I can just imagine their queen 'let them eat cake' lol!http://www.dutchnews.nl/news/archives/2012/07/pension_cuts_loom_for_millions.php
Pension cuts loom for millions as funds' financial buffers shrink
Thursday 19 July 2012
The country’s biggest pension funds,
including the giant civil service fund ABP and healthcare sector fund
PFZW, will very probably have to cut payouts next year because of
reduced financial buffers.
The funds, which pay pensions to 7.5 million people, have as yet
failed to boost their coverage ratios up to the legal levels, due in
part to low interest rates.
For example, the coverage ratio at ABP, which is the third biggest
pension fund in the world, fell back to 90% in the second quarter of
this year, compared with 112% in the year earlier period.
By law funds are supposed to have a coverage ratio of 105%, meaning
they have €
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