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.
Industry Voice: Sponsored by Eaton Vance
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.