PGGM denies deficit claim
PGGM, the E49bn pension fund for the Dutch healthcare and social work sector, has issued a statement denying claims in a Dutch newspaper that it is in deficit.
Dutch daily Het Financieele Dagblad printed incorrect coverage ratios for PGGM’s pension fund which imply a shortfall, the Dutch scheme says.
“According to the Het Financieele Dagblad the coverage_ratio of PGGM would have been 90% at the end of 2002 and 104% at the end of 2001. In fact the coverage ratio of PGGM is 106% at the end of 2002, and came from 124% at the end of 2001,” says the statement.