Pensioners seek temporary injunction against Dutch agriculture scheme
Written by Ilonka Oudenampsen
Pensioner society ‘MijnLandbouwPensioen’ is seeking a summary judgement against Dutch pension fund Agriculture (BPL).
The society believes the fund has unlawfully appointed one trustee on behalf of the pensioners. Via the court, it now wants to ensure the pensioners themselves can put forward two trustees.
The society says it has solid professional candidates who “have earned their stripes when it comes to pensions”.
“We aim to put strong candidates forward for the trustee board, if possible someone who receives a pension from BPL themselves. It’s up to the pensioners to decide who acts in their interests.”
The pensioner society is concerned about the scheme’s financial situation. “The past 10 years BPL has taken too many risks. On top of that, a very unhealthy ratio between liabilities and premiums has resulted in the fund receiving €800m in premiums less over the past 10 years than the cost of the promised pensions. BPL intends to maintain this low premium until pensions need to be cut.”
The pension scheme manages over €16bn for over 100,000 active members, 60,000 pensioners and almost half a million deferred members.