The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65.3 - Pension funding
116 - 145 jobs Number of planned job losses
Announcement Date
27 May 2021
Employment effect (start)
1 June 2021
Foreseen end date
31 December 2025
Description
Dutch pension fund PGGM is to cut 20-25% of 580 jobs in a reorganisation of its pension management division. The company reorganises in anticipation of the new Dutch pension system, which will take effect in 2026 and is expected to reduce the complexity of pension plans. As a result, the market for pension management is expected to become more competitive. Alongside preparations for the new pension system, PGGM aims to further digitalise its pension management processes, which will further reduce the number of jobs in the division.
PGGM is a Dutch providing pension management and asset management services to several pension funds, mostly in the healthcare sector. PGGM has 1500 employees.
In 2004, PGGM restructured its IT department to improve its business efficiency, which led to about 100 job cuts in the Netherlands.
Eurofound (2021), PGGM, Internal restructuring in Netherlands, factsheet number 104923, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/104923.
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