Six of the 14-strong management board at engineering sector pension fund PME have lost their jobs following pressure from the central bank, the Financieele Dagblad reports on Friday.

PME is the fifth biggest Dutch pension fund and had farmed out its asset management to MN Services in 2007, under the supervision of the board, the paper said.
But after making heavy losses during the credit crisis, the central bank concluded that the board is not doing its job properly and called for change. It is the first time the bank has taken such steps against a large pension fund, the paper says.
PME chairman Ronald van Vliet told the paper the central bank did not explicitly state that some board members must go. ‘Our board had already realised we needed more grip on our investments,’ he was quoted as saying.
PME has assets of €21bn and 700,000 participants. The board is made up employer, union and independent members.