The Smit Pension fund Foundation (Stichting Pensioenfonds Smit) intends to reduce the pension entitlements by 13.2% from 1 January 2011 in order to strengthen its financial position. In order to secure the fund’s finances in the future, it is being investigated whether the fund can be transferred to an insurance company.
Stichting Pensioenfonds Smit’s board is currently conducting an investigation, with the aid of external legal advisors, into the past state of affairs at the fund and in particular into whether there may be grounds for mandatory additional contributions.
