Athora Netherlands takes important step in the execution of its buy-out strategy

With the acquisition of the pension rights and entitlements of Pensioenfonds Yara Nederland, Athora Netherlands, through Zwitserleven, has taken an important step in the implementation of its buy-out strategy. It involves about 2,000 participants and invested pension assets of approximately EUR 650 million.

At Zwitserleven, the participants will receive a lifelong guaranteed pension including an annual indexation derived from European inflation. Some of the indexation arrears incurred were also made up at the start of the insurance on 1 November.

Pensioenfonds Yara Nederland has been providing pensions for Yara Nederland, a producer of high-quality fertilisers, since 2000. After DNB issued a statement of no objection a fortnight ago, the pension fund, under the guidance of WTW, realised the transfer immediately afterwards. With this takeover, the pension fund will eventually cease to exist.

Perfectly positioned

Annemieke Visser-Brons, member of the Executive Committee of Athora Netherlands: ‘This transaction is an important step in our growth ambition in pensions. As a pure life and pension insurer, Athora Netherlands is perfectly positioned to respond to the increased activity in this market with innovative solutions. Furthermore, I thank the board of Pensioenfonds Yara Nederland for their confidence in us and warmly welcome these new customers of Zwitserleven.’

Best solution for partcipants

Peter Vlaeminck, chairman of Pensioenfonds Yara Nederland, explains why the choice fell on Zwitserleven: ‘The board chose to transfer to Zwitserleven after a careful procedure. In the board's opinion, Zwitserleven offers the best solution for our partcipants. We did not only consider the possibilities for granting indexation, but also criteria such as communication, service and sustainability. Placing pensions with Zwitserleven gives our partcipants the most clarity on a good and guaranteed pension.’

Growing in pensions

The decision by Pensioenfonds Yara Nederland demonstrates that Zwitserleven's innovative solutions, such as buy-outs, opt-outs and flexible contribution schemes, can offer tailor-made solutions for pension funds. This buy-out fits into Athora Netherlands' growth ambition in pensions through Zwitserleven, which also offers DC plans for the pension build-up phase and immediate annuities/pensions for the benefit phase. Athora Group has capital available to support this ambition.