NETHERLANDS - PGGM, the e57bn Dutch pension fund for social and healthcare workers, will hike the contribution rate next year to 15.5% of gross salary.
The FLEX pension (pre-pension) contribution accounts for 4.9% of this total, PGGM said.
“Although PGGM achieved good investment results in 2003 and the firs nine months of this year, an increase in the contribution rate is still needed in order to replenish the financial reserves after the disappointing returns in 2000 – 2002,” the fund said in a statement.
“Rate increases are an element of the recovery plan which PGGM submitted, in common with other pension funds, to the Pensions and Insurance Supervisory Board of the Netherlands (PVK) in 2003.”
PGGM aims to increase the cover ratio to 120% by 2012. Pensions in payment will remain unchanged in 2005.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.