NETHERLANDS - Assets at Dutch pension fund Stichting Shell Pensioenfonds have reach €17bn according to recently released figures.
In a recently released newsletter to members posted on its website, the firm said €2bn of this growth had come from employer contributions with the remaining €5bn coming from investment returns "since the peak of the financial crisis".
Shell added the increase in the fund's assets had been offset by a significant increase in its liabilities from more than €13bn to around €15bn over the same period, it said. This was mainly attributable to longer life expectancy and a fall in the market interest rate, which the fund uses to calculate its liabilities.
The scheme's funding ratio is 113%.
The fund has also announced three senior hires as part of its move to improve its investment operations over the past year. Janwillem Bouma was recruited as managing director, Maurice Kemper joined as risk and investment office and Jelle Beenen was appointed external adviser.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.