Neste Oil to transfer its statutory occupational pensions to
Ilmarinen
(Thomson Reuters ONE) - Neste Oil CorporationStock Exchange Release7 December 2009 at 3 pm (EET)Neste Oil to transfer its statutory occupational pensions toIlmarinenNeste Oil has decided to transfer the management of its statutoryoccupational pensions and the associated pension portfolio to theIlmarinen Mutual Pension Insurance Company as of 1 April 2010. Themove will not affect the level or scope of pension cover provided topersonnel or people who have already retired. A total of 3,370 peopleare covered by the statutory occupational pensions currently managedby the Neste Oil Pension Fund.The statutory pension liabilities that are currently theresponsibility of the Neste Oil Pension Fund and that will betransferred to Ilmarinen total approximately ?310 million as of theend of 2009. As a result of the transfer, a non-recurring charge isexpected to be booked against Neste Oil's consolidated IFRS financialstatements in the second quarter of 2010. The transfer is expected tohave a positive cash flow impact.In addition to statutory pension cover, the Neste Oil Pension Fundalso provides supplementary pension benefits to employees who joinedthe company prior to 1994. The possibility of transferring thisprovision to a mutual pension insurance company is beinginvestigated.The transfer will require the approval of the Finnish FinancialSupervisory Authority and the Finnish Competition Authority.Neste Oil CorporationHanna MaulaDirector, Corporate CommunicationsFurther information: CFO Ilkka Salonen, tel. +358 (0)10 458 4490Neste Oil in briefNeste Oil Corporation is a refining and marketing companyconcentrating on low-emission, high-quality traffic fuels. Thecompany is the world's leading supplier of renewable diesel. NesteOil's refineries are located in Porvoo and Naantali and have acombined crude oil refining capacity of approx. 260,000 barrels aday. The company had net sales of EUR 15 billion in 2008 and employsaround 5,200 people. Neste Oil's share is listed on the NASDAQ OMXHelsinki.Neste Oil has been selected into the Dow Jones Sustainability WorldIndex and awarded 'Best in Class' recognition for its socialaccountability by Storebrand. The company is also featured in theEthibel Pioneer Investment Register and included in Innovest's Global100 list of the world's most sustainable corporations. Furtherinformation: www.nesteoil.com.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 07.12.2009 - 14:01 Uhr
Sprache: Deutsch
News-ID 9341
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