NETHERLANDS - The Dutch Pension Co-operative - established in 2007 as a joint service provider for pension funds - has gone into liquidation.

Director Leo Dooper told IPE the financial crisis had led to the organisation's demise.

"We have run into big problems because of delayed commissions," said Dooper, who was one of the founders of the Pensioen-Coöperatie.

"It was a brilliant initiative, and we received a lot of support from customers who were very satisfied with the quality of our service."

However, according to Heino van Essen, a former chairman of at the co-operative, the organisation has never met its full potential.

"For example," he said, "it has never used the joint buying power for its members."

Van Essen - who was also a former chairman at PGGM, the predecessor of the €95bn healthcare scheme PFZW - added: "Because we concluded the co-operative was a cul-de-sac, the board and I stepped down last year."

Another industry source suggested the co-operative had failed to take advantage of the clout of the collective, focusing instead on selling services.

According to Dooper, commissions for the organisation's clients dried up in early October.

He said he was unable to indicate whether any clients had suffered damage from the co-operative going out of business, adding that this was "a case for the lawyers".
 

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