Corporate pensions to reflect stock exchange movements

Unions and employers have agreed to allow corporate pension scheme payouts to vary in line with stock exchange developments, the Telegraaf reports on Tuesday.

And while pensioners will be able to opt for certainty, this will be reflected in sharply lower pensions the paper says.
The paper bases its claims on sources involved in the talks. Over the next few months, unions and employers will agree to setting up new pension contracts for almost all workers and current pensioners.
New pensioners

It is still unclear what form the new contracts will take or how current pension rights will be transferred to the new system, the paper says.
The new contracts follow on from the union and employer package to increase the state pension age to 66 which was agreed before the summer.
The first stage in making the switch to share price related pensions is that the government adopts the agreement wholesale, FNV union negotiator Peter Gortzak was quoted as saying.

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