Achmea Pension & Life Insurance assumes pension liabilities of Kring ES Nederland from Centraal Beheer APF

Achmea Pension & Life Insurance has entered into an agreement with Centraal Beheer Algemeen Pensioenfonds for a collective value transfer in connection with the buy-out of the pension liabilities of the Kring ES Nederland and the associated assets. The transaction concerns the pension liabilities of approximately 500 members and related assets of € 270 million. This step is in line with Achmea’s ambition to expand its position in the pension buy-out market.

Kring ES Nederland was transferred to Centraal Beheer APF in November 2021. Within this scheme, pension benefits are accrued for employees of the affiliated employers, Enterprise Services Nederland and DXC Finance (IT services), who joined the companies before 2014.

The affiliated employers have decided to align future pension accrual with their other pension arrangements. As a result, the current scheme will become a less suitable administration structure. In consultations with the social partners, an alternative administration structure has therefore been selected that is better aligned with the future design of the scheme. The intention is to transfer all accrued and pension-in-payment entitlements built up to 1 October 2026 to an insurer through a collective value transfer. Employees will subsequently have the option to make an individual transfer of their pension rights to the provider of the defined contribution (DC) scheme.

Following a thorough assessment of the available options, service quality and costs, Centraal Beheer APF selected Achmea Pension & Life Insurance as the new pension provider. Pension benefits will see a one-time uplift by a percentage of the catch-up indexation and will subsequently be indexed annually in line with the European Harmonised Index of Consumer Prices excluding tobacco (HICPxT). Final certainty regarding both the one-time catch-up indexation and future annual indexation will only be available once the transfer has been completed. Pension benefits provided by Achmea Pension & Life Insurance are guaranteed.

Arthur van der Wal, Chairman of the Executive Board of Achmea Pension & Life Insurance: “I am delighted with this pension buy-out, which fits perfectly with our ambition to grow our presence in this market. We thank Centraal Beheer APF for the confidence they have placed in us. We warmly welcome the members of the Kring ES Nederland and will ensure a smooth and carefully managed transition."

Hans Klopper, Managing Director of Enterprise Services Netherlands: “We are pleased that, together with Centraal Beheer APF, we have achieved a sustainable and future-proof pension solution for the members.”

Janwillem Bouma, Chairman of Centraal Beheer APF, said: “As a pension fund, we place the interests of all our members at the heart of our decision-making. Through the buy-out with Achmea Pension & Life Insurance, we have found a sustainable and future-proof alternative for the members of the Kring ES Nederland.”

The transfer to Achmea Pension & Life Insurance requires a carefully managed process that will be undertaken jointly by all parties involved. Part of this process is the assessment by De Nederlandsche Bank of the proposed collective transfer of pension rights and obligations.