NETHERLANDS - The Dutch metal and electrotechnical engineering sector fund PME has taken on the pensions of VCBV in a deal that will see PME's assets grow to €20.5bn.
VCBV manages the pension rights of the numerous companies, including NedCar, Faurecia Automotive Seating, and PDE Automotive.
VCBV said it "no longer saw a secure basis for an independent future", and thus chose to join the industry-wide pension fund.
The pension rights, worth €820m will now be transferred to PME.
"For PME this means an even broader support in the sector," the fund said in a release.
The assets that are transferred to PME will continue to be managed by Mn Services.
Over two years since the collapse of the high street giant, BHS pension scheme members will be able to put their anxieties to rest thanks to a bulk annuity deal. James Phillips explores the detail.
Stephen Jones says the broader 'outside' world might be fraught with challenges, but companies are prospering and voicing few concerns. However, caution is warranted
This week's top stories included the 'Buck' name being revived as Conduent sold off the HR consulting business to a private equity investor.
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.