APG, the asset manager for the Netherlands' largest pension fund ABP, confirmed it has moved the majority of participant assets onto the country's new defined-contribution pension framework, known as the Wtp, well ahead of the national 2027 implementation deadline.
The reform replaces the traditional defined-benefit structure with individual capital accounts, a change affecting roughly 1.5 trillion euros of Dutch pension assets in aggregate and reshaping how funds like ABP manage duration and illiquidity risk.
Portfolio implications
APG has indicated the new framework will not materially change its long-standing private markets allocation, though risk budgeting will now be run at a more granular cohort level to reflect individual participant time horizons.