2019 Annual Report - pmepensioen.nl · around Eindhoven, Rotterdam, Amsterdam, Hengelo (OV),...

2019 Annual ReportPublic version

2 Summary Anual Report 2019

No pension reduction in 2020PME ended 2019 with a level of cover of 98.9% (2018: 97.7%). For quite some ti me it looked as if we would have to lower the pensions in 2020. But at the end of 2019 Minister Koolmees gave the pension funds one more year to repair the fi nancial situati on, which means that the pensions will not be reduced in 2020. This is good news for our old-age pensioners and for anybody who is accruing or has accrued a pension at PME.

We support Minister Koolmees’ choice to create social calm and space in 2020 to implement the pension agreement concluded in June 2019. The current pension scheme is in need of change. This is also clear from last year’s results. It is extremely diffi cult to explain people receiving or accruing a pension that the above-average high investment return of 18.3% isn’t suffi cient to compensate the increased obligati ons.

The pension agreementThe fi rst outlines of the reformati on of the pension scheme were announced in the pension agreement concluded by the social partners and the government in June 2019. In additi on to the slowing down of the increased pensionable age and the cancellati on of penalti es for pre-pension, agreement was also reached on the subsequent planning. We trust that the social partners and the government shall take important steps in 2020 for the reformati on of the pension scheme.

Developments pension administrationIn 2019, we renewed our website and the portals and introduced the Future Explorer. It is important for us to provide for the current and future needs of employer and parti cipants by off ering personal tailor-made services and transparency regarding the implemen-tati on. This requires a modern and fl exible atti tude from our own organisati on and administrator MN and modern and fl exible systems. In order to achieve this, our administrator MN started up NPS, an IT renewal program in 2019. This is an important program for PME that will enable the realisati on of a good, aff ordable, sustainalbe and personal pension.

Climate agreementWe are keen to contribute to a positi ve climate change. That is why we, along with other pension funds, banks, insurers and asset managers, have committ ed to the climate goals of the government. This annual report provides an insight into the initi ati ve we are taking in order to achieve a positi ve impact on the climate. At the end of 2019 we raised our ambiti ons with regard to the CO2 emissions of our investments: in 2025, the CO2 emission of our share’s portf olio will have been reduced by 50% in comparison to the fi rst measurement in 2015.

New independent chairpersonIn 2019, we saw the departure of Franswillem Briet, who had been our independent chairperson for more than eight years. We greatly appreciate all that he has done for PME during those years. He gave up his positi on in 1 September 2019 for the purposes achieving renewal and diversity in the general board. We are therefore extremely pleased to introduce our new independent chairperson, Nicole Beuken, who started in this positi on on 1 January 2020. We trust that her tenacious personality and experience in the pension sector shall help us during these challenging ti mes.

Eric Uijen, chairperson managing boardThe Hague, 23 April 2020

Foreword


PME is responsible for a responsible and balance implementation of the pension scheme for all the parties involved. The board is ultimately responsible for this and monitors all the activities performed by PME. The board has outsourced the asset management and the pension administration to MN.

The board ensures controlled and principled business operations and an adequate operation of the board model. This is supported by periodic evaluation and compliance with the Pension Funds Code.

Board organisation The board organisation of PME is set up as a reverse mixed board model, distinguishing between:• The board task, performed by the general board

(GB) and executive board (EB);• The internal supervision task, by the non-executive

board (NEB);• Accountability and advice, respectively to and by

the accountability body (AB);• Policy advice by the board committee.

Organisation of PME

Employers organisation

Employees organisation

Pension holders

Accountability committee

General board

Independent chairperson

Administative office

Non-executive board members

Executive board members

Pension policy and communication committee

Balance sheet and asset management committee

Audit, risk and compliance committee

HR committee

accountability/adviceaccountability/advice

internal supervisioninternal supervision

support/advicesupport/advice


Profile of affiliated employers, participants and pension holders

PME is the pension fund for employers and employees in the metal and technology industry. Our 1,393 employers operate in, for example, the machine industry, car industry, ship building, electronic industry, aviation and space technology. Our employers are located nationwide, many of them in the areas around Eindhoven, Rotterdam, Amsterdam, Hengelo (OV), Helmond and Venlo. Our sector is characterised by a small number of extremely large companies, where a quarter of participants work.

