Developments in the advance and consequences of the virus are taking place so fast that we run the risk of the information already being outdated as soon as it appears on the website.

We as the fund board are staying on top of developments and are doing our best to keep you regularly informed about the implications for your pension (and the fund).

Apart from all the personal suffering and grief it is causing, the virus also has serious implications for the funding ratio of the fund. In January, the fund's financial position was still healthy enough to be partially indexed. Since then, the financial world has changed dramatically. Share prices have fallen sharply and the slightly raised interest rate fell again.

We as a pension fund have fortunately opted for a conservative investment policy that focuses on the long term and risk diversification. This resulted in the policy funding ratio at the end of February still being 113.4%.

What is the short-term effect on my pension?

In the short term, a low funding ratio has no implications for benefits and pension accrual.

What is the long-term effect on my pension?

The long-term implications are not yet clear. If the financial markets continue to operate in poor conditions for an extended period of time, this could mean that it will not be possible to index next year's pension benefits. In extreme cases, cuts may have to be made in the future. But that remains very uncertain.

Finally:

We wish you all the best in these difficult times. Take care of yourselves and each other!