NETHERLANDS - The Pension Fund of Akzo Nobel made a return on investments of 15.2% in 2005 – up from 10.3% in 2004.

According to Akzo pension fund officials, all three asset classes have been very positive.

The fund reported also that its subscribers have had to go through a change to a collective DC, in which the sponsor only pays a fixed amount.

The fund reiterated that the guarantee on nominal pension liabilities for the sponsor has been ended. During 2005, Akzo Nobel paid in an additional €301.4m, of which €201.4ms as extra premium and €100m as a loan to the fund.

The fund already expects to have good results during the first quarter of 2006, as its investments in equity and real estate have shown the same results as during 2005.

The fund also stated that the management of the fund will be transferred as of September 1 2006 to Eureko.

Elsewhere, new collective labour and pension fund agreements have been made in the wholesale flower sector.

A majority of employers in the Dutch flower sector have agreed to a new CAO (Collective Labour Agreement) with the Dutch trade unions.

According to all parties involved, most important fact in the latter is that there will be for the first time ever a collective pension agreement for the total sector.

As stated by trade union officials, FNV and CNV, the new pension fund, which will be set up the coming months, will be formed by a paritair board, made up of four representatives of employers and four representatives of the unions.

Meanwhile, office supplier Buhrmann reported that its pension fund has reached a coverage ratio of 150% as of March this year.

Buhrmann has indicated it will have a net contribution to the fund of €4.8m.