Civil service pension fund manager cuts 800 jobs
Monday 22 October 2012
Pension fund manager APG is cutting 800 jobs - around 20% of its workforce - and compulsory redundancies cannot be ruled out, the organisation said on Monday.
The reorganisation is necessary following the takeover of pension administrator Cordares in 2008. The two organisations are now being merged and this requires a 20% cut in costs, APG said.
APG hopes the revamp will allow it to remain competitive. 'Low coverage ratios are forcing pension funds to be more cost aware,' a spokesman told news agency ANP.
Some 600 jobs will go at company headquarters in Heerlen, the rest in Amsterdam. All levels of the company will be affected.
APG runs the giant civil service pension fund ABP, one of the biggest funds in the world.