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| News |
| Edition 2 | Year 3 | August 2018 |
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| All Staples employees move to defined contribution scheme |
| Staples has decided that with effect from 1 July 2018, all Staples employees will accrue their pension in the LifeSight defined contribution scheme (the premiums pension institution of Willis Towers Watson). |
| Staples employees entering employment since 1 January 2015 have already been participating in this scheme since that time. The pension accrued until 1 July 2018 will remain with the pension fund. All members still accruing a pension will be sent a letter from the pension fund in September explaining the implications for their pension with the Staples pension fund. |
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| Pension fund closed with effect from 1 July 2018 |
| Since no new pension will be accrued in the Staples pension fund, the fund will continue as a closed pension fund. A closed pension fund can continue to exist independently. |
There will be no further premium coming in, but the liabilities will also decline. The pension assets are expected to generate an investment return sufficient to pay the pensions (including indexation, if all goes well). Closed-end funds do run certain risks, however, as even such relatively small funds must comply with all legislation and regulation and must have fit and proper trustees. Alternatives, The fund could, for example, choose to move to a sector pension fund, a General Pension Fund (APF) or an insurer. A combination would also be possible in principle. After carefully and fairly considering all interests, the board believes that continuing as an independent pension fund is currently the best option, although this could change in the future. Naturally, the board will keep all members up to date regarding any new developments.
Questions? Take a look at Q&A Future on the website. |
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| Healthy financial position |
| The policy funding ratio of the Staples pension fund at the end of July 2018 was 123.5%. The funding ratio expresses the ratio of the fund's assets to its pension liabilities. |
According to the rules set by the government, our assets must be 16.2% more than our liabilities. This is expressed as the required funding ratio of 116.2%. This buffer ensures that the fund has sufficient reserves and can still afford to pay everyone a pension even in case of financial setbacks. The current policy funding ratio is higher than this required funding ratio, meaning that the pension fund has sufficient financial reserves.
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| Pension fund passes the feasibility test for 2018 |
| The pension fund carries out a feasibility test every year. This test provides information on the connection between the financial structure, the expected pension result and the associated risks |
The board established the (long term) risk appetite for the pension fund in 2015, in which lower limits for the pension result have been set. The expected pension result is then compared to these limits each year.
The results of the test show that the expected pension result meets the previously set limits. Even in a difficult scenario, the result remains within these limits.
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| Findings of member survey |
| Staples conducted a wide-ranging member survey in 2017. This showed that members receiving a pension highly appreciated the pension fund, with a score of 7.6. The active members were slightly less satisfied, but still gave a good and adequate score of 6.4. |
| The active members maybe feel somewhat less familiar with the pension fund. The pensioners state that they wished to continue to be well informed regarding the pension fund, the risks and the costs. At the pension fund, we also watch these matters closely. In addition to the annual condensed annual report, we will distribute this digital newsletter several times a year, we present extensive information on the website and we publish Q&As on various subjects. The survey also provided information on new ideas for communication, such as e-mail alerts. We still have to study the feasibility of this. |
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| Review of 2017 |
| The annual report of Stichting Pensioenfonds Staples has been published. The financial position of the fund has returned to an appropriate level since the end of 2017. |
If you would like to know more about what goes on at a pension fund and the things that are discussed, please read the Summarized annual report. The digital version is already available on the pension fund website. If you have chosen to receive information from the pension fund by regular mail, the condensed annual report will be sent out at the end of August. The full annual report is also available on the website.
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| Contact |
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| About Pensioenfonds Staples |
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Staples Pension Fund administers the pension scheme for the employees of Staples and its affiliated companies that were participating in the fund’s pension scheme before 1 January 2015. The Fund aims to be a sustainable and reliable pension fund for all stakeholders and to this end the Board has adopted a sound financial policy and checks that agreements are compliant with legislation. The pension scheme does not just provide for your old age; if something happens to you, the pension scheme provides for your partner as well. If you become incapacitated for work your pension scheme has a provision allowing you, under certain circumstances, to continue accruing pension entitlements.
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This message was sent automatically by Pensioenfonds Staples. You cannot reply to this email.
Do you have any questions please contact the Pension Service Department. |
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