This step is a special moment for our employees, our pension fund clients and the entire sector that already exists for 100 years.” We are proud that APG, as the market leader, is taking this innovative step. In Festina Finance we have found an entrepreneurial partner who, like us, will do whatever it takes to take the best imaginable step forward. We want to be able to rely upon the latest and most innovative technology. After many years of fine-tuning the current, excellent pension system, the entire system is reformed. “We are on the verge of a major transition in the pension industry. Other reasons for APG to opt for collaboration with Festina Finance are the present knowledge on pensions, state of the art technology, flexibility and a similar corporate culture (‘cultural fit’).įrancine van Dierendonck, Member of the Executive Board and Chair of Fund Management and Participants and Employers Services:
Of course, the new system will be connected to APG’s IT landscape.
#Apg pension full#
In the first phase, Festina Finance will give intensive support but at a certain moment, APG will take full responsibility. The cooperation between APG and Festina Finance is innovative. Festina Finance had developed an IT system to support such ‘defined contribution’ pensions. The IT system supports the new pension system thatĮntails many changes in terms of pension administration.ĪPG chooses this Danish FinTech company because, amongst other reasons, the Dutch pension system will be converted into a system of which certain elements are already customary in Denmark.ĭifferent from the current system, the pension capital individually accrued by the participants will determine the pension benefits in the new contracts. A total of 4.8 million persons are served byĪPG’s pension fund clients. “CDPQ does not comment (on) market rumours," a CDPQ spokesperson said in an emailed response.Press release 21 June 2022 Pension administrator APG will, with the help of the Danish FinTech company Festinaįinance, develop an IT system for the policy and capital administration of its pensionįund clients, including ABP and bpfBOUW. CPPIB, OMERS and Actis spokespersons declined to comment. With € 538 billion under management and 4.7 million participants, APG is the biggest pension administrator in the Netherlands and works on behalf of eight pension funds, including ABP (government and education), bpfBOUW (construction), SPW (housing corporations), BPF Schoonmaak (cleaning), PWRI (social/labour inclusion), SPMS (medical specialists), the Pension Fund for Firms of Architects and PPF APG (APG personnel pension fund). APG Asset Management spokesperson declined to comment. While a Citibank spokesperson declined to comment, queries emailed to Tata Power early on Tuesday remained unanswered. Also, the pension funds represent the so-called patient capital, which seeks modest yields over time. They are also uniquely positioned to invest directly into the infrastructure space drawing from their experience of investing in North America and the Organization for Economic Cooperation and Development countries.
For that, we require money and we are looking at bringing in strategic investors," Praveer Sinha, managing director and CEO, Tata Power, had said in an earlier interview.Įxperts said foreign pension funds are taking an interest in the domestic green economy as the Indian market has matured and it fits their risk profile.
“We have very ambitious targets in renewables. of India to develop 8 GW of projects, in a transaction valued at ₹45,000 crore. Adani Green Energy Ltd had recently bagged a manufacturing-linked solar contract from Solar Energy Corp. The development comes amid renewed interests in India’ green energy space. Others expressing interest in the proposed InvIT include private equity firm Actis Llp, Ontario Municipal Employees’ Retirement System (OMERS), Canada Pension Plan investment Board (CPPIB), and Caisse de dépôt et placement du Québec (CDPQ).
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