De Unie, in your interest

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Contract catering: pension contract

June 20, 2022

In this message I, Emanuel Geurts (representative) inform you about the discussions to arrive at a new pension scheme for contract catering, hospitality and inflight.

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Retirement

On 14 June 2022, employers and trade unions in the hospitality industry and contract catering held consultations for the third time about the new pension contract to be chosen. In the previous meeting we expressed a preference for the solidary contract. We have now looked in more detail at the associated solidarity reserve. This is a collective reserve with which risks are shared between generations. Examples of such risks are investment risks, inflation risk or changes in life expectancy. The solidarity reserve can, for example, contribute to reducing the risk of a lower pension benefit, aiming for the stabilization of benefits or sharing the risks between generations.

Depending on which risks you want to cover and what your goal is, the solidarity reserve can be filled up to a maximum of 15% of the pension fund assets. The rule is that filling and distributing the solidarity reserve may not contribute to an imbalance between the participants (active, sleepers and pensioners) in the longer term. Participants may have built up pension for a short time because they had a part-time job in catering or contract catering, or they can build up pension for a longer period of time. This results in different interests and choices, so we still have to look closely at that.

And then the question of how we fill the solidarity reserve financially? After all, we start with zero. Not from the current pension premium, because it is simply not high enough for that. It can also come from any above-average return on shares or a one-off withdrawal from the fund's assets when converting the current pension scheme to the new pension contract. This in turn has an effect on the funding ratio of the pension fund.

Enough food for thought and we will continue with that on Tuesday 28 June.

Contact

If you want to respond to this message or want to be in touch, you can reach me via 06-5252 2074 or via emanuel.geurts@unie.nl. For individual advice you can contact my colleagues from the Service Center department via 0345-851 963, via email sc@unie.nl or the chat function www.unie.nl. We are happy to help you!

 

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