Stichting Pensioenfonds TDV

Investment decisions were overseen by the board, chaired by Willem J. Morkin RA. Board members included H.D. Panneman AAG, who serves as the Key Function Holder for Risk and holds board seats at two other Dutch pension funds, and A.M.J. de Bekker AAG. The fund's administrative contact point for day-to-day matters was the pension office in Deventer.

The fund is in liquidation and is not making new commitments. Its strategy was a managed wind-down of its matching-portefeuille and return-portefeuille. All pension rights and entitlements are scheduled to transfer to PME Pensioenfonds by January 1, 2026. No new capital calls or allocations should be expected.

PME Pensioenfonds is the target entity for the transfer of all pension rights and entitlements. PME is the large Dutch metal and technical industry pension fund. The transfer is slated to complete by January 1, 2026, after the board of TDV concluded it could no longer provide added value under the revised pension system.

The fund administered pensions for employees and beneficiaries of Trivium Packaging Netherlands and its legal predecessors. These included Thomassen & Drijver-Verblifa (TDV), Ardagh Metal Packaging Netherlands, Impress, Ardagh Services Netherlands, and Impress SSC. The fund's name derives from the original TDV packaging business.

Yes, the strategy included a fund-of-funds approach alongside direct buyout allocations, managed within a standard Dutch dual-portfolio structure. The matching-portefeuille was focused on LDI, while the return-portefeuille pursued growth. Specific underlying managers have not been publicly disclosed.

Board member H.D. Panneman AAG holds concurrent board seats at Pensioenfonds Notariaat and BPFV, providing governance interlock across multiple Dutch sectoral pension funds. The fund itself was a member of the Pensioenfederatie, the Dutch industry association for pension funds.

The board determined that the fund no longer offered added value in the revised Dutch pension system. The decision reflects a consolidation trend among smaller, single-industry Dutch funds, where scale is necessary to manage costs and regulatory complexity. The transfer to the larger PME Pensioenfonds operationalizes that decision.