The €2.2bn pension fund of Dutch supervisor De Nederlandsche Bank (DNB) said it is assessing whether to continue independently or to join a general pension fund (APF).The probe comes in the wake of pensions provider TKP Pensioen’s announcement that it would cease its services no later than 1 January 2023, as it would prefer to focus on larger clients.According to the DNB’s pension board, with a new administrator, the fund would be sufficiently robust to continue as a company scheme for now.However, were the scheme to opt for a consolidation vehicle, it would need to do so in collaboration with the employer, as both prefer to keep existing pension rights and future pension accrual under one roof, it emphasised. In its annual report for 2019, DNB said it will reach a decision on its future next year.Earlier this year, DNB Pensioenfonds took another step to distance itself from its sponsor by replacing almost all its trustees and advisors linked to the supervisor, arguing that it wanted to avoid the semblance of conflicting interests.At the same time, it reduced the number of trustees from nine to six, but stuck to the board model of equal representation.It also established its own administrative bureau for board support, as a consequence of increased outsourced services and its decision to no longer use the employer’s expertise.Additionally, following the abolishment of the scheme’s advisory committees, the responsible trustees have been tasked with preparing for board meetings in co-operation with the new pensions bureau.ReturnsThe pension fund said its 62.6% matching portfolio returned 10.4%, while its return holdings of worldwide equity (26%) and property through REITs (11.4%) generated a combined return of 8.5%.Based on the scheme’s funding level of 119.8% at year-end, it decided to grant an inflation compensation of 87% of the consumer index. In March, its coverage ratio had dropped to 117.9%.Last year, the DNB Pensioenfonds switched management of its equity portfolio from BlackRock to Rotterdam-based Robeco, in particular tasked with implementing the first stage of the scheme’s ESG policy.The pension fund also appointed consultancy Sprenkels & Verschuren as its new actuarial adviser to replace TKP Pensioen.It reported administration costs of €340 per participant, and spent 18 and 4 bps on asset management and transactions, respectively.The DNB Pensioenfonds has 2,045 active participants, 1,885 deferred members and 1,475 pensioners.To read the digital edition of IPE’s latest magazine click here.
More from newsMould, age, not enough to stop 17 bidders fighting for this home4 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor4 hours agoPark Central One, Woolloongabba.Colliers International residential project manager Rachel Hutson, who is marketing the project said the project was designed for residents who wanted a convenient and active lifestyle, being only seven minutes from the CBD.“Being part of a transit oriented development, Park Central One will be a hub of activity offering residents direct connection to Buranda busway and rail stations as well as dedicated bikeways link to South east Freeway and the Norman Creek Bikeway and Greenway,” Ms Huston said.Brisbane City Council has recently handed down its business case for a $944 Million high frequency Brisbane Metro service, that Park Central will directly be able to access.The Metro, which will pass through the Buranda busway station, will reduce travel time and improve services into the CBD.Park Central One apartments have designer kitchens, reconstituted stone island benchtops, and stainless steel Bosch appliances, with one-bedroom apartments averaging 60sq m selling from $350,000 to $425,000 and two-bedroom apartments averaging 90sq m with prices from $485,000 to $690,000. Park Central One at Woolloongabba will be the first residential tower as part of the $1 billion Park Central development. PARK Central One has just launched to the market as the first residential tower in the $1 billion master planned Park Central development in Woolloongabba.The Transit Oriented Development is part of a fast growing trend in creating vibrant, liveable, sustainable communities through the creation of compact, walkable, pedestrian-oriented, mixed-use communities centred around train systems.The 18-level tower will have 168 one and two-bedroom residences with a private rooftop garden terrace with pool, deck and gym and ground floor retail.Developed by Singapore based Wee Hur Holdings Ltd, the residential tower is architecturally designed by Woods Bagot, and Tomkins have recently been appointed as the builders, with construction expected to commence later this year. Park Central One, Woolloongabba.“Full-height glazing and spacious balcony maximise both space and views with Brisbane CBD views seen from one side of the building and extensive green views of Hanlon Park and Thompson Estate Reserve on the other side,” Ms Hutson said.The future stages at Park Central will include more residential apartments and student accommodation, all positioned around a 4,300sq m ‘sky park’ and 16,000sq m retail precinct anchored by a supermarket, specialty stores and dining.The sky park is expected to be a private recreation space with a club lounge, outdoor dining and entertaining areas, 350sq m lap and lagoon pool with infinity edge and waterfall, a jogging track, outdoor gym equipment, table tennis, bocce, yoga lawn, grassed kick-a-bout area, outdoor cinema and fenced off-leash dog park.