ING and trade unions finalise pension scheme for employees in the Netherlands
(Thomson Reuters ONE) -
ING announced today that it has finalised its agreement on a new pension scheme
for employees in the Netherlands, following acceptance of the new scheme by both
the unions and their members. The new pension scheme will take effect on 1
January 2014 and will apply to the 19,000 staff members in the Netherlands of
ING Bank and WestlandUtrecht Bank as well as to the 8,000 staff members in the
Netherlands of Insurance/Investment Management (IM). Under the agreement, two
new and separate pension funds will be created, one for Banking and one for
Insurance/IM.
As announced on 1 June 2012, the key elements of the new scheme are:
· ING contributes a yearly pre-defined premium to the funds. The
employee contribution to the new scheme will gradually increase to one-third of
the base pension premium
· The minimum salary level at which pensions are provided will be
lowered to EUR 15,000.
· Pension benefit will be based on average wage over period of
employment with a 2% annual accrual rate.
· The Pension funds, not ING, will bear responsibility for funding
adequacy; ING Bank and Insurance/IM to pay an additional risk premium.
· Responsibility for inflation indexation will move to the new funds.
· Standard retirement age will be raised to 67.
As of the start of the new Defined Contribution Plan on 1 January 2014, the
current Defined Benefit Plan will stop accruing new pension benefits. Accruals
built up under the Defined Benefit Plan up to that date will remain valid. The
change to a new pension scheme will result in a release of provisions previously
taken by ING to cover estimated future liabilities in the existing Defined
Benefit Plan that are now no longer required. This release will amount to a one-
off after-tax gain of approximately EUR 300 million, which will be reflected in
the second quarter results, to be published on 8 August 2012.
Media enquiries Investor enquiries
Carolien van der Giessen Alexander Mollerus
+31 20 5766386 +31 20 5766310
Carolien.van.der.Giessen(at)ing.com Alexander.Mollerus(at)ing.com
ING PROFILE
ING is a global financial institution of Dutch origin, offering banking,
investments, life insurance and retirement services to meet the needs of a broad
customer base. Going forward, we will concentrate on our position as an
international retail, direct and commercial bank, while creating an optimal base
for an independent future for our insurance and investment management
operations.
IMPORTANT LEGAL INFORMATION
Certain of the statements contained in this document are not historical facts,
including, without limitation, certain statements made of future expectations
and other forward-looking statements that are based on management's current
views and assumptions and involve known and unknown risks and uncertainties that
could cause actual results, performance or events to differ materially from
those expressed or implied in such statements. Actual results, performance or
events may differ materially from those in such statements due to, without
limitation: (1) changes in general economic conditions, in particular economic
conditions in ING's core markets, (2) changes in performance of financial
markets, including developing markets, (3) consequences of a potential (partial)
break-up of the euro, (4) the implementation of ING's restructuring plan to
separate banking and insurance operations, (5) changes in the availability of,
and costs associated with, sources of liquidity such as interbank funding, as
well as conditions in the credit markets generally, including changes in
borrower and counterparty creditworthiness, (6) the frequency and severity of
insured loss events, (7) changes affecting mortality and morbidity levels and
trends, (8) changes affecting persistency levels, (9) changes affecting interest
rate levels, (10) changes affecting currency exchange rates, (11) changes in
investor, customer and policyholder behaviour, (12) changes in general
competitive factors, (13) changes in laws and regulations, (14) changes in the
policies of governments and/or regulatory authorities, (15) conclusions with
regard to purchase accounting assumptions and methodologies, (16) changes in
ownership that could affect the future availability to us of net operating loss,
net capital and built-in loss carry forwards, (17) changes in credit-ratings,
(18) ING's ability to achieve projected operational synergies and (19) the other
risks and uncertainties detailed in the risk factors section contained in the
most recent annual report of ING Groep N.V.
Any forward-looking statements made by or on behalf of ING speak only as of the
date they are made, and, ING assumes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information or for
any other reason. This document does not constitute an offer to sell, or a
solicitation of an offer to buy, any securities.
pdf version of press release:
http://hugin.info/130668/R/1623688/519077.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ING Group via Thomson Reuters ONE
[HUG#1623688]
Unternehmensinformation / Kurzprofil:
Datum: 03.07.2012 - 08:29 Uhr
Sprache: Deutsch
News-ID 162000
Anzahl Zeichen: 6178
contact information:
Town:
Amsterdam
Kategorie:
Business News
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