Achmea takes over ABN AMRO Pensioeninstelling NV
Achmea and ABN AMRO have reached agreement on Achmea’s takeover of ABN AMRO Pensioeninstelling NV. This transaction gives Achmea an entrance into the Premium Pension Institution (PPI) market and enables the business to respond to the opportunities offered by the Pension Agreement. The board and staff (30 FTEs) will receive an offer to join Achmea. The PPI will be called Centraal Beheer PPI and is expected to operate in the market under this name from the autumn of 2022.
ABN AMRO Pensioeninstelling NV (trading as ABN AMRO Pensioenen) has a licence from De Nederlandsche Bank to operate as a PPI. For Achmea, a PPI further strengthens its services to the employers’ market. ABN AMRO’s PPI has been administering defined contribution (DC) schemes since 2012 and currently has approximately 955 employers and approximately 190,000 members from the SME and major corporates markets as its clients. Assets under management total approximately €3.5 billion.
New name: Centraal Beheer PPI
Achmea’s ambition is to expand the PPI further over the next few years using its comprehensive distribution network and by working closely with the professional pensions advisory market.
Under the new name of Centraal Beheer PPI, the focus will be on employers who wish to offer their employees a DC pension scheme. These schemes consist of an individual investment account for each employee which the employer supplements with extras, such as a policy for non-contributory pension accrual in the event of occupational disability and a partner’s and orphans’ pension.
Stronger position in growing DC market
Bianca Tetteroo, chair of Achmea’s Executive Board: “By taking this step, we are reinforcing our position in the rapidly growing DC market. Achmea offers a full range of financial solutions for private individuals, employers and institutional players via several business units (such as Centraal Beheer, Achmea Pensioenservices, Achmea Investment Management and Syntrus Achmea Real Estate & Finance). We’re delighted that we’re now also able to serve the employers’ market via a PPI.”
Robert Swaak, Chief Executive Officer ABN AMRO: “We expect our PPI to be able to develop further under Achmea’s umbrella. Over the past ten years, we’ve laid solid foundations with a PPI that has won a good market share in the SME and major corporates markets.”
The takeover is subject to approval by the supervisory authorities. The central works councils of Achmea and ABN AMRO have issued positive advice. The transaction will probably be completed before the end of this year and is expected to result in a modest book gain for ABN AMRO.