NETHERLANDS - PGGM has confirmed its board of governors were still locked in discussions on whether to set up a separate co-operative entity to manage the €74.4bn fund.
Ellen Habermehl, PGGM spokesperson, confirmed the fund was "no closer" to reaching a decision, but added it had purposely not set any timeline in order to avoid placing too much pressure on the board of governors.
"They are working on it," said Habermehl. "[The board] will try reach a decision as soon as possible, but no timeline has been set."
Habermehl added it remained as yet unclear how the proposed separate co-operative would affect PGGM. "That is still to be decided, so there is not much more to say on that front."
In another move, the pension fund decided to separate its policy-making activities from the administration of the fund.
The board of governors reached the decision following an intensive scenario analysis over the past eighteen months, which found there was a need within the sector for a more integrated package of income products and advisory services alongside the existing pension scheme.
“The current legislation and regulations restrict pension funds such as PGGM to providing pensions, while there is a need in the healthcare and social work sector for a wider-ranging package of income-replacement products and comprehensive advisory services”, said Hans Alders, board chairman.
“PGGM’s employer and employee representatives are keen to meet these needs by switching to an organisational structure that provides a greater degree of scope. Our activities will continue to be based around a solid pension scheme. And our market will remain the healthcare and social work sector.”
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