Netherland’s APG to eliminate 800 jobs in cost-cutting
APG, the administrator and manager overseeing €311bn on behalf of some 4.5 million Dutch people, including the country’s key civil service pension fund ABP, is to cut about 20% of its workforce.
The move stems from the company’s takeover of pension administrator Cordares in 2008, with an overlap in costs being reduced, according to a statement from APG, reported by the Dutch ANP news agency.
An estimated 600 jobs will go at the company’s headquarters in Heerlen, and the remainder in Amsterdam. Compulsory redundancies have not been ruled out. AGP administers about 30% of all collective pension schemes in the Netherlands.