450

400

350

300

250

200

150

100

50

0

Num

ber o

f em

ploy

ers

perc

enta

ge p

artic

ipan

ts

1-10employees

11-50employees

51-100employees

101-500employees

500-1000employees

> 1000employees

men

old-age pensioner women

old-age pensioner men

average age participants

average age oldpensioners 2019

average age old-age pensioners 2019

average pension payment per year

average pension NP-payment per year

€ 4,403

€ 8,695

women


Hiermee werd 887.000 MVh aan

Investments with a positive impact Total up to and including 2019

Energy transition affordable housingaccess to financing

€ 1,287 mln

Phone contact customer information

E-mail contact customer information

Phone contact account management

E-mail contact account management

Phone contact consultant

E-mail contact consultant

Phone contact employer consultant

E-mail contact employer consultant

Personal conversation consultant

Visitors MijnPME (My PME)


At 31 December 2019 2018 2017Affiliated employers 1,393 1,380 1,376

Active participants (1) 164,501 157,287 149,823

Former participants (2) 294,270 306,817 307,778

Pension holders (3) 167,036 167,223 167,548

Total participants (1+2+3) 625,807 631,327 625,149

Average payments (amounts x € 1)

Old-age pension payments 8,695 8,515 8,359

Partner pension payments 4,403 4,319 4,261

Orphan's pension payments 1,990 2,007 1,986

Surrenders 1,862 1,889 2,196

Financial position

Total pension commitments (A) 55,678 47,644 46,116

Assets for level of cover (B) 55,048 46,536 46,869

Level of cover (C = B / A) 98.9% 97.7% 101.6%

Policy level of cover 96.9% 101.3% 100.1%

Scheme characteristics

Old-age pension and partner pension premium 22.7% 23.0% 22.9%

Premium transitional arrangement VPL 2.32% 2.35% 2.87%

Salary threshold (amounts x € 1) 74,327 73,711 72,222

Maximum salary (amounts x € 1) 107,593 105,075 103,317

Franchise (amounts x € 1) 14,554 14,704 14,904

Administration costs

Pension administration costs per participant 116 120 132

which includes VAT 16 19 20

Asset management costs in basis points 41 37 35

Composition portfolio (x € 1 million)

Real estate investments 2,265 2,183 2,050

Shares 20,614 15,704 17,507

Fixed-interest securities 31,397 27,843 26,689

Other investments 687 720 716

Total invested assets 54,963 46,451 46,962

Return achieved on investments (in %)

Real estate investments 8.5% 10.7% 6.1%

Shares 25.9% (6.9%) 14.8%

Fixed-interest securities 15.2% 1.7% (2.0%)

Other investments (26.1%) (11.1%) (1.5%)

Return achieved on total invested assets

Total return 18.3% (0.9%) 4.7%

Core figures


Level of coverThe current level of cover is the financial yardstick of a pension fund. It reflects the relation between the pension assets and the pension obligations of a fund. The value of the obligations calculated on the basis of the interest rate term structure (IRTS) is the amount that PME must have available now in order to be able to pay the promised pensions, now and in the future. This level of cover is an important yardstick when making policy decisions on the interest cover or for collective value transfers. The current level of cover amounts to 98.9% on 31 December 2019 (31 December 2018: 97.7%).

Policy level of cover The policy level of cover is the average of the current levels of cover as at the end of each month in the past twelve months. This policy level of cover is leading for various policy decisions, for example for the decision whether or not to carry out individual value transfers or the determination as to whether the buffers of the pension fund suffice. The policy level of cover dropped from 101.3% at the end of 2018 to 96.9% at the end of 2019.

