Press releases

Pensioenfonds Zorg en Welzijn shows gradual recovery

22-04-2010 - Pensioenfonds Zorg en Welzijn (the pension fund for the care and welfare sector) publishes its 2009 annual report today. There has been a steady recovery in the pension fund’s financial position over the past year. Despite the low interest rates, the cover ratio rose from 92% at the end of 2008 to 108% in 2009. In the first quarter of 2010, the cover ratio rose fractionally by one percentage point from 108% to 109%. The assets under management rose from EUR 86.1 billion to EUR 90.8 billion.

Main points of the 2009 annual report
• Cover ratio : 108% (2008: 92%)
• Assets under Management : EUR 86.1 billion (2008: EUR 71.3 billion)
• Total return : 17.6% (2008: -20.5%)

Improved financial position
The general recovery in the financial markets had a strong, positive impact on the pension fund’s assets under management, which rose from EUR 71.3 billion to EUR 86.1 billion. The interest rate used to value the provision for pension liabilities rose from 3.55% to 3.89%. A higher interest rate has a positive impact on the valuation of future pension liabilities. Higher returns combined with higher interest rates lead to a higher cover ratio.

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22 april 2010