Holland Casino paid €4.3m to its scheme during consolidation move
Holland Casino contributed an additional €4.3m to its company scheme when it transferred to the general pension fund (APF) Stap last year.
The employer also paid Stap – founded by insurer Aegon and its subsidiary TKP – €120,000 to cover the transition costs, the annual report of the €1.5bn pension fund revealed.
Holland Casino said that the one-off, voluntary contribution had been agreed as the company would save money from its pension fund joining the APF. The amount agreed was the result of negotiations with the scheme’s board.
However, the company declined to make clear whether the contribution was linked to the scheme’s underfunded financial position, equating to a funding level of 103.2%.
The state-owned firm owns a chain of casinos across the Netherlands, with the profits going directly to the Dutch government.
The company has been at odds with trade unions about the transition to the APF since last year.
Both the unions and the company’s works council had claimed the transfer was happening without their approval, but this was rejected in court.
As a consequence, Holland Casino was able to continue with the transition of the pension fund, which has 3,600 active participants, last year.
APFs allow consolidation of legacy schemes under one manager, but with each scheme retaining its own compartment within the vehicle.