Dutch pension fund Pensioenfonds Campina has completed the transfer of €1.25bn in pension liabilities to Zwitserleven, part of Athora Netherlands.
The deal, which has been approved by De Nederlandse Bank (DNB), includes approximately 9,000 participants, of which 6,400 are pensioners.
From July 2026, Zwitserleven will be responsible for paying pensions with guaranteed lifelong annual indexation equal to European inflation (100%HICPxT), alongside catch-up indexation.
Athora Netherlands explained the catch-up indexation compensates members for indexation missed in previous years.
The amount will depend on when pension accrual ended, with those whose accrual ended in 2008 or earlier eligible for up to 19% catch-up indexation.
Pensioenfonds Campina chairman Martien van den Hoven said the fund selected Zwitserleven because it offered "long-term security" for members.
“Furthermore, Zwitserleven offers a guaranteed and inflation-proof pension, and user-friendly portals that provide excellent overviews for the participants. The pleasant and professional cooperation with the Zwitserleven team has led to a smooth implementation process.
“We have benefitted greatly from the experience and capabilities of Zwitserleven to manage risks during the approval process, which contributed to securing this outstanding indexation result for our participants," he stated.
Athora Netherlands member of the Executive Committee, Annemieke Visser-Brons, added: “This transfer allows the participants of Pensioenfonds Campina to enjoy a lifelong insured pension from Zwitserleven.
"The catch-up indexation significantly increases the existing pension benefits and the guaranteed lifelong indexation will secure the purchasing power of participants in the future.”
The Campina transaction continues Zwitserleven's growing buyout business. Over the past two years, the insurer has reached agreements with 10 pension funds covering around €8bn in pension liabilities, all of which have been approved by DNB.
Most recently, in April, Stichting Pensioenfonds AT&T Nederland (SPAN) completed a buyout with Zwitserleven, transferring around 500 members and €170m in assets under management.
