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Océ Pension Fund recovery plan approved

Monday, August 10, 2009

Press release from the issuing company

Venlo, The Netherlands, - The Océ Pension Fund has informed Océ N.V. that the Dutch Central Bank has approved its recovery plan. The fund ratio of the Océ Pension Fund had dropped to 79.4% on 31 December 2008 as a result of the crisis in the financial markets. The Central Bank requested the Fund to submit a recovery plan.
 
As part of the recovery plan and for a four-year period as of mid-2010, Océ N.V. will make a further annual contribution to the Pension Fund expected to amount to approximately EUR 7.5 million. The additional contributions have no impact whatsoever on the profit and loss account of Océ N.V. Should the financial position of the Océ Pension Fund deviate positively or negatively from the forecast as projected in the recovery plan, Océ will amend its further contributions accordingly.
 
On 30 June 2009, the fund ratio amounted to 83.9%.
 
As announced earlier, the Océ Pension Fund had raised the pension premiums from
9 to 10% of the pensionable salary (for employees) and from 18 to 20% (for the company) effective 1 January 2009. This increase will remain in effect until the fund ratio has been restored to 105%.
 
The Océ Pension Fund applies the pension scheme to (former) employees in the
Dutch subsidiaries Océ-Technologies B.V. and Océ-Nederland B.V.

 

 

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Wide Format Editor

Richard Romano

Richard Romano, Section Editor/Senior Analyst
Richard has written about communication, graphics hardware and software trends for the past 15 years.

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