There's a great deal of news about the coronavirus at the moment. The board follows the developments closely and, if necessary, follows up on them. We are happy to share any relevant information with you.
To what extent does the news about the coronavirus impact on our pension fund?
The news about the coronavirus has far-reaching consequences for the financial markets. The value of the Staples pension fund's investments has also fallen as a result. So far, the effect on the current coverage ratio has been negative. However, policy is aligned with the policy coverage ratio. This policy coverage ratio is an average of the monthly coverage ratios of the past 12 months. The influence of the news about the coronavirus on the policy coverage ratio thus works through later and then only if the effect persists for a longer period of time.
What does this mean for my pension and survivor's pension?
At the moment, the news about the coronavirus has no affect whatsoever on your retirement pension, your accrued entitlements or the right to a partner and orphan's pension. Only if the policy coverage ratio of a fund is below the required level for a prolonged period, there could be a mandatory reduction of entitlements or benefits. Even on the basis of the current deep point, the Staples pension fund would not yet have to cut back in 2021.
What is the pension fund doing?
The strategic policy of your pension fund is focused on the long term. The composition of the portfolio takes as much account as it can of possible stress situations on the financial markets. For example, the pension fund spreads the risks and investments. Thus, at the moment, there is no reason for the fund's board to adjust the policy.
Is the continuity of the pension administration guaranteed?
The necessary activities of our pension administrator, the Blue Sky Group in Amstelveen, can be performed remotely by the employees involved, i.e. from home. Board and committee meetings can also continue as usual, but via online meetings and conference calls. This means that the pension fund is fully able to perform its tasks and satisfy its obligations, even under the current restrictions.
We believe it is important that you can contact us with any questions you may have. We have therefore made extra arrangements so that you can continue to reach us. Call us on: 020 426 63 20 between 8.30 am and 5 pm from Mon-Fri or send an e-mail to: firstname.lastname@example.org