Engineering fund cuts pensions after central bank pressure
Engineering pension fund PMT has agreed to lower pension payouts after all, after earlier defying the Dutch central bank and refusing to do so.
The fund had a coverage ration of 103.8% at the end of 2013, and that means pensions should have been cut.
The fund’s 120,000 pensioners will face a 0.4% reduction from May 1, news agency ANP says The PMT is the country’s third biggest pension fund.
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