Dutch pension fund PGB has announced that Waterbouw Pension Fund, the pension scheme for the water management sector, plans to join PGB via a collective value transfer, subject to approval by De Nederlandsche Bank (DNB).

Following the transition to the new Dutch pension system, the administrative body of Waterbouw Pension Fund will stop providing services to the fund, meaning it must find another party to administer the scheme.

At the same time, stricter requirements and developments in the pension sector are making it increasingly challenging for relatively small pension funds to continue operating independently.

Due to these factors, the board of the Waterbouw Pension Fund decided to transfer, and following consultation with social partners, the fund plans to transfer the accrued pensions to the PGB via a collective value transfer.

Commenting on the news, PGB chairman, Hans Veltkamp, said: “We are delighted and proud that the Waterbouw Pension Fund has chosen the PGB Pension Fund.

“This marks our first collective value transfer under the new pension system. We greatly appreciate the trust that the Waterbouw Pension Fund and its social partners have placed in us.

“Waterbouw is a good fit for our fund because we already have experience in this sector and understand the characteristics and challenges of the industry.”

Veltkamp added that the transfer reinforces the PGB’s growth ambitions, which aim to strengthen the fund’s scale and effectiveness, ensuring it remains a strong and reliable pension partner for industry, employers and members in the future.

Waterbouw Pension Fund chair, Dick Vis, commented: “Pensions require stability. That is why we have sought a solution that not only works today but is also future proof in the long term. We are convinced that the PGB Pension Fund can offer that stability.

“PGB Pension Fund has a strong track record, extensive experience, understands our sector and aligns well with the scheme we have developed for our members. That gives us confidence for the future.”

PGB is expected to transition to the new pension scheme on 1 January 2027, while Waterbouw Pension Fund is expected to transition on 1 July 2027. After this, the accrued pension entitlements will be transferred to the PGB Pension Fund via a collective value transfer.

From then on, pension accrual will take place at PGB, which will be PGB’s first collective value transfer in the new pension.

The Waterbouw Pension Fund manages the pensions of approximately 11,645 members and around €1.8bn in pension assets.

---