Sportfondsen increases pension contribution to 23%

Sportfondsen Pensioenfonds has increased its pension contribution by 1 percentage point to 23 per cent.

The increase was unanimously approved at the fund’s core meeting and it will be split 50/50 between the employer and employee, who will each pay 11.5 per cent of an employee's earnings.

In addition, the fund has given an update on how it has been impacted by the coronavirus pandemic.

Due to the low interest rate and the falling stock market prices, the funding ratio dropped from 123.6 per cent at the end of January to 117.8 per cent at the end of March.

However, it said that due to reinsurance and a better starting position, it is in better shape that most funds. For example, it said the other fund in the sports industry, Recreation, deferred payment of pension contributions until June 2020. Its coverage ratio decreased between January and March from 96.7 per cent to 89.2 per cent.

Due to the closure of fitness facilities, Sportfondsen Pensioenfonds decided to collect half of the premium for the time being and to postpone collecting the other half.

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