Gerard van Olphen new boss APG – Financieele Dagblad

Gerard van Olphen (Photo: Peter Boer)?

Gerard van Olphen, former CEO of SNS Reaal, the new CEO of APG Group, the pension administrator of pension fund ABP . That was announced Thursday

Yearly

Van Olphen begins in March. Late last year, was State Secretary Jetta Klijnsma said that the new APG-boss must earn less than his predecessor Dick Sluimers. From Olphen earns € 500,000 per year, and there will be a pension contribution of € 66,000 at. The APG reports that it is 10% less than its predecessor.

For Van Olphen itself is less than he was used to, For SNS Reaal was the salary including pension € 676,000, according to the annual report for 2014.

APG praises his new CEO in the press release as “a highly skilled and experienced driver. His appointment will be for four years.

From Olphen will not be easy. The investor of pension fund ABP suffer from low interest rates, making the same ABP is facing a lack of funding. That causes it can not meet the long term to its pension obligations. In the pension world is raging for some time been a debate about whether the system should be fundamentally revised, with the promise is released on the level of pensions.

Low interest rates

APG did not hedge the interest rate risk in the past, so now it has suffered from low interest rates. Followers sector argue that in the past was always sought the solution by asking politicians the discount rate – the interest rate that the coverage ratio is determined – to match. The investor of the ABP tapped a different tune, is also reflected in the profile of Van Olphen. Where Sluimers reputed to be an influential VVD Van Olphen Hague has no profile. He has spent his entire life working in the business world, including at SNS Bank and Achmea insurance cooperative in financial functions.

It was early in 2013 by the government parachuted to the then newly nationalized SNS Reaal. Under his leadership, the sick property arm is separate and put the rest of the company split into a bank and an insurer.

Those insurers, now operating under the name Vivat, last summer sold to the Chinese company Anbang. From Olphen intention was that the CEO would be Vivat, but China has sacked him after escalating conflicts over the degree of influence of the new shareholder and strategic direction of the insurer.

Smetje

From Olphen is Possible at his redundancy an anti-competition clause must sign and that’s why he can begin only in March at APG. Vivat-daughter Zwitserleven is indeed also in pensions. Furthermore, probably played a role which regulator DNB has conducted an investigation into the events surrounding his dismissal at Vivat. A blemish on his escutcheon is the fact that the sale of Anbang an accounting error from 700 million euros to emerged and the insurer was eventually sold for 1 euro to Anbang. That smetje prevented the selection of APG not to appoint him.