Achmea Pension & Life Insurance has completed the collective value transfer of Kring ES Nederland’s pension liabilities from Centraal Beheer APF, following approval from De Nederlandsche Bank (DNB).

DNB informed the pension fund at the end of September that it would not exercise its right to prohibit the collective value transfer, and the transaction was completed on 1 October.

With the completion of the buyout, the pension liabilities relating to approximately 500 members, together with the associated assets of €270m, have been transferred to Achmea Pension & Life Insurance.

The deal means that members will receive full inflation protection in line with the European Harmonised Index of Consumer Prices excluding tobacco (HICPxT).

Additionally, based on the fund’s current assessment, members can purchase a full one-off increase to compensate for indexation increases missed in previous years.

Fund members will receive their first payment from Achmea Pension & Life Insurance this week (w/c 19 October).

Commenting on the news, Achmea Pension & Life Insurance chairman of the Executive Board, Arthur van der Wal, said: “With the completion of the implementation, we have taken an important final step in this pension buyout.

“We have carefully prepared and carried out the transition, with the aim of ensuring a smooth process for members. We are pleased that, from now on, we can provide them with certainty and full protection against inflation through Achmea Pension & Life Insurance.”

---