Dutch financial services group Achmea has announced plans to phase out its "unprofitable" Achmea Pensioenservices (APS) business, following the transition of key clients to the new Dutch pension system.

The Future Pensions Act (Wtp) has accelerated consolidation within the Dutch pension administration market. Achmea cited APS’ “modest market share,” which was further impacted by the recent loss of a major client, as its reason for pulling out of the market.

“To be relevant, economies of scale are essential. With the recent departure of a major customer, this scenario has not become any easier. In addition, APS is not profitable and the focus in the coming years will be entirely on the Wtp transition. Therefore, there is less room for growth. In this context, a phase-out scenario towards 2030 has been chosen,” the group said in a statement.

The deadline for the full transition to the new pension system is 1 January 2028, although it remains unclear when the majority of Achmea’s clients will complete the move. Last month, APS announced that the transition date for the pension schemes of veterinarians and physiotherapists had been postponed.

APS, which administers the pension arrangements for Stichting Pensioenfonds Dierenartsen (SPD) and Stichting Pensioenfonds Fysiotherapeuten (SPF), had initially scheduled the transition for 1 July 2025.

During the phase-out process, Achmea emphasised that maintaining high-quality customer service will be a priority. The company has assured clients that their transition to the new pension system will be handled smoothly.

Achmea executive board member, Daphne de Kluis, who is responsible for APS, stated: “This is not an easy decision. Achmea has a long and rich tradition in the field of pension administration services. However, it is not possible to make APS profitable, and a scenario of scaling up has too many uncertainties.

“In the coming years, our focus will be on properly transitioning our existing customers to the new pension system and guiding them to another pension provider. We will make every effort to support employees whose work is affected as best as we can during the change process and to provide guidance to other work where necessary.”

APS currently employs around 350 internal staff and approximately 200 external workers, many of whom were brought in to support the pension transition.

While Achmea aims to retain a substantial number of roles to continue supporting its various brands, some positions are expected to be phased out over time. The company intends to manage these reductions primarily through natural attrition and internal mobility, though it acknowledged that redundancies cannot be entirely ruled out.

The proposed changes will be submitted to the works council for advice. To support the restructuring, Achmea has set aside €175m. This is expected to have a 2.5-percentage-point negative impact on the group’s solvency ratio.

Looking ahead, APS will continue to serve Centraal Beheer PPI, Centraal Beheer APF, and Stichting Pensioenfonds Achmea. Alongside these units — and in coordination with Achmea Pension & Life, Achmea Investment Management, Achmea Real Estate, and Achmea Mortgages — Achmea remains focused on growth.

The group stated that this underscores its continued strong presence in the pension sector.

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