Development level of cover in 2019The current level of cover rose 1.2 percentage point in 2019, from 97.7% to 98.9%. The height of the market interest and the returns achieved on the investments greatly affect the level of cover.

Financial position

125.0%

120.0%

115.0%

110.0%

105.0%

100.0%

95.0%

90.0%

85.0%

december 2014

december 2015

december 2016

december 2017

december 2018

december 2019

Current funding ratio

Required funding ratio

Policy funding ratio

Minimum required funding ratio

Development level of cover 2015 - 2019


MissionA good pension for people working in the metal and technology industry. A pension that suits everybody’s circumstances and needs. That is what PME aims for every day.

We consider providing personal support important. We support participants in making the best choices, using clear language. A lifelong.

Vision We believe that one can best arrange one’s pension together. PME is of employers and employees in the industry who share the costs and risks of their pension together. This means everybody is better off.

This sector includes producers, technicians, designers and innovators. They contribute to a better future. And we are proud of that.

We work for a sector that operates in a competitive international market. A sector that is always cost effective. As we are. A good and affordable pension adds to the attractive labour market position held by the technological industry.

We represent a good future for everyone working in the metal and technology industry. In order to ensure that future remains affordable, we invest the pension money at a controllable risk in order to achieve a good return.

At the same time, we are convinced that a good future requires more than just money. That is why we invest the pension money in a way that not only yields a financial return, but also has a positive impact on the environment, climate and labour conditions world-wide. After all, you will enjoy your pension more in a justified, clean, sustainable and clean world.

Ambition Our ambition is based on four pillars • A good pension;• An affordable pension;• A sustainable pension;• A personal pension.

Good pension Arranging a good pension is something you arrange together, in solidarity. By sharing the costs and risks, everyone is better off. Where laws and rules stand in the way of a good pension, we aim to improve. This is done as much as possible with other pension funds and the social partners.

Affordable pension We pay attention to the costs. We achieve the best possible pension from each paid-in Euro. We invest the pension money of the sector to achieve a good long-term return.

Sustainable pension We believe that a good pension is worth much more in a world that is justified, future-proof and clean. We aim for our investments to have a positive impact on the climate, environment and labour conditions.

Personal pension Everyone is different. That is why we offer a tailor- made pension with lots of options. We help people make the right choices by speaking in a clear language and offering a personal service. A lifelong. We travel throughout the country for the purposes of explaining and helping. We do this on the work floor, in canteens and in full theatre halls. And, if needed, we will sit at the kitchen table.

Mission, vision and ambition


Good pension

Together in solidarity New pension agreement social technology partners On 4 September 2019, the social partner in the technology industry reached a draft agreement on a new pension scheme for the years 2020 through 2022. PME informed social partners that the acceptance of a contract is not possible on the basis of a 3-year draft agreement, as it is not financially feasible.

As such, PME suggested to the social partners to enter into an agreement for three years, whereby only a premium and an ambition were included for the year 2020. Social partners accepted this suggestion and requested a 3-year performance agreement which would include an option to postpone the decision- making process for 2021 and 2022 to a later date. PME accepted this and confirmed this in writing to the social partners on 2 December 2019.

More than just old-age pensionReaching the pensionable age Participants accrue a life-long old-age pension at PME. These are the facts:• In 2019, 4963 people retired; • Their average age was 65.4 years; • The average gross old-age pension amounted to

€ 8,695 per year in 2019;• In 2019, 5,359 pensioners died;• The oldest pensioner receiving an old-age pension

is 104 years;• The old-age pensions paid by PME in 2019

amounted to € 958 million in total;• The pension payments were not increased in 2019

(and also not reduced).

