Oil giant Shell put €2bn into its Dutch pension fund over the past three months, news agency ANP reports.
The cash injection was one of a package of measures to shore up the pension fund, which has been hit by the downturn in share prices. Smaller amounts will be paid into the fund over the coming quarters, ANP says.
According to the fund’s annual report, the value of its investments plunged 43% last year. The fund’s coverage ratio – the money it needs to meet its pension obligations as a percentage of assets – shrank from 180% to 80%.
The fund has therefore drawn on an old agreement with its parent company to help out in difficult times, ANP says. Both Shell and staff are also paying higher pension premiums.
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