At least 14 pension funds to cut payments, Gapgemini worst hit

Fourteen Dutch pension funds are to cut payouts to pensioners this year after failing to boost their assets sufficiently, Nos television says.

The biggest losers are people with a pension from business consultancy Capgemini which is warning the cut may be as much as 10%, Nos says. Capgemini already reduced its Dutch pensions by 7% last year.

Engineering sector fund PME said earlier on Wednesday it would cut its pensions by 0.5% this year, following a 5.1% cut in 2013.

Pension funds were supposed to brief the central bank on their plans on Wednesday.

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