NETHERLANDS - The board of the professional pension fund for dentists and dental consultants SPF is aiming to provide for future indexation but proposes to leave the scheme unchanged.

An additional asset-liability management study has provided options for a new policy for strategic risk reduction and maximising the chances for future indexation and allowances, it indicated. A decision on these issues is due soon.

In the meantime, SPF will keep its asset allocation unchanged at 45% equity, 15% convertible bonds and 40% fixed income, the board said.

SPF has been a closed fund since 1997, when its members decided to make SPF a contributions-free pension fund. A survey in 2004 made clear that there is insufficient support for a restart. It has contracted out its pension administration as of January 1 2006 to AZL.

SPF reported overall returns of 15.6% during 2005. Its coverage ratio under market rates increased to 114.5%, it said. Under the rules of the new financial assessment framework FTK, a pension scheme is only allowed to full indexation if its funding ratio is over 130%.

SPF's members will decide in December on the start of a professional pension association, it added.

The pension fund has €1.35bn of assets under management. It has 7,843 members.

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