Dutch pension fund ABP has announced the name of its new subsidiary - All Pensions Group (ABG).
ABG will act as an independent management company for the ABP pension fund, following an agreement with ABP's board specifying service quality and cost levels for implementation of the pension scheme.
Dr LC Brinkman, chairman of the board of trustees of ABP, said the launch of the subsidiary on 1 March would keep its organisation strong and future-proof.
He said: "We are convinced that delivery of the scheme is in good hands at APG."
The pension fund now has an Administration Bureau that will monitor the delivery of the pension scheme by APG. All ABP employees have been transferred to APG.
The move by APB is similar to that of Dutch pension fund PGGM which split its policy-making from administration on 1 January 2008, dividing into a pension fund, called Pensioenfonds Zorg en Welzijn (Healthcare and Welfare Sector Pension Fund) and an administrative organisation, which manages assets for the fund and others, called PGGM.
The Dutch Association of Insurance Companies sued PGGM, claiming its name gave it unfair advantage in the industry, but in February a judge ruled it could keep its name.
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