NETHERLANDS - Kas Bank will implement the 'levensloop', or life course, scheme of the industry-wide pension fund for the printing industry, or the Grafische BedrijfsFondsen, as of January 1 2006, the scheme has announced.
However, in the longer term GBF - the executory body for the pension fund of the printing industry - wants the implementation of the levensloop scheme under its own roof as well, it indicated.
"At the moment, we are preparing an application for a licence for the management of investment funds with regulator Authority Financial Markets", GBF spokesman Theo Vlach said. "Because a decision on the license can take up to a year, the contract with Kas Bank is for an indefinite period".
After the AFM has granted a licence, Kas Bank will transfer the levensloop assets to GBF. In the meantime, GBF will remain the information centre on levensloop for the printing industry, it said in a statement
Kas Bank will pay a rate of 4.3% interest on the levensloop savings for the time being, GBF added.
GBF is implementing the pension scheme for approximately 3.000 employers and 59,000 workers. It has assets under management of €7.3bn.
The 'levensloop' is a new tax-friendly savings scheme, meant to discourage early retirement. It allows workers to save for unpaid leave, including early retirement.