Civil service pensioners may face a second pension cut

There is a ‘substantial’ chance that pension fund ABP will have to cut payouts for a second time this year, the civil service fund said on Wednesday

ABP, one of the biggest pension funds in the world, reduced payouts by 0.5% earlier this year. But with a current coverage ratio of 100% and a target of 104% by the end of 2013, further cuts cannot be ruled out, the fund said.

ABP represents some 2.8 million pensioners and civil servants and has €292bn in assets under management.

This year, an unprecedented 68 Dutch pension funds have been be forced to make cuts, affecting 5.8 million pensions.

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