NETHERLANDS - Chemicals firm Akzo Nobel has chosen Aegon as the provider of its collective levensloop or "life course" scheme for its 12,000 Dutch employees.
Paul van der Boor, a spokesman for Akzo Nobel, said the insurer was chosen because it offered lower investment costs than other providers and a high interest rate.
“[Aegon] was interesting because we could agree on a longer term for a certain high interest,” he added.
Aegon offered a 4.3% interest rate.
“They also had a good organisation and could handle everything that needed to be done around the arrangement,” he said.
New legislation regarding Levensloop, or life course arrangements will take effect from 1 January 2006 to enable employees to save through their career for the right to take time off.
Akzo Nobel assessed 10 companies, including banks and insurance companies, as part of the selection process. Aegon was selected from a shortlist of four who made it through to the second round.
A spokesman for Aegon declined to comment on the number of Levensloop contracts it had won so far, but said: “We are ambitious. We want a fair market share and we are on our way.”
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