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BP (UK) is moving Dutch pension funds to Belgium

BP (United Kingdom), one of the world’s leading oil and gas companies, is moving 4,400 Dutch pension funds – good for EUR 1.2 billion – to Belgium. This will be the largest relocation of Dutch pension capital to Belgium so far.

Greater flexibility
“The main reason is flexibility”, says Hans Vanmeerten, professor of European Law at Utrecht University. “Belgium’s investment policy is less stringent, for example. The FSMA supervisor also acts on a more European level, while minimum requirements take into account any obligations.” A final asset is the ease with which a pan-European fund can be established in Belgium – and Flanders as a region.

Upcoming relocations
It’s thus no coincidence that more and more companies headquartered in the Netherlands are moving their pension funds to Belgium. According to Vanmeerten, at least ten enterprises are planning to do the same. These relocations of Dutch pension capital will further boost the local economy. They will lead to extra jobs, for example, and increased know-how concerning accountancy, risk management and the tax system.

Reported by
De Standaard
17 May 2016

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