DeceasedParticipants also accrue survivors’ pension (or partner pension) at PME. If a participant dies, then the partner shall receive a life-long partner pension. Part of the partner pension is accrued and part of the partner pension is insured on a risk basis. Underage children or studying children of participants who are deceased receive an orphan’s pension from PME. These are the facts:• In 2019, 4,267 new partner pension payments

were awarded;• In 2019, 325 new orphan’s pension payments

were awarded;• The average partner pension payment amounts

to € 4,403 per year;• The average orphan’s pension amounts to € 1,990 gross per year;• The oldest pension holder receiving a partner

pension is 107 years.

average pension payment per year

old-age pensioner men

old-age pensioner women

Arranging a good pension is something you arrange together, in solidarity. By sharing the costs and risks, everyone is better off. Where laws and rules stand in the way of a good pension, we aim to improve. This is done as much as possible with other pension funds and the social partners.


Stopping work early Transitional arrangement VPLAt the end of 2005, PME set up provision to finance the transitional arrangement VPL for participants who were born between 1 January 1950 and 1 January 1973. In 2019, a premium of 2.32% of the pensionable pay was charged in this respect. This premium is fully paid by the employers and fully added to the provision for the financing of the VPL.

Generation pact MetalektroIn 2019, the social partners agreed on the generation pact. Since 5 July 2019, employees of 60 years and older employed in the sector can take part in the generation pact. The generation pact ensures that employees work less hours, but do continue receive part of their salary for those houses and that their pension accrual continues as before. The generation pact ends the moment the participant reaches the pensionable age. In 2019, the board decided to take part in the generation pact and changed the pension regulations accordingly. At the end of 2019, 563 employees working for 267 employers took part in the generation pact scheme.

Labour disabilityEmployees who are (partially) unable to work (over 35%), receive a labour capacity benefit from the government. At PME, these (former) employees con-tinue to accrue a pension for the part that they are incapacitated to work. PME pays this premium. In 2019, 7,989 participants take part premium-free due to labour incapacity.

UnemploymentWhen participants become unemployed or start working as self-employed individuals, then they can opt to continue the pension accrual on a voluntary basis. This means that they pay the pension premium. PME pays part of the pension premium for unem-ployed individuals receiving an unemployment benefit. PME decided in 2019 to also enable the voluntary continuation of pension accrual during the third (private) unemployment benefit year and to maintain the risk cover in respect of the partner pension and General Surviving Relatives Act-gap pension.

Automatic transfer of small pensionOn 1 August 2019, the system of automatic value transfers of small pensions (lower than the € 489,09 threshold) took effect. This was done in order to ensure that small pensions shall retain their pension objective and to prevent small pensions from being surrendered. This process has been set up to transfer small pensions to the subsequent pension provider of the (former) participant when the person in question changes employer.

In 2019, PME processed 1,609 outgoing and 5,767 incoming automatic value transfers of small pensions. This involved pension claims that arose between 1 January 2018 and 31 January 2019.


PremiumEmployers pay PME pension premium. They may with-hold part of this premium from the employees’ salary. The pension premiums are invested in other to yield a return. The premiums alone are not sufficient to be able to pay all the promised pensions now and in future.

In 2019, the premium for the basic pension scheme amounted to 22.7% of the pensionable pay. No more than 10.89% of the pensionable pay is withheld from the employee’s salary. The total premium invoiced in 2019 amounted to € 1.332 billion.

InvestmentPME aims to realise a good and affordable pension for its participants. In order to achieve that goal, the pension capital needs to be invested. Investment plan PME draws up an investment plan to document the standard portfolio for the year in question and the arrangements made with MN with regard to the portfolio management. The 2019 investment plan is based on the 2015-2020 strategic investment policy.

Affordable pension

We pay attention to the costs. We achieve the best possible pension from each paid-in Euro. We invest the pension money of the sector to achieve a good long-term return.

