a.s.r. underwrites pension liabilities of Stichting Chevron Pensioenfonds
a.s.r. will start to underwrite the pension liabilities of Stichting Chevron Pensioenfonds as of 1 January 2015. The pension assets to be transferred within the scope of this buy-out are worth € 370 million.
The existing pension entitlements of more than 1,800 members, who are employees and former employees of the Dutch operations of US oil company Chevron, will be administrated by a.s.r. Pensions with effect from 1 January. Upon the transfer of the pension liabilities to a.s.r., some of the indexation arrears will be caught up. In addition, the pensions will be index-linked in accordance with European inflation rates over the years to come.
Michel Verwoest, member of the a.s.r. Executive Board: ‘We are pleased that Stichting Chevron Pensioenfonds has decided to accept our offer. With a.s.r. as their administrator, the members' pension entitlements are in goods hands. This buy-out dovetails well with the strategy of our pension business. It will serve to raise a.s.r.'s profile in the market. In other words, signing this pension contract with Chevron will give us a real boost.’
Cees van Klink, member of the Board of Directors of Stichting Chevron Pensioenfonds: ‘The buy-out was a logical step for the fund and we are happy that we managed to close the deal before the end of the year. a.s.r.'s offer was competitive and fully in line with our expectations. We have every confidence in our future partnership with a.s.r.’
Consulting firm Towers Watson provided assistance in the transfer of the pension liabilities of Stichting Chevron Pensioenfonds to a.s.r. The Dutch Central Bank (DNB) has yet to confirm its approval of the transaction.