Dutch pension fund manager APG cuts up to 1,200 jobs

AMSTERDAM, ‌Dec 9 (Reuters) - Dutch pension fund manager ‍APG ‌will cut up to 1,200 jobs through ⁠2030, it said ‌on Tuesday, reducing total headcount by a third, as it aims for lower costs ⁠in line with sweeping reforms of the sector.

The ​reorganisation would reduce employment to around ‌2,500 jobs by ⁠the end of the decade.

APG manages the investments of ABP, the largest ​pension fund in the Netherlands with assets worth 590 billion euros ($686 billion).

Under an overhaul of the Dutch 1.45 trillion ​euro ‍private pension industry, ​Europe's largest, which was announced in 2023, funds are shifting from guaranteed benefits, meaning a guaranteed level of income for the pensioner, to a "defined contribution" system.

Proponents ⁠say this will yield better results, though opponents have warned ​of the risks it introduces because pensions will depend on the performance of financial markets.

Funds have until ‌2028 to make the transition.

($1 = 0.8599 euros)

(Reporting by Bart Meijer; editing by Barbara Lewis)