Dutch pension fund BPF Beton has appointed Northern Trust to provide global custody, regulatory reporting, valuation and accounting, and performance analytics.

The appointment was highlighted as a demonstration of Northern Trust's committment to helping Dutch pension funds to migrate to the new pension system.

Indeed, BPF Beton president and chairman, Govert van der Peijl, emphasised that "this transition is complex and large scale", explaining that the fund sought a strategic service provider who understands the requirements under the new legislation and who could help it navigate this new landscape.

"Northern Trust impressed us with their rapid response to the new legislation and their dedication to the Dutch pension fund industry," he continued.

"We are pleased to collaborate with Northern Trust and look forward to their support as our scheme embarks on the next chapter of its journey to deliver the best possible outcomes for our members.”

Commenting on the appointment further, Northern Trust Netherlands country head, Herman Prummel, said: “We are pleased to be supporting BPF Beton. Northern Trust has been servicing Dutch pension clients for four decades and is a long-term strategic partner to the pensions industry.

"With our deep local market expertise, global scale, data and technology platform, Northern Trust is committed to the Dutch pensions industry and its evolving needs.

"This mandate showcases our regional commitment and expertise in ensuring a seamless, efficient transition to the new reporting standards. We look forward to working with BPF Beton and continuing to serve the needs of the Dutch pension fund industry.”

BPF Beton is the industry pension fund for people working in the concrete products industry in the Netherlands and has approximately €1.2bn in assets (as at 31 December 2024).

---