Achmea, Pensioenfonds PGB and CGI to launch pension administration platform
Acquisition of pension administration and IT business InAdmin RiskCo
A consortium consisting of Achmea, Pensioenfonds PGB and IT service provider CGI, is going to set up a new pension administration platform. This platform will be based on the RiskCo Administration Platform (RAP) of the Utrecht-based company InAdmin RiskCo. Achmea and PGB will acquire this company. This acquisition is subject to approval of the regulators.
The three parties will invest jointly in the new platform and subsequently offer it to the entire pension sector. Through this, they expect to achieve scale and cost benefits for pension fund members, pension administrators and the pension funds themselves. The new platform will also make it possible to respond more flexibly and quickly to the major changes in the Dutch pension system.
Achmea and PGB will become shareholders
InAdmin RiskCo is an administrative service provider with around 130 employees. It brings together pension administrators, (company) pension funds, asset managers, PPIs (contributory pension institutions) and insurers on its open administration platform. The business has strong roots in the pension world and provides affordable and flexible pension administration services to 26 companies for just over 330,000 employees.
Cooperative insurance company Achmea (parent company of, among others, Centraal Beheer, Interpolis and Zilveren Kruis) and PGB will acquire the shares of all InAdmin RiskCo entities. The employees, the RAP software, the RAP infrastructure and the agreements with existing customers and suppliers will be transferred to a new company. The intellectual property of RAP will be sold on to CGI.
Leading platform in the pension sector
Bianca Tetteroo, Vice-Chair of Achmea’s Executive Board: “This acquisition is in line with our strategy for retirement services. Achmea Pensioen Services will also use the new platform and that is in keeping with our ambition to become the best digital pension administrator in the Netherlands. By working with PGB Pensioendiensten – and potentially with other parties – we can achieve scale and cost benefits, which in turn will benefit members.”
Jochem Dijckmeester, Chair of the Pensioenfonds PGB Board: “We believe that this initiative will not only provide added value for our members, but for the entire Dutch pension sector, too. It offers a great basis for cooperation in the sector.” Harold Clijsen, general manager of PGB Pensioendiensten, agrees: “By pooling expertise, we are increasing the chance of the RAP solution becoming the leading platform in the pension sector. This is a solution that benefits our members through cost reductions and improvements in efficiency.”
Dirk de Groot, Business Unit Leader at CGI Netherlands: “Given CGI’s long history of providing business solutions to our clients, we are delighted to be part of this collaboration in the pension sector. A core part of our approach is to co-develop solutions with our clients, and to co-invest with them over time. With its ownership of the RAP platform, CGI is taking a new step in making an important contribution to the digitization of the pension sector while increasing reliability and reducing costs.”
Cees Krijgsman, CEO of InAdmin RiskCo: “We are pleased and proud to have been able to take this step. It provides a great prospect for our employees to face the future together with such a strong consortium and to jointly roll out the new platform. Through this, we can achieve our ambition to become the most state-of-the-art platform in the Netherlands. This is not only great news for our employees but also for our customers and their members.”
left to right: Bianca Tetteroo (Achmea), Jochem Dijckmeester (Pensioenfonds PGB), Cees Krijgsman (InAdmin RiskCo), Manoj Mistry (InAdmin RiskCo)