VGSabic-IP Newsletter oktober 2014

Since the last newsletter we have had a new meeting with the management of SABIC- IP (SABIC) and the board of the SABIC-IP Pensionfund.

The following are the results of that meeting :

  1. Early retirement will still be possible. There is sufficient flexibility in the pension scheme of the proposed Limburg pension fund (SPF) to make that possible. The GEFLEX/GESAVE savings may be used to help make early retirement possible. The company and the pension fund will provide information and the details shortly.
  2. The company SABIC is not prepared to provide financial assistance to make the postponed indexation over the years 2011 and 2012 possible. We are very disappointed about this decision.

At the meantime the last preparations for a collective asset transfer to the Limburg SPF fund are in full progress.

Approval from the Dutch National Bank will be requested by the end of October.

Recently, a number of pensioners have asked us to evaluate Insurance Companies as an alternative to the Limburg pension fund. We have requested the board of the pension fund to obtain quotes from insurance companies. We have asked them to communicate the results of these quotes before participants have to decide to participate in the collective asset transfer.

As a last reminder, on Friday November 28th, there is a pensioners reunion in the Raaijberg in BoZ. Details about the latest status of the pension fund will be communicated there. An agenda will be mailed in advance.

We will keep you informed.

Bestuur VGSABIC-IP