NETHERLANDS - The industry-wide pension funds for the textile and ready-made clothing sectors plan to merger, the schemes said in a statement.

As of January 1, they will continue as the Pensioenfonds Textiel en Confectie Industrie, representing 800 employers. The new scheme will have 14,000 members, 32,000 pensioners and around 14,000 deferreds.

According to the statement, the administration and advice function for the new pension fund will be carried out by AZL, which has worked for the Pensioenfonds voor de Textielindustrie since 1999. The scheme for the clothing industry has its administration contracted out to PVF Achmea.

MN Services is the main asset manager for the scheme of the clothing industry at present. The textiles scheme’s assets are being managed by AZL. No decision has been taken yet about a change in future asset management, an AZL spokesman explained.

AZL is pensions manager for 65 schemes, and it the largest independent pension manager in the Netherlands.

The move follows mergers in the industry such as that in the construction industry between ASW and Cordares that was announced last month.

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