Millions of Dutch retirees may soon face a reduction in their pensions, the large pension funds warn in their quarterly reports. Time is running out in particular for metal funds PME and PMT. There seems to be small chance that they will get their financial position in order in time to prevent cuts, NU.nl reports.
Bad news for Dutch pensioners. A bad fourth quarter of 2018 deteriorated the financial position of a number of large pension funds, which means that they may have to lower the pensions of many Dutch retirees in 2020 or 2021, ANP reports.
Pension investors ABP and Aegon together invest more than a billion euros into polluting oil sands. Insurer NN Groep and pension fund PFZW together invest 119 million euros in this sector, according to research by environmental organization Greenpeace, the Volkskrant reports.
Nearly all shareholders of Shell voted against a resolution by action group Follow This on Tuesday. The resolution called on Shell to impose stricter environmental targets. Almost 95 percent of the cast votes were against the resolution, ANP reports.
The financial position of the five largest pension funds hardly changed in the third quarter, meaning that four out of the five still have a funding shortfall. This final quarter of 2016 will reveal whether the funds will have to lower pensions next year
Some 7 million workers and pensioners may well see their pensions reduced next year. The financial situation of the large Dutch pension funds dropped to critical last month, according to figures released by Aon Hewitt on Tuesday
Dutch pension fund ABP invested nearly one billion euros in companies that produce parts for nuclear weapons over the past three and a half years. This makes the pension funds for civil servants one of the biggest Dutch investors in nuclear weapons.
Travelers in Amsterdam and Utrecht had to struggle through Thursday morning's rush hour without public transport. Public transit employees in these two cities are striking between 5:00 a.m. and 8:30 a.m. The strike affected buses, trams and metros.
Two-thirds of Dutch pension funds, including 4 of the 5 largest funds, are in so much financial trouble that they will have to submit a recovery plan to De Nederlandsche Bank. This involves 160 of the approximately 250 pension funds in the Netherlands. For many of these funds, this will be the second recovery plan they submit.
The financial position of major pension funds deteriorated over the first quarter. Low interest rates are resulting in lower returns on investments made by the funds, reports the newswire ANP.
Pensions of 2.8 million people held by ABP will not be increased in 2016. The chances of any increase in the first several years following are very limited, the new chairman of ABP, Corien Wortmann-Kool, told the newspaper NRC.
On Thursday the Dutch pension funds made the numbers of the third quarter public. In general the degree of coverage increased and there is now some hope that pensions will not be cut down next year.
According to the law, the pension funds must have a degree of coverage higher than 105 percent. This is to assure the retired people that their pension can be paid and that they can live on the same standard as usual. Is the degree of coverage lower than the said level than the pension funds can announce that they will pay less in the next year.
The financial position of the major pension funds in the Netherlands has deteriorated over the past 3 months. Millions of people need to be aware that their pensions might be (again) reduced next year.
The funds were affected by the developments in the financial markets.