NETHERLANDS – Airline KLM’s three pension funds – worth a combined €9.2bn - returned between 10.7% and 12.3% in 2004.
The €3.7bn general scheme had a yield on investments of 12.3% while the €4.7bn pilots’ scheme, Pensioenfonds Vliegend Personeel KLM, gained 10.7%.
The €855m cabin-crew plan - Pensioenfonds KLM-Cabinepersoneel – returned 12.0%.
The difference in yields between the schemes is based on the fact that all have different investment portfolios.
The highest return was made by the real-estate portfolio, where the pilot’s pension fund reported a 21% yield, the cabin personnel pension fund 20.2% and general pension fund KLM 19.5%.
Equities reported between 14.1% and 10.5%, while bonds showed an average of 8.8%. As currency risks have been hedged, currency exchange changes had no effects on investment yields. KLM pension funds stated that there will be a full indexation of pensions as per January 1 2005.