Civil service pension fund manager cuts 800 jobs
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.
Thank you for donating to DutchNews.nl.
We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.Make a donation