GERMANY - Düsseldorf, the capital city of the German state of North Rhine-Westphalia, plans to launch a new pension arrangement for its civil servants.

Today the city confirmed earlier reports it has decided to launch a new arrangement, though a spokesman stressed Düsseldorf had not yet decided which vehicle, asset allocation and asset manager to use.

He added that these decisions have been postponed, and will addressed after the elections on August 31, which were called on following the death of the city's Lord Mayor earlier this year.

Düsseldorf has already set aside €741m for pensions, and plans to build up the new pension arrangement gradually with possible household surpluses.

The decision to set up a new plan for its civil servants is based on new bookkeeping arrangements, whereby the city switches to a new system of presenting and evaluating its assets.

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