Data and digitalisation driving APG’s success in 2025

2025 marked a turning point for APG. Thanks to years of improvements in data quality and a major digital transformation, the pension administration organisation was able to operate successfully within the new pension system. The result was not only flawless execution for the front‑runner funds PPF APG and PWRI, but also the controlled transition of 1.4 million participants from three large funds - bpfBOUW, SPW and Pensioenfonds Schoonmaak - to the new pension rules.

“It was the year in which technology, data and digitalisation came together, exactly when it needed to”, says CEO Annette Mosman during the presentation of APG’s 2025 annual report. According to her, in 2025 APG demonstrated that it is not only capable of pioneering, but also of delivering sustainable performance at scale, under high pressure, and at a time when the pension sector is undergoing profound change.

How did APG achieve this? Where did this leap come from?
“This is the result of choices made years earlier. We have structurally improved our data quality; that is truly a silent force. Without reliable, complete and standardised data, you can never operate at this scale. In addition, we invested in modular pension arrangements and in the digitalisation of our administrative chain. This enabled us not only to serve the front‑runner funds PWRI and PPF APG, but also to transition three large funds - bpfBOUW, SPW and Pensioenfonds Schoonmaak - in a controlled manner to the new system.”

What role did the digital transformation with Festina play in this?
“A significant one. In 2022, we deliberately chose Festina Finance as our new administration system. This system is designed for contracts in which individual pension assets are central, exactly what the new system requires. We made that choice early, and it paid off in 2025. The new system made it possible to work with greater precision, more flexibility and, above all, greater scale. This allowed us to step up at the moment it really mattered.”

Why Festina from Denmark? What makes this system and the collaboration with the company distinctive?
“The strength lies in the combination of our own professionals and a system that aligns with the direction the Netherlands is moving in. In Denmark ‘defined contribution’‑type pensions have been in place for longer and Festina has developed modern IT solutions for that environment. As a result, the Festina system aligns well, both substantively and technically, with the requirements of the new system. But it is not simply a matter of ‘installing software’. It works because our people translate the system to the Dutch context, integrate it into our IT landscape and take the lead in its further development. The collaboration model supports this: Festina provides intensive support at the start, after which APG takes full ownership. In this way we retain the knowledge in‑house and, as a service provider, remain truly in control.”

This interview is published simultaneously with APG’s 2025 annual report, a natural moment to reflect. What else did 2025 teach APG a0nd what proved less straightforward?
“Communication towards participants turned out to be more complex than anticipated. The new system requires clear explanations, scenarios and timing that genuinely connect with different target groups. We are explicitly taking that lesson forward. Technical control alone is not sufficient. Clear, consistent and timely communication is at least as important.”

What does this mean for funds that still need to transition, such as ABP?
“Communicating earlier, providing more tailored approaches and sharper segmentation. And also this: the steering role of fund boards becomes more significant. The new system increases their responsibility towards supervisors and participants. That has implications for us as a service provider. It is not enough to say, ‘You can rely on us; it will be fine.’ Funds need to be able to demonstrate that they are in control. We must support them in this with better reporting, more transparent input and demonstrable control.”

How do you view the investment results for 2025?
“The backdrop was unsettled: geopolitical tensions, economic volatility and the rise of AI. As a long‑term investor, we are not guided by daily market movements. We focus on structural developments and their long‑term implications. That requires calm, analysis and clear choices. Over the past thirty years, average investment returns have been around 6 per cent. This shows why a long‑term perspective is so important. There are years in which returns are lower, that is part of market dynamics. Our task is to invest carefully and responsibly through the cycles, with due regard for risk, costs and the long horizon.”

The theme of the 2025 annual report is ‘Building the APG of tomorrow’. What choices did APG make in 2025 to remain future‑proof?
“First and foremost we adopted our new strategy, Strategy 2030. In addition, we further strengthened risk management, including in the area of cybersecurity. Investment mandates were also adjusted, which has an impact on priorities and staffing. These are deliberate steps to remain agile and future‑proof. Our clients expect quality at market‑conform costs. That requires us to critically assess how we are organised, also with a view to cost control.”

Where does Strategy 2030 stand?
“Strategy 2030, which we further developed and presented in 2025, outlines the course towards a more compact and decisive APG. This concerns processes and structures, but also culture and collaboration. We have chosen to be open about the consequences for the organisation and for people. That brings uncertainty, which we acknowledge. At the same time, we are implementing this change in a controlled and people‑centred way, with respect for colleagues and room for dialogue.”

There has also been a change in the shareholder structure, what does that mean?
“At the end of 2025 ABP increased its stake from just over 92 per cent to 100 per cent of APG’s shares. This makes governance and alignment somewhat clearer and simpler. At the same time this does not change our responsibility as a service provider. For Pension Services we remain fully committed to our clients. We continue to deliver as they may expect from us.”

What is the main priority for 2026 and beyond?
“The transition to the new pension system, including proper aftercare. At the same time we continue building the APG of tomorrow: with strong execution, better communication, funds that are able to fulfil their steering role and an organisation that is set up in a decisive and sustainable way. In addition, we are working towards an organisation that, after completing the transition for our existing clients, is also able to provide high‑quality pension services to new clients at market‑conform rates. But our objective remains the same: building good pensions together, in a liveable world, for millions of participants.”

What does this require from leadership within APG?
“Openness and a willingness to learn. We are moving away from the reflex to avoid mistakes at all costs. By doing, we learn. That mindset helps us move forward. Also in 2026, so that we can continue doing what we do best: providing security and value to everyone who relies on us."

Find out (more about) APG’s 2025 annual report here.