NETHERLANDS - Super de Boer has cancelled its service agreement with Pension Fund SDB as of January 1 2010, after failing to agree on a coverage ratio recovery plan, the Dutch supermarket group has said.
Super de Boer backed a balanced package of recovery measures - including additional premium contribution paid by the employer, premium increase for the current employees, annulment of indexation, adjustment of the investment policy, and the decrease of vested pension rights as of 2012.
However, Super de Boer did not reach an agreement with SDB on the package of measures to be taken and has cancelled the present service agreement as a result.
Super de Boer hopes to finalise a new service agreement for the current employees based on the present plan, for the period after January 1 2010.
The vested pension rights, for both active and non-active participants will remain with the Foundation Pension Fund SDB.
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