NETHERLANDS - The ABP pension scheme has announced it would be splitting the fund into two separate components to comply with the recently passed Pensions Act 2007.
The change would see the €200bn fund create a separate administration agency comprising of a holding company, supervisory board and executive board to oversee administration, asset management services and communication.
Elco Brinkman, chairman of the ABP board, said: “This step will keep our organisation strong and future-proof.”
The new organisational structure is due to come into effect on 1 March 2008, with the fund’s board continuing under the name ABP.
The ABP board will appoint members of the supervisory body as shareholders.
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