NETHERLANDS - PH&C, the €2.2bn pension fund for the Dutch hotel and catering sector, has granted its participants an indexation of 3% next year.
This one-off payment will apply to all of its 700,000 active participants, deferred members and pensioners, the industry-wide scheme said.
Horeca & Catering has a policy of conditional indexation, which makes the correction for inflation dependent on its actual financial position. In 2007, the scheme granted an indexation of 3.6%, compared to 1.25% in 2006.
The pension fund's coverage ratio was 144% at the end of last year. Based on the new financial assessment framework nFTK, a funding ratio of at least 130% allows for full indexation.
PH&C announced last week an accountability body will replace its participants' council from January 1 2008. The new organ will oversee the governance of the pension scheme for all participants.
According to the scheme, the accountability body's task is to advise the board and judge its decisions, as well as its choices for the future.
This new body will consist of five employers' representatives, eight members on behalf of the workers and two for its pensioners and deferred members.
PH&C has approximately 30,000 affiliated companies.
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