NETHERLANDS - Pension fund Erven Lucas Bols has chosen insurer Zwitserleven (Swiss Life) for the reinsurance of its pension liabilities, the insurer has announced.

“An important part of the contract is that, besides the insurance of the pension benefits, Zwitserleven’s guarantee that the pensions will be raised by 65% of European inflation”, the insurer added.

“Changes within the organisational structure of the company, have led to a significant decrease of members over the last 10 years. “Placing the pension liabilities with an insurer appeared to be the best option for both our members and the company,” a spokeswoman of the €130m scheme said.

Bols’ pension fund is a ‘grey’ scheme. At the end of 2004 it had 276 active members, 910 deferred and 679 pensioners. The 55-year-old scheme has a yearly inflow from contributions of €500,000.

“We have chosen Zwitserleven because of its expertise in pensions, and the flexibility it has offered,” the scheme’s chairman Mark Maters commented.

Because of the reinsurance, the pension fund will liquidate itself. The spokeswoman said she couldn’t indicate when this will happen.

“The take-over of the liabilities of Bols’ pension fund is a solid contribution to our ambitions for growth. Moreover, the scheme’s trust shows their appreciation of what we have to offer in the collective life insurance market,” Zwitserleven director Rolf van Woerkom said.

As a specialised pensions insurer, Zwitserleven has recently concluded similar contracts with ‘a number’ of smaller pension funds, spokesman Frits Hendrikx added. Zwitserleven has almost €12bn of assets under management.

Pension Fund Bols is the company pension scheme of Bols Distilleries, which has been owned by the French group Remy Cointreau since 2001.

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