The Dutch branch of chemical giant Chemours is to place €330m of pension assets of its 475 workers with the consolidation vehicle (APF) of Achmea subsidiary Centraal Beheer.
In a press release, APF said that Chemours’ staff pensions will be housed in an individual compartment, which is to receive annual contributions of €7m.
Last summer, the pension fund announced it would move €820m worth of pension rights of its pensioners and deferred participants to Dutch insurer Nationale Nederlanden.
The pension fund said dividing pension rights of active participants on one hand, and deferred members and pensioners on the other hand across different managers, would make it easier to recover the inflation compensation in arrears for the two latter groups.
Frans van Dorsten, the pension fund’s chair, said Nationale Nederlanden would – in a one-off measure – compensate 91% of the indexation pensioners and deferred participants had missed so far.
In addition, the insurer will pay an annual indexation varying from 1.35% to 1.8%, depending on the pension arrangements for the deferred members and pensioners within the pension fund.
According to Centraal Beheer APF, the employer will pay €4m for additional inflation compensation for its workers.
Thier indexation perspective was already good as the pension fund’s coverage ratio was 130% when the deal with Centraal Beheer APF was concluded, according to the chair.
At the end of 2018, Chemours’s company scheme had €1.2bn of assets under management.