NETHERLANDS - Dutch pension fund PME could be forced to cut pensions by up to 10% next year in order to meet the 105% funding level required by the government, the scheme has confirmed.
Spokeswoman Gerda Smits declined to provide further comment on the potential benefit cuts but said the pension fund is working on a draft of a recovery plan to present to the De Nederlandsche Bank, the Dutch pensions regulator.
The Dutch government last month agreed to extend the recovery period of underfunded pension plans to five years from three years in an effort to prevent such cuts.
All under funded schemes need to present a recovery plan by April 1.
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