# Stichting Pensioenfonds TDV

Stichting Pensioenfonds TDV is a Pension Fund based in Deventer, Netherlands.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Deventer, Netherlands
- **Region:** Europe
- **Address:** Zutphenseweg 51, 7418 AH Deventer, Netherlands
- **Assets under management:** $680M (Altss estimate)
- **Website:** pensioenfonds-tdv.nl
- **LinkedIn:** https://nl.linkedin.com/company/stichting-pensioenfonds-tdv

## Regulatory record

- **Reports private funds:** No

## About

Stichting Pensioenfonds TDV administered pension schemes for current and former employees and beneficiaries of Trivium Packaging Netherlands and its legal predecessors, including Thomassen & Drijver-Verblifa (TDV), Ardagh Metal Packaging Netherlands, and Impress. The fund, based in Deventer, operated as a public pension fund linked to a concentrated industrial heritage in metal packaging manufacturing. The fund maintained a dual-portfolio structure typical of Dutch pension asset management, splitting assets into a matching-portefeuille for liability-driven investing and a return-portefeuille for growth. The strategy encompassed buyout allocations and a fund-of-funds approach. Governed by a board chaired by Willem J. Morkin RA, with board members H.D. Panneman AAG and A.M.J. de Bekker AAG, the fund made the strategic decision that it no longer offered added value in the evolving Dutch regulatory landscape. H.D. Panneman AAG concurrently serves on the boards of Pensioenfonds Notariaat and BPFV, embedding the fund in the tight network of Dutch pension governance. The fund plans to transfer its accumulated rights and entitlements to PME Pensioenfonds by January 1, 2026. The structural differentiator is its liquidation posture: Stichting Pensioenfonds TDV is an entity in orderly wind-down, not a going concern seeking new alpha. The transfer to PME Pensioenfonds represents a consolidation of a sub-scale, single-industry pension pool into the larger metal and technical-sector fund, a governance decision rooted in the revised Dutch pension system's push for scale. For external managers, this means a vanishing counterparty absorbing no new commitments.

## Sectors

- Buyout
- Fund of Funds

## People

- Willem J. Morkin RA — Chairman of the Board
- H.D. Panneman AAG — Board Member and Key Function Holder for Risk
- A.M.J. de Bekker AAG — Board Member

## Questions

### Who runs investment decisions at 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.

### What is the current investment posture of Stichting Pensioenfonds TDV?

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.

### What were the historical sponsoring employers of Stichting Pensioenfonds TDV?

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.

### Does Stichting Pensioenfonds TDV maintain a fund-of-funds allocation?

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.

### How is the board of Stichting Pensioenfonds TDV connected to other Dutch pensions?

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.

### Why is Stichting Pensioenfonds TDV liquidating?

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.

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Last updated: 2026-08-11T02:43:31.692Z

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