Pensioenfonds Notariaat

Investment oversight sits with the board, chaired by Nienke Bijlholt and vice-chaired by Henk Panneman. The fund does not publicly name a dedicated CIO or external delegated advisor. Board members are appointed by the social partners: KNB, BMN, and VPN.

The fund does not publish a full asset allocation breakdown. Public records confirm direct holdings in Dutch residential real estate through Bouwinvest Dutch Institutional Residential Fund, commercial real estate via CBRE Global Investors, and a separate allocation to Altera Vastgoed. An infrastructure portfolio is also held with global exposure. Equity and fixed-income sleeves are not detailed in available disclosures.

The fund operates under a Dutch multi-stakeholder pension board model with equal representation from employers (KNB), employees (BMN), and pensioners (VPN). The chair is Nienke Bijlholt and the vice-chair is Henk Panneman, both nominated through the social partner structure. The Koninklijke Notariële Beroepsorganisatie (KNB) sets the underlying pension regulations.

The VPN, representing pensioners, has taken legal action against the fund over the planned transition to the new Dutch pension system under the Future Pensions Act. The dispute centers on the treatment of existing pension rights and the allocation of the fund's financial buffers during the transition. This litigation constrains the fund's ability to make strategic changes without court approval or settlement.

The fund is considered a closed-book or maturing plan. The Dutch notarial profession is consolidating, meaning the active membership base is shrinking relative to the retiree population. This demographic trajectory makes the fund cash-flow negative in contribution terms over time, a structural condition that drives its heavy allocation to income-producing real assets.