NETHERLANDS - The €142m pension fund for midwives has granted its participants an indexation of 2% for 2009 despite a cover ratio of 101%.

The Stichting Pensioenfonds Verloskundigen still can afford such a compensation for inflation, because it had built up a financial reserve for this unconditional indexation, a spokesman pointed out.

That said, the occupational scheme won't grant any additional indexation this year, after paying a total of 3% during each of the past ten years, he added.

The indexation applies to all the scheme's 2,900 participants, who include 369 pensioners and 752 deferred members.

According to a spokesman, the midwifes' scheme has gradually hedged its interest risk to its strategic goals of 50%.

Meanwhile, the €9bn pension fund for the printing and publishing industry (PGB) announced not to grant indexation as its funding ratio has dropped to 96.3% at November-end.

In addition, PGB has raised its contributions from 17% to 19.5%.

Anticipating the recovery plan, which it must submit to pension regulator De Nederlandsche Bank, the industry-wide scheme has decreased its equity allocation by 8% to 35%, it made clear.

The scheme for the printing industry also raised its interest hedge from 60% to 75%, while continuing its full currency hedge.

The pension fund also raised its interest hedge, while continuing its currency hedge.

Last year, PGB granted its participants an indexation of 1%, as well as a 1.09% to make up for lost indexation during previous years. So far, its participants have not received 3.85% of indexation in total, the scheme said.

Elsewhere, the €6bn pension fund for retail staff also made clear not to have the financial margin for a compensation for inflation. The scheme declined to provide further details for now.

The Stichting Pensioenfonds voor de Detailhandel has 870,000 participants and 30,180 affiliated employers.