SHORT SUMMARY IN ENGLISH.
Since the last newsletter there have been several developments.
Every participant of the pension fund has recently received a letter from the SABIC-IP Pension Fund (SIP PF).
Also on the website of the SIP PF more information is available.
The board of the SIP PF has decided that a Collective Obligations & Asset Transfer to the other Dutch SABIC Pension Fund (SPF) is the best option.
The boards of both funds have agreed to form one larger SABIC Pension Fund in the Netherlands.
However, participants have also the choice to opt for an Insurance Company contract. We want to point out that the transfer of participants’ obligations and assets to an Insurance Company will be negotiated collectively by the SIP PF board. Individual participants will not be able to negotiate with an Insurance Company on an individual bases.
The pro’s and con’s of the choices for a Pension Fund or an Insurance Company are explained in the letter you received.
It will be your personal choice depending on your personal (financial) situation.
We still regret that the company SABIC-IP has not provided any compensation for the loss of our Defined Benefit pension rights. It is also unlikely that the postponed indexation of the years 2011 & 2012 will be awarded in the years to come. We have seriously considered taking legal action. However the length of such procedure and the possible negative effect on the Collective Obligations & Asset transfer (also for the still active participants) made us decide against such steps.
A new pension board will be formed for the new pension fund.
The board of our association has put Willem Grin forward as candidate representative for the pensioners.
A final confirmation of the Collective Obligations & Asset transfer should be available mid January 2015.
We will keep you informed of new developments.
We advise every member to also follow the news on the websites of both SABIC Pension Funds (www.Pensioenfondssabic-ip.nl and www.spf-pensioenen.nl ) and on our own website www.vgsabic.nl .
ON APRIL 16th, 2015 at 1.30 PM there will be the ANNUAL MEETING OF OUR ASSOCIATION . You will receive further information about this meeting in 2015.
WE WISH ALL OF YOU A MERRY CHRISTMAS AND PROSPEROUS , HEALTHY 2015 !!!