Linde Gas fund to join printing scheme PGB

The €220m pension fund of chemicals company Linde Gas Benelux is considering fully joining the €19.3bn printing industry scheme PGB. 

The scheme’s decision in principle followed a new collective labour agreement (CAO), which the company had concluded with the unions, it said in a statement on its website.

As a result of this agreement, accrual for future benefits shifted to PGB from the beginning of January. 

However, in order to make a balanced decision, the scheme’s board is also looking into other options for the existing pension rights, it said in a clarification of its position.

At PGB, Linde Gas would fall within in the group of chemical and pharmaceutical companies. The sector has been part of the pension fund’s remit since 2012.

Other companies in this category that have placed their pensions with PGB are Teijin Aramid and Corbion, a supplier of bakery products, formerly known as CSM.

Over the past several years, PGB has absorbed almost 30 smaller company schemes, and has increased its sphere of influence repeatedly.

However, last year, Jetta Klijnsma, state secretary for social affairs, requested PGB exercise restraint in its expansionary efforts.

Schiedam-based Linde Gas Benelux is a supplier of gases for industry and the medical sector. It is part of German multinational company Linde Gas. 

At year-end, the coverage ratio of the Linde Gas scheme was 104.3%. It has approximately 2,400 participants, of whom 1,000 are pensioners and 650 are active members.

In other news, the new industry-wide scheme for the dairy sector (BPZ) said it would outsource its administration, board support and pensions communication to Syntrus Achmea Pensioenbeheer, months after social partners agreed to the launch of the fund to secure a “better deal” for workers.

“Syntrus responded the best to our wishes, and also offered the best ratio between price and quality,” Arnold Jager, chairman of BPZ said.

“Starting up a new pension fund is quite complicated, and Syntrus has offered excellent assistance. Therefore, we are confident about our future cooperation.”

Michel Tanis, director of Syntrus Achmea Pensioenbeheer, said that the “lean & mean setup of the new pension fund would allow for a very cost-efficient provision”.