APG, one of Europe’s largest pension fund managers, announced plans to reduce up to 1,200 jobs by 2030 — cutting its workforce by roughly one-third as the organization adapts to sweeping changes in the Netherlands’ pension system.
The restructuring will bring APG’s headcount down to around 2,500 employees by the end of the decade. APG manages investments for ABP, the Netherlands’ largest pension fund with €590 billion in assets under management.
🔹 Industry Shift Driving the Change
The Dutch €1.45 trillion private pension sector — Europe’s largest — is undergoing a major overhaul introduced in 2023. Pension funds are transitioning away from guaranteed-benefit plans toward a defined contribution model, where retirement income depends on investment performance.
Supporters argue the new system could lead to stronger long-term returns, while critics warn it exposes retirees to greater market risk.
All funds must complete the transition by 2028, prompting industry-wide restructuring — with APG’s job cuts among the most significant moves to date.