Pensions

Because the Industrial Pension Fund for Merchant Shipping (BPFK) takes very few risks with its investments, it has managed to avoid the worst of the consequences of the financial crisis in 2008, unlike many other pension funds. As of 31 December 2009, the cash value of its assets, divided by the cash value of its liabilities (in Dutch: dekkingsgraad) amounted to around 116.5%

Different pension fund administrator
As of 1 January 2010, BPFK has contracted out the administration of the pension fund to Mn Services, a pension fund administrator. Prior to that date, it had been contracted out to GAK (since 194) and its later successors in title, latterly Syntrus Achmea. The fund’s management had already been transferred to Mn Services at an earlier date.

Management offices
New legislation on pensions (2007) has resulted in more demands on the pension fund and its management, leading to increased pressure of work for members of the board. For that reason, BPFK’s board of governors has decided to simplify and streamline the processes of information supply and decision making by establishing management offices. Said offices will operate independently from the executive and has become operational during 2009.

More information on the Industrial Pension Fund for Merchant Shipping (BPFK) may be found at: www.bpfkoopvaardij.nl.