW:
‘A partnership that continues to evolve’

bpfBOUW marks its 75th anniversary. This not only reflects a long history of pension accrual, but also a long-standing collaboration with APG. According to Wim Koeleman, statutory director of APG Pension Services, the strength of that relationship lies in the shared origins of APG and bpfBOUW, as well as in the ability to adapt.

The relationship between bpfBOUW and APG dates back to the roots of both organisations. APG originated from execution organisations closely linked to the construction sector and the public sector. As a result, the collaboration is more than a contractual relationship: it is historically intertwined. “That background is still visible at APG. On the one hand, the pragmatic, businesslike style of the construction sector; on the other, the emphasis on carefulness and quality from ABP’s public context,” says Koeleman. According to him, this combination has always worked, but became more explicit during the transition. “What used to remain implicit was now put firmly on the table: expectations, interests and underlying choices.”

Koeleman describes bpfBOUW as a client that is clear about its expectations. “The collaboration is direct and businesslike, with room for candid discussions. At the same time, there is always the shared task: making it work. That makes the relationship effective.” He again refers to the transition. “The transition did not proceed in a linear way, but in phases in which the fund and we as administrator sometimes had to refind each other in this complex process. Criticism is expressed where necessary, but ultimately leads to solutions. We know what to expect from each other and remain in dialogue when there is friction.”

From execution to joint development
Over the years, the content of the collaboration has changed, Koeleman states. “Where the focus used to be on delivery and control, there is now more mutual understanding. In the renewed system, funds look more closely at execution, while we increasingly understand what is required for governance and accountability. This leads to a different dynamic: less distance and more joint development and alignment.”

This development makes the collaboration with bpfBOUW closer, but not self-evident. Koeleman: “The transition is formally completed, but substantively not yet entirely finished. The completion of the conversion, the verification of the redistribution of assets and the provision of final statements still require attention. At the same time, the focus is already shifting forward. In the renewed system, it is not only about correct execution, but also about how a fund can steer and account for its decisions. That requires new forms of reporting, new insights and a different way of working together.”

Continued movement is essential
The anniversary underlines the importance of continuity, but also shows the need to keep moving. This is also reflected in the conversation with Eline Lundgren, who emphasises that a strong partnership can only remain sustainable by continuously testing yourself. Both bpfBOUW and APG give concrete substance to this. From its Strategy 2030, APG works on further professionalising its services, including in the areas of quality, standardisation and cost control.

At the same time, bpfBOUW has chosen to reassess its service provision towards 2030. “What does that mean for us? We will continue to invest in quality and ensure our services remain market-conform.” Koeleman thus indicates that the focus is not on the past, but on how the collaboration between APG and bpfBOUW continues to develop. The shared history forms the foundation, but day-to-day practice -  transparent collaboration, challenging each other and continuous joint development - determines how future-proof that relationship is.