PMT to transfer pension admin to PGGM
PMT, the third-largest pension scheme in the Netherlands, is set to transfer its pension administration from in-house provider MN to PGGM, the provider of the country’s second-largest pension scheme, PFZW. A memorandum of understanding has been signed by the three parties, outlining the plan to move PMT’s 1.4 million members’ pension administration to PGGM by 2024.
This move follows a previous collaboration between PGGM and MN on the development of a new administration system. The transfer will strengthen PGGM’s position as the second-largest pension asset manager in the country and result in the administration of pensions for a total of five million individuals from 2024. As part of the transition, MN’s pension administration staff, who saw another major client, PME, leave the organization in 2021, will move to PGGM. PMT’s president expects the collaboration to lead to cost reduction.
MN, which will continue as a €135 billion asset manager jointly owned by PMT and Koopvaardij, is experiencing further marginalization with the loss of its pension administration business. Additionally, MN’s in-house real estate team is set to leave the organization, joining forces with Rail & OV, a public transport scheme, to establish a new real estate asset manager.