mast image

Impact Investing

IPE special report May 2018

Sections

Dutch pension fund PostNL to split into two schemes

Related images

  • Post

Related Categories

The €6.3bn pension fund PostNL is to split into two schemes – one for the postal service and a new one for packet delivery firm TNT Express.

The development follows a new pension plan for workers of PostNL – in force since last January – which differs greatly from the pension arrangements for TNT Express employees.

The pension fund said a single scheme could no longer provide both plans.

For the new set-up, the assets will be proportionally shared between both pension funds, with approximately 5% allocated to the new scheme of TNT Express.

However, the division does not apply to the recent additional contribution of €150m by PostNL to improve the scheme’s funding by 2.5 percentage points.

This also goes for the conditional pledge of €300m to plug a funding gap of no more than 1.25% of liabilities over the next four years.

Last February, Peter van Gameren, chairman of the Pensioenfonds PostNL, told IPE sister publication FD-IPNederland that a limit to the premium or additional contribution at TNT Express was not applicable.

“The obligation to plug funding gaps is unlimited,” he said.

A number of investments, including property, will remain with the PostNL scheme, as a division of the ownership would not be desirable, the scheme said.

Instead, the balance between both schemes would be settled in cash.

The returns on investments between 1 January 2014 and the legal division of assets will be proportionally shared between the pension funds, PostNL added.

The current pension fund PostNL has approximately 99,000 participants, of which 31,840 are active members and 23,935 are pensioners.

The scheme’s funding was 112.4% at March-end.

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2436

    Asset class: Real Estate - Core Open-ended Real Estate Equity Fund (non-listed).
    Asset region: Asia Pacific.
    Size: Approx. CHF 70-100m per investment.
    Closing date: 2018-05-25.

  • QN-2438

    Asset class: High Yield Bonds.
    Asset region: US.
    Size: USD 300 million.
    Closing date: 2018-05-25.

  • RE-2441

    Closing date: 2018-05-31.

Begin Your Search Here