NETHERLANDS – Schootse Poort, the manager of Koninklijke Philips Electronics’ 12.5 billion euros in pension assets, has changed its name to Philips Pensions Competence Center.
“As from 1 June 2004 the name of Schootse Poort Holding BV has changed into Philips Pensions Competence Center BV,” the Eindhoven-based arm said on its web site.
Earlier this year the Dutch electronics giant predicted a 1.2 billion-euro cut in benefit obligations – as well as ongoing savings – as a result of a shift to average-salary pensions agreed earlier this year.
Philips reached an agreement in principle with Dutch trade unions on January 30 - which was ratified by the union and the trustees of the Philips Pension Fund on March 31.
And earlier this year it emerged that the fund was targeting an allocation of 38% equities in 2004 - down from 46% in 2002.
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