Investment category Standard portfolio end

2019

Standard portfolio

beginning 2019

Strategic portfolio

2015-2020

Fixed-interest securities, matching portfolio 50.0% 50.0% 50.0%Shares 31.1% 31.8% 25.0%Fixed-interest securities, high interest 9.3% 9.5% 7.5%Real estate 5.3% 4.9% 7.5%Private equity 2.6% 2.2% 5.0%Real assets 1.4% 1.4% 5.0%

100% 100% 100%

Strategic investment portfolio and standard portfolio at the beginning and end of 2019.

Investment result 2019 The return achieved in 2019 amounted to 18.3%

Return achieved in 2019 Portfolio Benchmark Outperformance

Return achieved including interest cover 18.3% 18.2% 0.1%Fixed-interest securities, matching portfolio 15.3% 15.3% 0.0%Shares 26.6% 25.6% 1.1%High-interest securities 14.2% 14.3% -/- 0.1%Real estate 8.4% 10.2% -/- 1.8%Private equity 16.2% 16.2% 0.0%Real assets -/- 5.7% 4.7% -/- 10.4%


Investing in the NetherlandsPME believes in investing the pension funds in the Netherlands in order to contribute to the economic growth. That growth benefits companies and employ-ment and therefore also the affiliated employers and participants.

Naturally, the objective when investing in the Netherlands always remains achieving a good return whilst minimising the risk. The following table reflects the investments in the Netherlands. More than 12% of the investment portfolio is invested in the Netherlands.

Investments in the NetherlandsInvestment category

Amounts (x € 1 million)

In %

Treasury notes 1,041 1.9%Corporate bonds 1,663 3.0%Mortgages 2,687 4.9%Shares 272 0.5%Real estate 1,179 2.1%Other -117 -0.2%Total in the Netherlands 6,725 12.2%

Total invested assets 54,963


Administration costsThe total administration costs of PME went up from € 211.6 million (2018) to € 254.6 million (2019).

The increased number of participants reduced the costs (expressed in a cost price per participant) for the pension management from € 120 (2018) to € 116 in 2019.

Investment category 2019x € 1 million

Ratio 2018x € 1 million

Ratio

Costs pension administration 38.5 15% 38.8 18%Costs asset management (including transaction costs)

216.1 85% 172.8 82%

Total administration costs PME 254.6 100% 211.6 100%


Socially responsible investing PME has formulated a number of specific ambitions: 1. Each year, the CO2 footprint of the shares portfolio

is established and the aim is for the CO2 footprint to have reduced by 50% in comparison to the CO2 footprint in 2015.

2. Each year, PME commits € 250 million to ‘pure’ impact investments and, in doing so, PME contributes to the energy transition, waste processing (recycling), access to financing and affordable housing.

3. At the end of 2021, at least 10% of the investment of PME is classified as sustainable development investment (SDI), in line with the sustainable development goals of the UN.

4. Integration of financial and ESG-criteria throughout the portfolio.

Affordable pension

We believe that a good pension is worth much more in a world that is justified, future-proof and clean. We aim for our investments to have a positive impact on the climate, environment and labour conditions.

Investment in largest solar energy park in the Netherlands: ‘Scaldia’ is then largest solar energy park in the Netherlands. PME invests in this park through one of its infrastructure funds, which invest in renewable energy. Scaldia provides an important contribution to reducing the CO2 emissions. The solar energy park prevents approximately 738,000 tonnes of CO2 emissions in 30 years, comparable to the power consumption of approximately 14,000 families per year. The solar energy park not only contributes to a better climate, but also generates employments.

Four pillars implementation SRI-policy The socially responsible investment policy of PME is performed on the basis of four pillars:1. Investing with positive impact; 2. Committed share ownership;3. ESG-integration ;4. Exclusion.

Investing with positive impactBy making impact investments, PME wishes to address the existing social problems and prevent future social issues. These investments are aimed at achieving a positive impact in terms of the environment and social factors, whilst achieving a financial return. PME currently has impact investments in the investment portfolio for the value of € 1.287 million.


