The KLM Flight Personnel pension fund has dropped its NLG100m (£27m) claim against KLM Royal Dutch Airlines.
This follows the receipt of NLG100m by KLM last year as a discount on its premium for the company pension scheme. At that time KLM and the fund had not yet reached any agreement on dealing with the surpluses and shortfalls in funding. When KLM and the unions recently signed an agreement providing this framework, the fund’s participants’ council saw no reason to further pursue the suit.
As part of the new permanent agreement, the system of charging a very high fixed annual premium of more than 45% is being replaced by a more flexible arrangement. Under the new system the level of the employer’s pension contribution is correlated with the fund’s financial position. If this is positive, then the KLM contribution drops. If less positive, then the contribution rises, with an obligation on the company to contribute more to enable the fund to meet its obligations.
By Janet Du Chenne
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