Sunday, January 16 2022

The Furnishings Producers’ Pension Fund (Meubel) and the Wooden Processing and Yacht Constructing Scheme (Houtverwerkende Industrie en Jachtbouw, PHJ) have introduced their intention to merge into a brand new fund of 6.5 billion euros.

The funds signed a declaration of intent final week to switch PHJ pension rights to Meubel by January 1, 2022. Pension regulator De Nederlandsche Financial institution (DNB) has but to approve the plan.

The announcement is the second pension fund merger to be introduced in per week. Final week, the Zoetwaren and Bakkers fund additionally stated they had been becoming a member of forces.

The mixed funds are stated to have some 120,000 members and € 6.5 billion in property below administration. Meubel is by far the bigger of the 2 funds, with 5.9 billion euros in property and 100,000 members.

The 2 funds will nonetheless want to shut a big hole in funding ratios earlier than they will merge. Meubel’s financing fee was 105.9% on the finish of January, whereas PHJ’s financing fee was 94.5%.

“We’re at present finding out find out how to cope with the distinction between the funding ratios,” stated PHJ President Jeroen van den Heuvel. The instance of Bakkers and Zoetwaren, who delayed their merger till their transition to the brand new outlined contribution pension system, is the “plan B” of the 2 funds, stated Petra de Bruijn, president of Meubel.

“It is a very attention-grabbing possibility,” she stated, including that the eventual alternative of when to merge can be as much as PHJ.

The 2 see “many causes” to affix forces, they stated. “The 2 sectors are related, which makes cooperation simpler, bigger funds are higher in a position to deal with adjustments and there are monetary benefits corresponding to elevated profitability,” De Bruijn stated.

The merger with PHJ follows Meubel’s takeover of the Houthandel timber buying and selling fund final 12 months. Finally, the fund needs to extend its property below administration to 10 billion euros. It’s subsequently open to extra funds to affix them sooner or later, De Bruijn stated.

BlackRock will stay because the trustee of the brand new fund. “Ultimately, PHJ might be liquidated. Nonetheless, we are going to attempt to take again as lots of their in-kind investments as doable, so long as they match our funding coverage, ”stated De Bruijn.

To learn the digital version of the newest PEI journal, click on on right here.

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