Investments with a positive impact Total up to and including 2019

Energy transition affordable housingaccess to financing

Committed share ownershipPME wishes to be a committed shareholder in the companies we invest in. PME achieves this by:• Speaking with the companies (dialogue);• Exercising our voting right at shareholders meetings; • Initiating legal proceedings.

ESG-integrationPME considers that socially responsible investing forms an integral part of the investment process. ESG factors are now taken into consideration in each investment decision. The ESG risks and opportunities are also taken into consideration during the selection, appointment, monitoring and dismissal of asset managers. Examples in 2019 are:• The implementation of the deliberate selection

strategy for the passively managed shares portfolio developed markets;

• The evaluation of the Involved Investor strategy for the active long-term sustainable European shares portfolio;

• The establishment of a new strategy for the invest-ment category infrastructure shares, whereby half of the investment in this category are made in the energy transition theme;

• The establishment of a new strategy for the investment category infrastructure loans, paying attention for a positive contribution to the positive impact themes determined by PME, i.e. energy transition, circular economy, access to financing and affordable housing.

ExclusionSome products and services are not suited to PME’s objectives or to the conviction of our participants. We involve our participants in our investment policy by consulting them with regard to relevant topics and by entering into discussions with them. As a result, we expanded our exclusion policy in 2019 by adding the following grounds for exclusion:• Handguns for civil use (manufacture and sale);• Pornography;• Nuclear weapons; and• fur.

€ 1,287 mln


Themes climate change and labour

Climate change We try to limit climate change by opting for invest-ments that reduce the CO2 emission. We also invest in clean energy to advance the energy transition. First of all, we select best-in-class shares when investing in the oil and gas sector, utility companies, precious metal, aviation and steel sector. These are shares in companies who adopt the best approach when addressing climate risks. We do not invest in companies in the coal industry. Furthermore, we invest in companies that provide a positive contribution to the energy transition, such as wind and solar parks. In addition, these types of companies generate additional jobs in our own sector.

LabourMany people depend on a job for their wealth. We see that many people become insecure about work and income when faced with great social changes. We believe that people must be paid fairly and that work should contribute to people’s wellbeing and quality of life. We believe that one person’s wellbeing should not be to the detriment of another person’s wellbeing. And that one person’s wellbeing should not be to the detriment of the wellbeing of later generations. Our investments are aimed to contribute to the equality and benefit of as many people as possible. That is why we ask companies, particularly those in low-wage countries, to pay their employees a living wage. A living wage is a wage that is enough for someone to provide for their basic needs. We also ask companies to give their employ-ees the opportunity to receive training or schooling, increasing their chances of finding work in future. We exercise our influence as shareholder to urge companies to increase the diversity in the board and the other layers of the company. We also believe that the remuneration of the company boards must be reasonable. We believe that companies must take into consideration the social sentiment and the growing inequality in determining the remuneration of their board.


Tailor-made customer service PME helps participants, pensioners and employers digitally as well as personally. Every day PME’s customer service department is available to answer questions from (former) participants and pensioners by phone or by email. In addition, PME offers participants who would like to know more about their personal pension the possibility to arrange a (free) meeting with our pension consultants. During these pensioners meetings, PME explains the current situation regarding the pension and the pension funds. And finally, PME offers services digitally on our website (pmepensioen.nl) which was recently renewed. In 2019, PME organised two webinars. The first webinar was about the threatening reductions. The second was about the choices available to (former) participants prior to reaching the pensionable age.

PME considers the pensioners meeting important moments during which to communicate with the pensioners of the fund. In theatre halls [***] Meetings are held throughout the country, giving the executive board members to meet variety of people. In 2019, these meetings mainly focussed on the possible reduction of the pensions in 2020.

During the course of the year, PME saw the attendance numbers of these meetings increase significantly. Eight meetings were held during 2019. Approximately 4,000 pensioners attended these meetings.

Employers can also personally contact PME via the pension consultants and account management. Alternatively, they can log into the employer portal PME Online for relevant employers’ information and enter administrative mutations.

