Almost 50 pension funds too late with plan
Almost 50 pension funds failed to meet last week’s deadline for submitting a recovery plan to the central bank.
Some 300 funds did hand in their plans to bolster their assets which have shrunk to below the official limits, the central bank said on Monday.
Pension funds have been given five years to boost their coverage ratios back to the required 105% – meaning they can meet all their pension obligations with a 5% margin.
The funds which have submitted plans all say they can meet the official coverage ratio without lowering pension pay-outs. Most have opted for a combination of freezing pensions and raising premiums, the Volkskrant reports on Tuesday.
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