BinckBank and Delta Lloyd partner on new pension plan

On-line banking company BinckBank N.V (Amsterdam:BINCK:EN) and Delta Lloyd announced today that they are launching a joint venture for group defined contribution pension schemes (second pillar).

The joint venture, named BeFrank, is a Contributory Pension Institution (Premiepensioeninstelling / PPI), a new type of pension administrator that enters the Dutch market, alongside insurers and pension funds.

The joint venture will be owned 50-50 by BinckBank and Delta Lloyd.

BeFrank said that it will enter the pensions market in its role as a new pension administrator offering low-cost but excellent services that enable employees to keep complete track of their pension accrual, costs online and the accrued capital on retirement date.

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