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.
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
Nearly a third (32%) of employers believe new technologies, such as augmented and virtual reality, will play a part in benefits communications, latest research from Aon Employee Benefits reveals.