NETHERLANDS - The Delft-based NLG4bn TNO pension fund for the Dutch policy research group and five other funds representing a total of NLG11bn in assets, have begun the construction of a joint office building in Rijswijk, in a move which may lead to joint asset management in the future.

The building, due to be finished by November 1, 2001 will house the six pension funds, named as the Productschappen / Pensioenfonds SER & Bedrijfschappen (operating under PBO-Services soon), Stichting Sociaal Fonds voor het Baggerbedrijf in Nederland, Hollandsche Beton Groep's pension fund, Koninklijke Volker Wessels Stevin's pension fund, Peek & Cloppenburg's pension fund and TNO.

Discussion on how much the funds should collaborate on asset management and actuarial services continue, but all possibilities remain open, say the funds.
For the time being the fund's boards will stay independent of each other but it has been agreed that the groups will share all administration services.

" The funds have around 10-20 employees each, with a total of about 75 and this collaboration will leave them less vulnerable to personnel changes and more stable in the future," says Erik van Ballegoijen, director of TNO.

The schemes have 58,000 participants, which together would put them in the top twenty of Dutch pension funds.

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