Eureko to streamline Sectorwide Pension Fund Administration unit

Eureko announces today that it intends to streamline the Sectorwide Pension Fund Administration unit (BPF) of its subsidiary Syntrus Achmea over the next few years. Most of the unit’s operations will be brought together at a single location in De Meern and the number of administrative systems will be reduced. Streamlining the BPF unit is the next step in the unification of Syntrus Achmea.

The BPF unit, which is part of Syntrus Achmea, administers the pensions of some 40 sector pension funds. The unit employs 950 staff (FTE) in De Meern and Amsterdam. The plan is to concentrate most of the operations in De Meern, The Netherlands, by the end of 2012.

Eureko announced its intention to improve efficiency and reduce costs in March 2009, resulting in the loss of around 2,500 jobs across the organisation. A decline of around 400 jobs is expected at the BPF unit between now and the end of 2014. These jobs cuts are part of the planned reduction announced by Eureko last year. Over the next few years, staff will be actively supported to find new positions, either within the organisation or outside. The affected employees will be covered by Achmea’s Social Plan. The works councils are involved in this process and the employees and trade unions have been informed.

Hans Snijders, Syntrus Achmea’s chairman of the board: ‘This exercise will raise the quality of our operations, in pursuit of our aim of offering the best possible service at the lowest possible price. We are aware that this marks the start of a period of uncertainty for some of our staff but as a good employer we shall of course provide full support.’

Syntrus Achmea Pension Services works for over 80 pension funds with a total of 3.6 million participants and assets under management of 58 billion euros. Syntrus Achmea, which was created in 2008 by the merger of Achmea and Interpolis, combines a number of former brands including PVF Achmea, Interpolis Pensions and Achmea Real Estate. The streamlining of the BPF unit will not affect Syntrus Achmea’s other business units – Asset Management, Real Estate Management and Corporate Pension Fund Administration.

For more information, please contact:

Group Communications & Brand Management
Stefan Kloet
+31 6 12 22 36 57
stefan.kloet@eureko.com

Eureko is an unlisted insurance group with cooperative roots which balances the interests of clients, distribution partners, employees and shareholders. As well as the Netherlands, its home market, Eureko is also active in ten other European countries and employs around 28,000 staff. Achmea, Eureko’s Dutch arm, is the parent company for strong brands such as Centraal Beheer Achmea, Interpolis, Avéro Achmea, Zilveren Kruis Achmea, FBTO and Agis. Together they form the largest insurance group in the Netherlands in terms of premium volume. Eureko’s head office is in Zeist.