NETHERLANDS - Dr. Ronald Ketellapper will become the new director of pensions at Grafische Bedrijfsfondsen from 1 June, the investment and administration operation behind the €8.5bn industry-wide pension fund for the printing and publishing industry.

The role had been filled temporarily by Rob van Leeuwen, chief operating officer at the pension fund, but Ketellapper is leaving his role as director-general of Erasmus Insurance, now a part of Delta Lloyd Insurance, where is responsible for the life insurance business among other duties.

In his new position, Ketellapper will look after the pensions administration, customer serices, communication and governing board support associated with the pensions and portfolio management of the pension fund for graphic design companies (PGB).

Further information available on GBF's website reveals PGB had a cover ratio of 97% by the end of March, so the scheme has submitted a recovery plan to DNB to explain how it will pull back its buffers to the required 120% funding level within 15 years.

The fund did begin to reduce its equity holdings in 2008, in a bid to limit the potential risk against volatile markets as well as counter decreasing interest rates, by investing in infrastructure, water and energy investments.

PGB has approximately 50,000 active participants and 34,000 pensioners, while approximately 2,900 employers are associated with the pension fund.

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