The Dutch pension fund Stichting Shell Pensioenfonds (SSPF) has appointed BlackRock as its fiduciary manager, following a “rigorous selection process”.

The transfer of assets to BlackRock, which is expected to be completed by mid-2025, will see the asset manager take on responsibility for the €27bn AUM pension fund, serving more than €30,000 members.

In addition to providing strategic advice and management of the investment portfolio, BlackRock will select and monitor investment managers as well as carry out balance sheet and risk management, including interest rate and currency hedging. BlackRock will also provide support in the integration of responsible investment and the transition to the new pension system.

Stichting Shell Pensioenfonds director, Kenan Yildirim, commented: “In light of the developments regarding the Future Pensions Act and the request from our social partners to transition, the board has decided, after a careful selection process, to appoint BlackRock as fiduciary manager for SSPF.

“In anticipation of the upcoming changes, the appointment of BlackRock will safeguard the execution of the investment process and ensure that the costs and risks of the transition are carefully managed. In addition, our participants will benefit from BlackRock’s expertise, global scale and experience in risk management and sustainability. We look forward to working together.”

Commenting on the situation for pension funds in the Netherlands currently, BlackRock Netherlands country manager, Monique Donders, said issues are “becoming more complex by the day, driven in part by the transition to the new pension system and the increasing focus on sustainability”.

“We are looking forward to working together with Stichting Shell Pensioenfonds during the pension transition and in the years to come,” she added.

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