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Your pension and the coronavirus
26-03-2020
We are facing difficult times. ING CDC Pensioenfonds understands that its participants are concerned about the impact the coronavirus may have on their pension. How will the crisis affect the funding ratio? And what measures is the pension fund taking to continue providing its daily services?
The coronavirus is having major (negative) consequences for the world economy and the financial markets. Unfortunately, this is also reflected in our pension fund’s funding ratio. The board of ING CDC Pensioenfonds is closely monitoring the latest developments and is taking measures where needed. In this context, we wish to stress that we invest for the long term and that our investment policy is carefully weighed.
Click here to see the status of the funding ratio as at 29 February 2020. The fund will publish the status as at 31 March in April.
Our services continue
The pension fund’s board bureau staff are currently working from home. A large number of staff working at our outsourcing partners are working from home as well. These are the people handling the administration, asset management and communications regarding the CDC pension plan.
As always, you can still contact our Pension Desk on 088-11 62 411. If you have any urgent questions, please use the contact form. We will make sure you receive a reply as soon as possible.
Payment of pension benefits
Are you a pensioner receiving pension benefits from ING CDC Pensioenfonds? The coronavirus has not had any impact on the accurate and timely payment of your pension on 23 March. We will continue to make payments as usual. Click here for a list of all payment dates in 2020.
Almost retiring
Is your retirement due to start shortly? Nothing will change as a result of the coronavirus. Please get in touch with the Pension Desk to report your pension choices, or visit the Pension Planner to make calculations.
Workshops cancelled for the time being
The workshops ‘Insight into your pension’ for employees over 50 and the event ‘Future of you’ for young employees have been cancelled in accordance with the government’s rules for avoiding contacts. As soon as the rules have been lifted, the pension fund will consider rescheduling workshops and events.
Stay up to date
Whenever important new developments occur, we will post newsletters on the website, where you will also find our quarterly updates and monthly updates on the funding ratio.
Frequently asked questions
What is happening to the world economy?
As the coronavirus continues to spread outside China, the entire world is in a state of uncertainty, not only regarding the prospect of getting a vaccine, but also as to how long the sudden halt of the global economy will last. The risk of economic recession is growing, and this is causing a great deal of turmoil on financial markets: interest rates and stock market prices are volatile and, overall, have declined significantly since the beginning of this year. Governments and central banks are trying to stem the decline of the global economy by introducing support packages and stimulus measures.
What is causing pension funds’ funding ratios to decline?
On the one hand, the pension fund’s commitments to its participants are growing due to the decrease of interest rates. When interest rates are low, pension funds are required by law to reserve larger amounts of money to safeguard their commitments. On the other hand, the pension fund's investments are losing value, particularly due to declining stock market prices. These factors are causing the funding ratios to decline.
Does ING CDC Pensioenfonds have a crisis plan?
The pension fund takes action in line with its business continuity plan. Progress made in pension administration and asset management is monitored on a daily basis and adjusted where necessary. Some parts of these processes have been outsourced to external parties, who are also covered by our plan. The board and the board bureau stay in touch on a daily basis with regard to the pension fund's investments.
How does the pension fund monitor the financial markets?
ING CDC Pensioenfonds closely monitors the latest developments on the financial markets and with regard to shares, bonds and foreign currencies. Every day, the fund reviews the status, the consequences and any adjustments that need to be made in the portfolios. In this process, the fund is always in close contact with the supervisory committee. The accountability body is kept up to date as well.
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