Dutch pension fund BPF Beton has appointed Northern Trust to provide global custody, regulatory reporting, valuation and accounting, and performance analytics. The fund, which manages around €1.2 billion in assets for workers in the concrete products industry, is preparing for the structural shift brought on by the Netherlands’ new pension legislation.
The Future of Pensions Act (Wet Toekomst Pensioenen), which is currently being implemented across the Dutch pension sector, is moving schemes from a defined benefit to a defined contribution framework. The reform brings new operational and regulatory demands for pension funds and their service providers.
Transition
BPF Beton stated it was looking for an asset servicing partner capable of supporting it through the transition. The fund cited Northern Trust’s response to the new requirements and its experience in the Dutch pension market as key reasons behind the decision.
Northern Trust has provided services to Dutch pension funds for several decades. The firm will be responsible for supporting BPF Beton’s compliance with new reporting standards, alongside its ongoing investment operations.
