Port services company Smit is planning to cut pensions to its 2,000 retired workers by 13.2%, various sources have told the Financieele Dagblad.

The Smit pension fund, which is one of 14 in the central bank’s danger zone, has some €200m under management.
Pensioners, including former executives, accuse the company of failing to top up the fund as pledged in the past. The paper says Smit had promised to put in extra cash to make up for ‘substantial withdrawals’ by the company in the past.
Smit is now owned by dredging giant Boskalis which is refusing to bail out the fund, the paper says.
If the pension fund management agree to make the cuts at a meeting on Thursday, legal action may follow.