Dutch electronics giants Philips makes €600m contribution to pension fund

first_imgEven though the scheme has now surpassed the legally required financial reserves of 107% coverage, it warned that it still considered itself to be in the “danger zone”, and was therefore still deliberating over the possible indexation of pension rights.The Philips Pensioenfonds said it lost 0.3% on its 70% liability-matching portfolio – meant to finance most of its liabilities, as well as 2% inflation – during the fourth quarter.In contrast, the scheme’s 30% return portfolio generated 5.5%, thanks to well-performing equity and high-yield credit.The return portfolio, which also includes emerging market debt and property, is to bolster its financial buffers and finance any surplus inflation and longevity risk, the scheme said.The pension fund attributed the 0.2% outperformance in particular to the returns on high-yield credit and commodities. Dutch electronics giant Philips is to boost the assets of its €14.9bn pension fund with an additional contribution of €600m.It said €500m would be used to increase the coverage ratio of the Philips Pensioenfonds by 3 percentage points to 111%.The extra contribution, it said, is the result of a new collective labour agreement (CAO) between the employer and the unions.The Philips scheme reported a quarterly return of 1.3%, leading to funding of 108% at year-end, and an annual return of 0.6%.last_img read more

Kobus gets first win at Eagle

first_imgBy Greg SoukupEAGLE, Neb. (June 18) – Anthony Kobus became a first-time NAPA IMCA Northern SportMod feature winner Saturday at Eagle Raceway.“It’s always more tricky when you start out front. The track was tacky and slick, depending on where you were on it,” said the five-year veteran. “I love coming here to Eagle, because of the competition. If you can win here, it’s a real accomplishment.”Gary Saathoff, Shelly Andersen and Arie Schouten were next across the stripe.Dustin Anderson drove to the Kaplan University IMCA Modified checkers. Tyler Drueke raced from 12th starting to first in the IMCA Racesaver EMI Sprint Car main event.Roy Armstrong was the Valentino’s IMCA Hobby Stock winner and Tom Powell won for the first time this season in the Mountain Dew Kick Start IMCA Sport Compacts.last_img read more