A maximum of five pension funds will have to cut pay-outs next year because their reserves are not high enough, the central bank said on Monday.

The pension funds are small funds with a combined 30,000 members, the central bank said. They include the independent pharmacists’ fund and the culture sector pension fund.
The bank has been checking the relative positions of over 300 pension funds over the past few months to assess their financial situation. They had been ordered to submit recovery plans to the central bank in order to boost their assets.
Six funds had to cut pension pay-outs this year.