PME takes over €820m VCBV pensions
NETHERLANDS - The Dutch metal and electrotechnical engineering sector fund PME has taken on the pensions of VCBV in a deal that will see PME's assets grow to €20.5bn.
VCBV manages the pension rights of the numerous companies, including NedCar, Faurecia Automotive Seating, and PDE Automotive.
VCBV said it "no longer saw a secure basis for an independent future", and thus chose to join the industry-wide pension fund.
The pension rights, worth €820m will now be transferred to PME.
"For PME this means an even broader support in the sector," the fund said in a release.
The assets that are transferred to PME will continue to be managed by Mn Services.
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