EMCC European Monitoring Centre on Change

MN

Company/Organisation:
MN

Geographic Location

Country: Netherlands
Region: Agglomeratie \'s-Gravenhage; Zuid-Holland; West-Nederland
Location of affected unit(s): The Hague

Company

Sector: Financial services
Financial and insurance activities
66.29 - Other activities auxiliary to insurance and pension funding
Number Employed: 1000

Employment Effects

Announcement Date: 26-11-2021
Planned Job Reductions min: 215
Planned Job Reductions max: 300
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-01-2022
Foreseen End Date: 31-12-2023

Additional Information

Dutch pension administrator MN is planning to cut more than 200 jobs in 2022 and 2023. Job destruction is related to the departure of metal pension fund PME as a client. Job losses are going to be in the pension management department, which is responsible for contacting members, granting pensions, and collecting and releasing payments. Moreover, jobs are being cut in the support services, including human resources, and secretarial services. The pension management department has already completed an advisory process with the works council. A social plan is in place and dimissed employees are to receive help to find another job.

During 2022, even MN’s insurance business is to be detached. This is to involve another 85 employees, which will be transferred to a new organisation called USR. The number of employees will drop from 1000 to 700 by the end of 2023.

MN is one of the largest pension providers and investors in Netherlands, with 175 billion EUR in assets under management, including pension assets.

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