The Brussels International Airport Company (BIAC) – formed two years ago from the privately owned Brussels Airport Terminal Company (BATC) and state owned Regie des Voies Aériennes (RVA), has created a first pillar pension fund to cover BFr3.6bn (E90m)of pension liabilities transferred to the group at the time of the merger.
And the fund is currently tendering for two or three managers to invest the assets, which will eventually be upped to BFr4.7bn.
Patrick De Block, treasurer and manager of the BIAC pension fund, comments: “With the merger, BIAC took over the pension liabilities of the statutory workers of the state owned company RVA – a total of about 600 active workers.
“To manage these liabilites we have created the pension fund and we are still busy with the set up.
“We are carrying out a tender process at the moment which was published at the beginning of June.
He adds that investment will be made internationally: “I don’t think it makes sense to invest solely in Belgian equities today – the market is too small and we are talking about Europe now.”
De Block says the BFr3.6bn is the figure of the fund’s actual liabilities (ABO), with the projection (PBO) for benefit obligations amounting to BFr5.2bn.
“BIAC will probably fund the pension fund to around BFr4.7bn with the remainder coming from the investment of the assets.”
The fund is a solely employer- funded collective investment arrangement.
However, BIAC is not liable for the legal pension arrangements of its contract workers, which are covered by the state pension and a second pillar insurance arrangement with premiums paid by employers and employees.

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