Dutch pension fund manager APG announced plans to cut up to 1,200 jobs by 2030 — reducing its workforce by roughly one-third — as it aligns its cost structure with sweeping changes across the Netherlands’ pension industry.
The restructuring will bring APG’s headcount down to around 2,500 employees by the end of the decade. APG manages the investments of ABP, the country’s largest pension fund, overseeing €590 billion in assets.
🔹 Industry Transformation Underway
The Netherlands’ €1.45 trillion private pension sector, the largest in Europe, is transitioning from guaranteed-benefit plans to a defined contribution system under reforms announced in 2023.
Supporters believe the new model can enhance long-term outcomes, while critics warn it exposes retirees to increased market risk — as future pension income will depend more directly on investment performance.
All funds are required to complete the transition by 2028, prompting major operational changes across the industry, with APG’s job cuts marking one of the most significant restructuring efforts to date.