Personal pension

Everyone is different. That is why we offer a tailor-made pension with lots of options. We help people make the right choices by speaking in a clear language and offering a personal service. A lifelong. We travel throughout the country for the purposes of explaining and helping. We do this on the work floor, in canteens and in full theatre halls. And, if needed, we will sit at the kitchen table.

Personal conversation consultant

Visitors MijnPME (My PME)

Employer visits by consultant

Visitors employer portal

Phone contact customer information

E-mail contact customer information

Phone contact account management

E-mail contact account management

Phone contact consultant

E-mail contact consultant

Phone contact employer consultant

E-mail contact employer consultant


And finally, PME published 12 digital newsletters for participants, pensioners and employers in 2019, as well as four PME Magazines for participants and pensioners. December 2019 saw the publication of the renewed PME Magazine.

The objective is to make a more personal and modern magazine, which can also be made available digitally. In doing so, we also wish to achieve the objective of a sustainable pension. The message we communicate focusses on the personal stories and questions of our participants and pensioners.


InnovationsFuture explorerPME introduced the Future explorer immediately after the summer of 2019. The Future explorer provides an insight of all income and expenses, what your pension amounts to when to take no further action or if you wish to stop working earlier. The Future explorer extracts data from various sources, allowing the client to gain an insight within fifteen minutes. From 2020, the PME pension consultants shall start to explicitly use the Future explorer during their meetings with participants and employers

New PME websiteDuring 2019, work was done to set up a new website. The site went live on 14 January 2020.

Complaints and disputesAny expression of dissatisfaction received by letter or email is registered as a complaint. In 2019, 159 complaints were filed. The complaints include:• Complaints regarding the level of cover or investment policy of PME (51);• Complaints regarding the pension payment (47);• Complaints regarding the height of the pension (7);• Various topics (54).


Balance sheet at 31 December (after appropriation of the profit) (amounts x € 1 million)

Assets 2019 2018

Investments for risk pension fundReal estate investments 2,269 2,584Shares 19,068 14,241Fixed-interest securities 30,465 27,803Derivatives 2,818 674Other investments 3,485 3,078Total investments 58,105 48,380

Participations 3 4

Receivables under investments 343 111

Other receivables and prepayments 31 39

Other assetsLiquid assets 287 226

Total assets 58,769 48,760

Liabilities 2019 2018

Foundation capital and reserves General reserve (630) (1,108)Appropriated reserve (premium equalisation depot) - -Total reserve (630) (1,108)

Technical provisionsProvision pension obligations for risk pension fund 55,674 47,640Savings fund conscientious objectors 4 4Total technical provisions 55,678 47,644

Other provisions (VPL) 211 158Commitments under investments 3,485 2,040Other debt and accruals and deferred income 25 26

Total liabilities 58,769 48,760


Statement of income and expenditure over the financial year (amounts x € 1 million)

Income 2018 2018

Premium contributions (from employers and employees) 1,332 1,254Investment profits for risk pension fund 8,507 (422)Other income - 1

Total expenditure 9,839 833

Costs 2018 2018

Pension payments 1,214 1,192Pension administration costs 39 39

Mutation provision pension commitments Pension accruals 1,258 1,258Pension increases - -Interest added (121) (121)Withdrawn for payments (1,186) (1,186)Effect of changes in market interest rates 2,042 2,042Estimate revisions (504) (504)

Actuarial assumptions - -Purchase of conditional entitlements 90 90Movements arising from value transfers (31) (31)Other movements (20) (20)Total movements in provision for pension liabilities 8,034 1,528

Mutation provision conscientious objectors - -

Mutation other provisions (VPL) 53 23

Balance transfer of rights 21 26

Other expenditure - -

Total expenditure 9,361 2,808

Balance of income and expenditure 478 (1,975)

2019 Annual Report - pmepensioen.nl · around Eindhoven, Rotterdam, Amsterdam, Hengelo (OV),...

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