Stichting Pensioenfonds Autoriteit Financiële Markten

Stichting Pensioenfonds Autoriteit Financiële Markten

Stichting Pensioenfonds Autoriteit Financiële Markten served as the industry-wide pension scheme for employees of the Dutch Authority for the Financial Markets (AFM). The fund was established to provide retirement benefits to the staff of the Netherlands' financial conduct supervisor, operating under the oversight of De Nederlandsche Bank as the prudential regulator. Following a strategic decision to de-risk, the fund's board opted for a collective value transfer, moving active pension liabilities and the majority of investment assets to a professional insurer. The fund's current deployment is a fraction of its former self. Post-liquidation, the asset pool split largely into two buckets: a direct real estate holding — an office building at Vijzelgracht 50 in Amsterdam that once housed AFM operations — and a residual portfolio of liquid investments managed to fund the remaining run-off obligations and administrative costs. The fund no longer commits to new alternatives, private equity, or hedge fund strategies, operating instead in a capital-preservation mode consistent with a closed entity. Team governance now sits with the AFM's own leadership, specifically Chair Laura van Geest and board member Jos Heuvelman, rather than a dedicated independent pension board. The fund maintains membership in the Pensioenfederatie, the Dutch pension fund trade body, though its engagement is limited to regulatory compliance and sector representation for the closed fund. The liquidation process was completed under the supervision of De Nederlandsche Bank, which continues to monitor the residual entity. Structurally, the fund is unusual — not because of mandate but because of life-cycle stage. It is a pure run-off vehicle within a regulator's own house, creating a governance structure where the sponsor, asset owner, and former regulator of Dutch pensions all intersect. The fund's remaining purpose is strictly administrative: managing the lease of its Amsterdam property and distributing final benefit payments until the last obligation extinguishes.