Stichting Pensioenfonds ABP
| Foundation | |
| Industry | Pension fund |
| Founded | 1922 |
| Headquarters | Heerlen, Netherlands |
| Products | Pension, Financial Services |
| Total assets | €344 billion ($400+ billion) |
| Website | www |
Stichting Pensioenfonds ABP ("National Civil Pension Fund"), frequently referred to as ABP, is the pension fund for government and education employees in the Netherlands. For the quarter ended 31 December 2014, ABP had 2.8 million participants and assets under management of €344 billion ($388 billion, 1 EUR=1.13 USD), making it the largest pension fund in the Netherlands and among the five largest pension funds in the world as at September 2016.
ABP’s predecessor, the Algemeen Burgerlijk Pensioenfonds ("Dutch Civil Servants Pension Fund"), was established in 1922 following the adoption of the superannuation act, which regulated the pensions of civil servants. Originally, the pension fund was a government controlled entity that fell under the authority of the minister of home affairs in The Hague. In January 1996, ABP was privatized although its primary function remains unchanged.
Since 1 March 2008 ABP's subsidiary APG administers the ABP pension scheme.
ABP is headquartered in Heerlen, Netherlands. On 1 January 2015, Corien Wortmann-Kool took the chair as Chairman of the Board.
The pensions supplement statutory benefits such as the old age pension AOW, surviving dependents' pension, and incapacity benefits. If the participant stops working between the ages of 60 and 70, he/she will receive the ABP Multi-Option Pension. If the participant dies, his/her partner and children may receive an ABP Survivor’s Pension. If the participant becomes unfit for work, the government will pay incapacity benefits under the Work and Income (Ability to Work) Act (WIA); ABP can supplement these benefits with an incapacity pension.
Since 1 January 2004, ABP pensions are based on average salaries during the course of the pensioners’ careers. This is known as an average-salary scheme. As a transition measure, benefits accrued before 2004 are based on the salary on 1 January 2004. Only members of the armed forces now have pensions based on their final salaries
Both contributions and accrual of benefits are based on the salary minus a threshold (2008: €10,100 per year). The reason for the threshold is the fact that the pension is a supplement to the AOW, etc.
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