NETHERLANDS - TPG, the Dutch postal and logistics operation, is injecting a further e37m into its pension fund in order to shore up the funding level after a period of poor investment returns.
In 2002, the pension fund sustained -9.9% returns and its assets fell from e3.1bn to e2.7bn, according to the company’s half year financial statement.
Taking into account the additional contribution made by TPG in 2003, the coverage level at the end of 2002 has been calculated at 106.4%, a decrease of 17.8% compared to the end of 2001.
Tanno Massar, spokesman for TPG said that the additional e37m contribution increases the financial comfort of the pension fund, which aims to have a coverage level of 110%.
As of 31 December 2002, 35.3% was invested in equities, 10.9% in real estate, 53.7% in fixed interest securities and 0.1% in cash and cash equivalents.
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