mast image

Special Report

Impact investing

Sections

Dutch roundup: Gasunie, Chevron, ASR, TNO, ING Bank, NN Group

Related Categories

The €1.5bn Pensioenfonds Gasunie has announced that it expects to grant its workers an indexation of 1.5% this year.

It warned, however, that maintaining this level of indexation over the coming years looked unlikely. 

The scheme’s active participants, based on the collective labour agreement, are entitled to an indexation based on the salary index, equating to approximately 2%. 

The pension fund, however, argues that the indexation reserve of €22.3m – set up by participating employers in 2013, with the introduction of new pension arrangements – is too small to achieve full inflation compensation.

<

It said it will focus instead on the consumer index, although it warned that granting indexation on this basis in future would be “very difficult”.

The board said deferred participants and pensioners would be ineligible for inflation compensation, as the pension fund’s funding of 105.5% at year-end was insufficient.

In other news, the Dutch pension fund of energy giant Chevron, which transferred its accrued assets to insurer ASR at the end of 2014, has negotiated full indexation in arrears of up to 6.34%, drawn on its coverage ratio of 127%.

ASR also agreed to increase the regular indexation of 80% “slightly”, according to the Chevron scheme’s website.

The pension fund, which is now in liquidation, had assets of €370m and offered final salary arrangements.

At ASR, pensions accrual follows the consumer index.

Meanwhile, the €3bn pension fund of technical research institute TNO is to increase pension rights by 0.05% for all of its participants, based on a funding of 111.7% at year-end.

The TNO scheme follows the consumer index, which does not take taxes or levies into account.

Lastly, the new collective defined contribution schemes of ING Bank and NN Group are to grant an indexation of 0.19% and 0.20%, respectively, based on the consumer index.

Earlier, the Pensioenfonds ING said participants and pensioners at ING Bank and NN Group would receive indexation of 1.25% and 0.5%, respectively, drawn on salary developments.

It had already granted all deferred participants and pensioners at ING Bank and NN Group, who are subject to the consumer index, an indexation of 0.44%.

 

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2548

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 300-400m.
    Closing date: 2019-07-30.

  • QN-2549

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 300-700m.
    Closing date: 2019-07-30.

  • QN-2550

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2551

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2552

    Asset class: Fixed Income, High Yield (Active).
    Asset region: High Yield (US).
    Size: CHF 500-600m.
    Closing date: 2019-07-29.

  • QN-2553

    Asset class: Fixed Income, High Yield (Passive or Passive Enhanced).
    Asset region: High Yield (US).
    Size: CHF 500-1'100m.
    Closing date: 2019-07-29.

  • QN-2554

    Asset class: Global Real Estate (Equity, unlisted Funds).
    Asset region: World (ex-Switzerland).
    Size: CHF 200 mn (potential for further growth).
    Closing date: 2019-08-07.

  • QN-2555

    Asset class: Real Estate.
    Asset region: European.
    Size: EUR 50 - 100 million.
    Closing date: 2019-07-22.

  • QN-2556

    Asset class: FX Hedging.
    Asset region: Global.
    Size: Mandate size of CHF 1.5 bn.
    Closing date: 2019-08-09.

  • QN-2557

    Asset class: All/large Cap Equities.
    Asset region: China A-shares.
    Size: Unit linked platform (0m USD in initial investment).
    Closing date: 2019-08-01.

Begin Your Search Here
<