Dutch chemical firm DSM creates €5bn pension fund
THE NETHERLANDS - The Dutch chemicals group DSM has merged its two existing pension schemes into a new €5bn entity called DSM Netherlands Pension Fund (Stichting Pensioenfonds DSM Nederland or PDN).
The new fund covers all of DSM's employees and is 148% funded with liabilities amounting to €3.5bn.
Merging the DSM-Chemie Pension Fund (Stichting Pensioenfonds DSM-Chemie) and Pension Fund Gist Brocades (PDN) is the final step following the acquisition of Gist Brocades a few years ago.
Elsewhere, the Foundation Circle of Pension Specialists (Kring van Pensioen-Specialisten) has appointed Rob Geeraets as member of the board of KPS. He will hold the position of treasurer.
At the same time, KPS has appointed Ad van Hulst and Jacques Baas as members of the board, which had become necessary following the departure of RWM Hoeks and R de Mooij. KPS also said that the board will be expanded with the appointment of Max Bogaard, who became director of KPS in 2004.
KPS is a foundation for pension specialists and operates as an organisation acting as lobby and as a forum for discussion with politicians, civil servants and other policy makers. The foundation holds a membership of more than 360 members, such as representatives from the legal and financial sectors, pension managers, pension organisations and consultants.