GERMANY - Energy firm Rheinisch-Westfälisches Elektrizitätswerk (RWE) has set up a pensionsfonds for its retired staff, according to MandateWire.
The annual report 2007 stated: "RWE transferred certain benefit obligations to RWE Pensionsfonds. In the future, this non-insurance-based pension fund will be responsible for the corporate pension plan benefits for this group of beneficiaries."
RWE had set up a CTA at the end of March last year, to externally fund its liabilities.
Michael Weinholzer, head of retirement benefits, told MandateWire, 25,000 retirees were transferred and 10,000 more would be during the next two years, which meant more money would be transferred. However, it would be considerably less than €2bn (US$3.2bn).
Active members will remain in the CTA as, from a tax perspective, it is not attractive for the firm to have them in the pensionsfonds.
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