Low Interest Rates Take Toll on Philips Pensioenfonds
09 May 2012 (PLANSPONSOREurope.com) - Low interest rates in the Netherlands have taken their toll on Philips Pensioenfonds with the fund reporting a decrease in its coverage ratio below the legal requirement in 2011, according to its annual report.
The report reveals:
Funding ratio of 103%, down from 109% in 2010
Total net assets of 13,946m euros, down from 13,605m euros in 2010
Total net actuarial liabilities of 13,547m euros, down from 12,436m euros in 2010
The report adds that as the fund has been in deficit and below the legal requirement of 104% since September 2011 a recovery plan has been submitted to the Dutch pensions regulator which was approved in January 2012.