APG wins licence for PPI joint venture

Hand-shake-femaleDutch pension giant APG and Dutch bank ABN Amro have won a licence to create a premium pension institution (PPI) called Pensional that will aim to manage defined contribution schemes. The Dutch market has permitted PPIs, a new form of pension vehicle, since the beginning of 2011. The vehicle lets institutions other than insurers and pension funds operate defined contribution pension schemes. PPIs may manage pension schemes but may not insure against risks such as longevity risk. This means they are suitable only for defined contribution plans, in which pension contributions are fixed but final benefits are not. However, APG said Pensional will help cover insurance risks thanks to links with insurers. APG manages €275 billion of pension assets, as of November 2011, which is nearly a third of all group pensions in the Netherlands. ©2012 funds europe

Executive Interviews

INTERVIEW: Put your money where your mouth is

Jun 10, 2016

At Kempen Capital Management, they believe portfolio managers should invest in their own funds. David Stevenson talks to Lars Dijkstra, CIO of the €42 billion manager.

EXECUTIVE INTERVIEW: ‘Volatility is the name of the game’

May 13, 2016

Axa Investment Managers chief executive officer, Andrea Rossi, talks to David Stevenson about bringing all his firm’s subsidiaries under one name and the opportunities that a difficult market...


ROUNDTABLE: Beyond the hype

Oct 13, 2016

The use of smart beta investing continues to grow. Our panel, made up of both providers and users, discusses what the strategy actually means, how it should be used and the kind of pitfalls that may arise when using this innovative investment technique.

MIFID II ROUNDTABLE: Following the direction of travel

Sep 07, 2016

Fund management firms Aberdeen and HSBC Global meet with specialist providers to speak about how the industry is evolving towards MiFID II.