Following amendments of the regulations on pensions as laid down in the nFTK, the execution agreement of the PostNL pension arrangement has been adjusted.
Parties have agreed that the recovery period, relevant for determining the amount and term of the top-up payment obligation of PostNL, will be extended from three to five years. This term corresponds with the recovery period as laid down in the nFTK. The requirement to supplement a deficit will be determined on the basis of the ‘beleidsdekkingsgraad’ (i.e. the 12-months average coverage ratio). When determining any top-up payment obligation, the recovery power of the pension fund will be taken partly into account. The annual top-up payment obligation remains limited to maximum 1.25% of the pension obligation.
Parties had agreed a conditional budget of €315 million to prevent any discounts over the period 2014-2018. Due to the new legislation, the probability that discounts to the accrued pension entitlements will be necessary before 2020 is very limited. As the result, the budget has been released.
Effective date of the adjustments of the execution agreement is 1 January 2015.
We are PostNL. We are an essential link between the physical and the online world. We have the largest network for letters, parcels and e-commerce in the Benelux countries. Our combinations of smart networks and digital applications enable us to provide our clients with valuable solutions. We live in a world where digital applications play an increasingly large role in our daily lives. These services develop very rapidly. We put our resourcefulness to good use to constantly think up new ways to connect senders and receivers.
As the first listed postal company, we are an example to the rest of the world in automatic letter sorting. And our innovative parcels network is completely adapted to the wishes of web retailers. Outside the Netherlands, we are active in Germany, the United Kingdom, Italy, Belgium and Luxembourg. PostNL employs a total of approximately 56,000 people. In 2014 our revenues reached almost € 4.3 billion.