The Staples Pension Fund is what is known as a closed fund. No new employees have been registered by the employer with the fund since 1 January 2015, and with effect from 1 July 2018 all scheme members will accrue pension in a defined contribution scheme with a different pension provider. The pension accrued until 1 July 2018 will remain with the pension fund.
Continuation of independent existence
A closed pension fund can also continue to exist independently. There will be no further contributions coming in, but the liabilities will also decline. The pension assets are expected to generate an investment return sufficient to pay the pensions (including indexation, if all goes well). A contracting and closed fund is exposed to a number of specific risks.
The board has extensively considered these risks and formulated a vulnerability matrix on the basis of its analysis. This includes all the relevant risks that could affect the vulnerability of the pension fund with respect to the possibility that continuation would no longer be in the interests of the stakeholders and the fund would no longer be able to continue as an independent entity.
The board uses the vulnerability matrix to evaluate regularly whether the best solution for all stakeholders is to continue as an independent pension fund and/or whether another form needs to be chosen. The fund could for example move to a sector pension fund, a General Pension Fund (APF) or an insurer. A combination would also be possible in principle.
An independent pension fund is the best option
After careful and balanced consideration of all interests, the board's conclusion remains that the best option is to continue as an independent pension fund. That may change in the future. The future of the pension fund is and will remain a fixed item on the board's agenda. The board will keep all participants informed of new developments.