Supermarket group ditches pension fund

The Super de Boer supermarket group is to ditch its pension fund from January 1 2010 because of disagreements on how the fund should bolster its assets.

The fund’s coverage ratio has slumped to 86% it now has to submit a recovery plan to the central bank.
Super de Boer said it favoured a balanced approach to recovery which would involve a premium hike for employers and workers, a pension freeze and a change in investment policy.
But the fund’s plan laid too much emphasis on the role of Super de Boer and its workers, news agency ANP said. A spokesman pointed out that just 15% of the workers the fund covers are employed by the supermarket group.

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