Dutch PME Drops MN for TKP for Pension Admin over Tech
Posted on 11/11/2020
Dutch pension Pensioenfonds van de Metalektro (PME), the €55 billion pension fund for workers in the Dutch metals and electronics industries, scrapped MN as its pension administrator. PME decided to go with Aegon-owned TKP as its new pension administrator. The key reason for the move was that TKP’s IT systems are more advanced. This switch will take effect January 1, 2022.
Interestingly, PME co-owns MN with two other pension funds, PMT and Koopvaardij.
However, PME will retain MN for its fiduciary management.