Pension giant ABP back on course
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Add as a favourite source on Google Add DutchNews as a favourite source on GoogleCivil service pension fund ABP managed to boost its reserves last year after they fell to less than government-required limits in 2008.
‘We have moved up again but remain cautious,’ Nos tv quoted fund chairman Ed Nijpels as saying. ‘You never know what is round the next corner. The financial markets remain fickle.’
The fund’s coverage ratio rose from 98% to 109% in the second half of the year but has now fallen back to 104% because of heavier pension responsibilities. ABP now expects to need an extra €11bn to fund pensions in the future because people are living longer.
ABP is one of the biggest pension funds in the world, with invested assets of around €200bn.
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