Oak Pension Fund Appoints BNP Paribas As Custodian Of €5,4 Billion

The Oak Pension Fund has appointed BNP Paribas as global custodian and manager of its €5,4 billion investment portfolio.

In this partnership, BNP Paribas will be responsible for custody, investment administration and investment compliance, among other things. Oak Pension Fund indicates that it selected BNP Paribas because of its strong local presence, insight into the Dutch pension sector and expertise regarding the transition to the new pension law, which must be fully in force by 2028 at the latest.

The transition to the Future Pensions Act entails one of the most drastic system changes in recent years for pension funds. The system of collective average system is being replaced by individual pension pots for each participant.

This change requires the distribution of approximately €1.500 trillion in pension assets. This results in significant administrative burdens, ranging from adapting IT systems to streamlining communication and reporting to participants and supervisors. It is crucial for the funds to find a reliable partner that can help make this complex transition run smoothly.

“BNP Paribas presented not only a convincing plan for the transition and implementation, but also a strong involvement of the local team and an investment in relationship management,” explains Paul de Geus, executive board member of Oak Pension Fund. “The choice for a European party with relevant experience gave us the confidence that they are the right partner.”

The onboarding and migration process has already started and full commissioning is planned for July 1, 2025.

“We are excited to support Oak Pension Fund during this important period of change,” added Mark Schilstra, Head of Securities Services The Netherlands at BNP Paribas, says. “This assignment confirms our ability to effectively support Dutch pension funds in a dynamic market. "