Financial position
Shell Asset Management Company (SAMCo), the organisation responsible for managing the Pension Fund’s assets, informed the Members’ Council about the Pension Fund’s financial position and the situation regarding additional contributions by the employer. The Pension Fund expects De Nederlandsche Bank (DNB) to approve its recovery plan in the near future. [Has since been received, see press release dated July 15, 2009.] Requests for Advice
Both the Attachment to Regulations V (tables) and the Dutch Actuarial and Operating Memorandum (Actuariele en Bedrijfstechnische Nota, ABTN) need to be amended. The Members’ Council’s advice was requested for both amendments. The Appendix has to be amended by July 1, 2010. New life expectancy tables have been published: these mathematical tables contain data on death and survival patterns within a population. The implementation of the new mortality tables has led to changes in the factors used to make calculations relating to early retirement, conversion and high/low, etc. The ABTN has to be amended in the near future to bring it into line with the recovery plan. The Members’ Council will issue advice on both these matters. Parallel pensions
The Manager gave a presentation on parallel pensions. The amount deducted for retirees entitled to a foreign state pension will only be calculated once, i.e. when the foreign state pension starts being paid out. The deduction is currently adjusted twice a year according to the exchange rate. This is important for state pensions that are paid out in Pounds Sterling or Swiss Francs, for example. Only a small number of retirees receive a parallel pension, and the changes and their consequences will be explained in a separate letter sent to each retiree. Communication
The Pension Fund is currently drawing up its third newsletter for participants, former participants and pension beneficiaries. It will provide details of the additional contributions made by the employer, as well as background information about the recovery plan and its consequences for indexation. The next meeting between the Members’ Council and the Manager will be held on Wednesday September 23, 2009.
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