Campagne, the €345m pension fund for 19 companies affiliated with the former Cebeco Group, has said it plans to liquidate itself and transfer accrued pension rights to PGB, the €13.7bn scheme for the Dutch graphics industry.
PGB will also take over new pensions accrual for a number of employers, but other employers have chosen five different insurers or pension funds for new accrual, according to Aart-Jan Baaijens, director at Campagne.
He said he could not provide details of the five other providers.
Campagne, which had to cut pension rights by 7% last year, ended 2013 with preliminary funding of 95%, well short of the required minimum of 104.3%.
A second discount will be settled with PGB, which has already taken over Campagne’s assets, Baaijens said.
Until 1 January, the pension fund served 1,750 active participants, almost 3,000 deferred members and 1,800 pensioners.
According to Baaijens, Campagne initially considered a co-operation with a multi-company scheme, but its search was in vain.
He said the scheme concluded that joining a single industry-wide pension fund would be impossible due to differences among its 19 affiliated companies.
Over 2013, Campagne increased contributions to its defined benefit plan by 30% to 25% of the pensionable salary, while lowering the annual accrual for its collective defined contribution plan from 2.23% to 1.8%.
The coverage ratio of PGB at year-end was approximately 104.8%.