APG’s pension fund clients not affected by Donner’s pension measure

As of 1 January, 12 to 14 pension funds will lower their pension benefit payments because they have been hit severely by the credit crisis.This means that the pensions of approximately 150,000 retired persons in the Netherlands will become lower and that the accrued pension rights of over 500,000 active participants will be reduced.Minister Donner of Social Affairs and the Dutch Central Bank (DNB) have announced this.

The pension funds for which APG works do not belong to the group of pension funds that are forced to lower accrued pension rights.Our pension fund clients submitted recovery plans last year, which were approved by the Dutch Central Bank.These recovery plans did not include a reduction of accrued pension rights in order to realise a financial recovery.

Date: 18-08-2010