Pension fund for Dutch film industry to merge with €3.4bn PNO Media
NETHERLANDS - The €200m pension fund for the film and cinema industry (BPF Film) will liquidate itself and merge with the €3.4bn pension fund PNO Media.
Meanwhile, Media Pensioendiensten (MPD), the provider of the large media scheme, has taken over the pension provision and assets of BPF Film, it said.
BPF Film said it decided to wind up after a strategic re-orientation.
By joining PNO Media, BPF Film's pension-provision costs will fall, and part of its mandatory financial buffer for provisions costs will become available, according to its chairman, Ron Sterk.
He said that part of these assets had been used to increase pension rights and benefits for BPF Film participants by 5% from 1 April.
Another part of the assets has been set aside in case pension rights need to be cut next year.
BPF Film saw its coverage ratio drop to 98.3% at year-end, falling short of its five-year recovery plan from 2009.
Sterk said: "The merger will also enable us to carry on with a mandatory pension plan for the film and cinema sector."
Henk Baard, chairman at PNO Media, said BPF Film and its participants were an "excellent" match for the media scheme.
He said the merger would enhance PNO Media's position as the pension fund for the media sector, taking its assets under management to €3.6bn.
The Bedrijfstakpensioenfonds voor het Film-en Bioscoopbedrijf has 2,540 active participants, 8,195 deferred members and 1,395 pensioners, as well as 127 affiliated employers.