AMSTERDAM, Dec 9 (Reuters) - Dutch pension fund manager APG will cut up to 1,200 jobs through 2030, it said on Tuesday, reducing total headcount by a third, as it aims for lower costs in line with
APG Announces 1,200 Job Cuts in Dutch Pension Overhaul
AMSTERDAM, Dec 9 (Reuters) - Dutch pension fund manager APG will cut up to 1,200 jobs through 2030, it said on Tuesday, reducing total headcount by a third, as it aims for lower costs in line with sweeping reforms of the sector.
The reorganisation would reduce employment to around 2,500 jobs by the end of the decade.
APG manages the investments of ABP, the largest pension fund in the Netherlands with assets worth 590 billion euros ($686 billion).
Under an overhaul of the Dutch 1.45 trillion euro private pension industry, Europe's largest, which was announced in 2023, funds are shifting from guaranteed benefits, meaning a guaranteed level of income for the pensioner, to a "defined contribution" system.
Proponents say this will yield better results, though opponents have warned of the risks it introduces because pensions will depend on the performance of financial markets.
Funds have until 2028 to make the transition.
($1 = 0.8599 euros)
(Reporting by Bart Meijer; editing by Barbara Lewis)
