Dutch pension fund asset manager APG will cut between 1,000 and 1,200 jobs as part of a restructuring designed to deliver cost savings of €240m-€270m and create a leaner operating model by 2030.

The overhaul will affect employees across business units and locations, with some teams relocated, restructured or phased out as APG seeks to reduce its cost per participant and maintain its competitive position in the sector.

APG CEO, Annette Mosman, said: “Teams will change – some will relocate, others will split or disappear. APG will become leaner. That’s not an easy message. But to maintain our meaningful role and remain a leading player in the sector, we need to take these steps.”

The asset manager said the cost reductions will be driven by automation, AI deployment and greater standardisation within the renewed pension system, allowing pension services to be delivered more efficiently and at a lower cost per participant.

The restructuring will be implemented gradually through to 2030, with part of the headcount reduction absorbed through natural attrition and further supported by internal mobility and retraining where possible.

APG said it will manage the organisational changes in close consultation with its Works Council and trade unions, emphasising that employees will receive support in personal development and in finding new opportunities where needed.

The group’s two core activities, pension services and asset management, will remain central, with the latter focusing exclusively on investing for ABP while retaining sufficient scale for low-cost services such as index investing.

Once the transition to the new pension system is complete, APG plans to open its pension services to additional clients, provided it can do so without increasing costs for existing schemes.

The asset manager stressed that day-to-day operations remain focused on delivering high-quality service to existing clients and ensuring the smooth transition of pension funds in 2026 and 2027, which it described as a core priority during the transformation period.

Mosman added: “Our purpose remains strong: Building a good pension together in a livable world. We will continue to support the funds we work for with excellent service and provide their participants with a sustainable pension. But the context has changed.

“That’s why we are expressing our purpose in a new way – by moving toward an organisation that is faster, more efficient, and more agile.”

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