BELGIUM - The Belgian municipality Waarschoot has awarded Belgian bank insurer Ethias with a mandate to set up a pension fund for the council's managers, according to an official notification.
The fund, which currently only has €240,000 of assets under management, can be compared to a so called ‘Silver Fund', a spokesman for the council said.
The fund will act as a pension reserve fund in order to make provision for expenditures linked to the expected rise in pension liabilities.
There are only six members so far; however, the council decided to set up a proper fund as it wants to grow its assets for the future pensioners.
The council chose Ethias as it the firm proved to be the most economically advantageous tenderer. Tthere was no consultant involved.