Twenty pension funds set to slash pay-outs

Some 20 pension funds have told the central bank they intend to cut pension pay-outs because of their reserve problems, the Financieele Dagblad reports on Wednesday.

The figures are contained in the bank’s latest quarterly bulletin. A spokeman told the paper it was ‘small funds with a few members’ which were planning to cut benefits. No more details were made public.
Cutting pensions is seen as a last resort measure to bring reserves back up to the required levels.
A number of funds have already said pensions will not increase in line with inflation this year.
In total, 350 pension funds have submitted plans to the central bank to restore their reserves.

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