APG and ABN AMRO Bank on Tuesday launched Pensional, a defined contribution pension fund platform for the Dutch market, APG spokesman Franck Erkens said.
Established by a joint venture APG and ABN AMRO established last year, Pensional will offer mainly lifecycle investment products.
While defined benefit plans remain dominant in the Netherlands, DC is expected to expand in the coming years. In 2011, annual DC contributions in the Netherlands totaled about €2.5 billion ($3.3 billion), and that figure is expected to increase to between €3 billion and €5 billion by 2015, according to APG.
ABN AMRO will provide investment management capabilities, while the pension administration expertise will be handled by APG, a fund manager with about €275 billion in assets under management, mostly on behalf of the €246 billion Stichting Pensioenfonds ABP, Heerlen.
Carel Hooghiemstra, former director of pensions at ABN AMRO, was appointed Pensional's new CEO.
