Financial position
Shell Asset Management Company (SAMCo), the organisation responsible for managing the Pension Fund’s assets, informed the Members’ Council about the Pension Fund’s financial position and provided further information about ‘benchmarks’. The organisation of risk management at SAMCo was also explained. The Manager reported on the progress of the long-term recovery plan. Actuarial annual report
The Manager responded to a number of technical questions posed by the Members’ Council regarding the actuarial annual report. Requests for Advice
The Request for Advice regarding the Regulation for supplements for the lowest paid beneficiaries (Regeling toeslag voor de laagstbetaalden) is still pending. The Manager has requested advice from Towers Perrin, the Pension Fund’s permanent advisor. Once this advice has been received, it will be discussed with the Board and subsequently with the Members’ Council, after which a new Request for Advice will be submitted to the Members’ Council. Other matters
A discussion of the payment reservation laid down in the Administration Agreement was finalised, and the articles concerning termination of the Administration Agreement by the employer were further discussed. The Manager explained the position of the Pension Fund vis-à-vis the employer and the consequences that terminating the Administration Agreement would have for all parties. Communication
The Pension Fund intends to set up focus groups as from 2010 to gauge opinions about the Pension Fund’s existing communications, its communication methods and its future communications. The composition of the focus groups will be determined by random selection. The next meeting between the Members’ Council and the Manager will be held on Wednesday November 11, 2009.
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