Philips Pensioenfonds, Eindhoven, Netherlands, hired Dutch pension provider PGGM as administrator to the €17.2 billion ($20.3 billion) pension fund.
PGGM will replace current provider Aon Hewitt in January 2016, said a statement published on Philips Pensioenfonds’ website. Aon Hewitt’s contract began in 2005, it said.
Philips Pensioenfonds said the appointment followed an “extensive selection” process.
Aon Hewitt, PGGM and Philips Pensioenfonds will work together on the transition, the statement said.
In a separate statement, PGGM said the appointment was “an important step in its multiclient strategy in the Dutch pension market.”
Spokesmen for Philips Pensioenfonds could not be reached for comment by press time.