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APG offloads DC administration subsidiary to IT firm RiskCo

first_imgDutch IT firm and pensions administrator RiskCo is to take over Inadmin, APG’s subsidiary for the administration of defined contribution (DC) schemes.The transaction would be the second large take-over by the Utrecht-based company, which acquired Aon Hewitt’s defined benefit administration in October.Following the addition of Inadmin – scheduled for May – RiskCo will serve 250,000 participants, up from 75,000 at the moment.Cees Krijgsman, chief executive of RiskCo, said his company would generate 80% of its turnover from administration, as it would acquire Inadmin’s administration for DC, investment and insurance, including “attractive portals for participants”. “We are to offer a complete range for pensions administration and we are ready to fulfill our goal of 1m participants with five years,” he added.APG set up Inadmin in 2013 as its DC subsidiary, following the introduction of the Netherlands’ low cost vehicle for DC provision, known as PPI.Inadmin’s client portfolio includes the PPIs of ABN Amro and Willis Towers Watson (LifeSight) as well as the DC pensions of insurer ASR.APG, the provider for the €409bn civil service scheme ABP, said it was selling Inadmin for “strategic reasons”, and wanted to focus on serving industry-wide pension funds.“Thanks to Inadmin, the APG organisation has gained experience with DC pensions,” said a spokesman.However, Inadmin was also making a loss: €2.6m in 2015, according to the latest publicly available figures. However, APG argued that this didn’t play a role in its decision to offload the subsidiary.Krijgsman said that RiskCo could improve the results of the company – to be renamed RiskCo-Inadmin – quickly.“All pensions providers are struggling with IT, but it is our core business, and we have been developing administration systems for years,” he said.He added that RiskCo could fully integrate technical and organisational aspects and improve efficiency as a result.APG and RiskCo – which is 50% owned by large British administration firm PraxisIFM – declined to provide details about the price of the takeover.Krijgsman said his company would replace a number of system components in order to achieve a faster and cheaper adjustment of pension plans and addition of new products.He added that RiskCo would welcome new clients, including ones from abroad: “Through PraxisIFM and Inadmin we have leads to large players who want to offer DC arrangements in Europe through an IORP.”last_img read more

Former Predators captain Greg Johnson dies at 48

first_imgAfter signing a one-year deal to return to the Red Wings, Johnson retired before the 2006-07 season when a preseason physical revealed abnormal EKG results.Johnson enjoyed his best season in the Predators’ inaugural campaign, finishing second on the team with 50 points (16 goals, 34 assists). Selected by the Flyers with the 33rd pick in the 1989 NHL Entry Draft, the center toiled in the minors for several years before making his NHL debut with the Red Wings during the 1993-94 campaign. After three-plus seasons there, he joined the Penguins for a couple of seasons before going to the Blackhawks for one year.The Predators grabbed Johnson with the 23rd pick in the 1998 NHL Expansion Draft, and he served as the team’s alternate captain for three seasons before becoming team captain for his final three years in the league before his retirement in 2006. Related News Johnson remained a fan favorite in Nashville years after his retirement.Predators alumni Greg Johnson and Tomas Vokoun signing autographs during Day 1 of the NHL Centennial Fan Arena’s stop in Nashville. #NHL100 pic.twitter.com/eBZTjdpASx— NHL Public Relations (@PR_NHL) February 11, 2017In 785 career games, Johnson scored 369 points (145 assists, 224 points).Johnson’s younger brother, Ryan, played 15 seasons in the NHL and is now an executive with the Canucks. Hurricanes match Canadiens’ offer sheet to Sebastian Aho NHL players A.J. Greer, Sonny Milano arrested on assault charges, report says Greg Johnson, who played with four teams in 12 NHL seasons and served six years as a Predators captain, died Monday at age 48.The Chronicle-Journal in Ontario, near Johnson’s hometown of Thunder Bay, was first to report the news. No cause of death was given. NHL free agency news: Sabres sign Marcus Johansson to 2-year deallast_img read more