News in brief: 24 September

PMT, the Dutch pension fund for the metal and technology industry, has announced that it will be transferring ‘old’ small pensions from the end of September.

The move will effect those who left the sector before 1 January 2018, with a small pension defined as one accruing between €2.01 and €503.24 gross per year. It is expected to help savers bring their pension together, with the new pension provider legally obliged to accept the small pensions. It will be an automatic process, with those impacted to receive a letter confirming the move when the pension has been transferred.

Around 250,000 Skandia customers are expected to benefit from a reduced occupational pension saving fees.

Affected customers will see around a 40 per cent cut in their occupational pension saving fees, with the reduction only applying to contributions to occupational pension insurance with traditional management made before June 2009. As a result of the cut, annual capital contribution on occupational pension savings will be 0.35 per cent instead of the previous average 0.6 per cent of the insurance capital. This is expected to reduce the capital fee for a customer with SEK 200,000 in insurance capital, for instance, to be approximately SEK 500 lower per year.

Finnish pension provider, Varma, has purchased two office buildings from NCC in Leppävaara, Espoo.

The acquisition has been highlighted as a “great addition” to Varma’s real estate portfolio, with the 18,000m2 business space located in "one of the most attractive workplace areas" with good transport connections. The site is also aiming for excellent environmental classification in the BREEAM environmental classification system for commercial and office buildings, with sustainability taking into account of the design of the building, which uses solar power and environmentally-friendly and recyclable materials.

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