Pension provider APG and ABN AMRO Bank have started a joint venture to operate pension vehicle Premium Pension Institution (PPI), IPE reports. The APG-ABN AMRO Pensioen Instelling intends to offer employers defined contribution pension plans for workers.
The new entity targets 15% of workers who were accruing their pension with an insurer and about 10% of workers and self-employed who are not getting any pension at all. APG has a majority stake of 51% in the joint venture.
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