More pension funds in trouble
Friday 12 December 2008
Shells Dutch pension fund has fallen below the legal reserve ratio of 105% to 85%, the Telegraaf reports on Friday, quoting BNR radio. The claim is based on a letter to Shell employees, the radio station said.
A reserve ratio of 100% means the fund has sufficient assets to meet all its pension obligations.
The Shell pension fund regulation includes an agreement that if its reserves are below 105% for six months, the company must shore up its assets. Some staff also face higher premiums next year, the paper says.
The Financieele Dagblad reports that health service pension fund PFZW, formerly PGGM, has also fallen below the legal limit, with a reserve ratio of 96% at the end of November.
PFZW says the worsening of its reserves is due to falling share prices and the sharp decrease in long-term interest rates.
Earlier this week, the corporate pension fund association said half of the countrys top 10 company pension schemes no longer meet the 105% condition.
Civil service pension fund ABP, one of the biggest in the world with assets of over 200bn, told Dow Jones that it would probably not make its coverage ratio public because that was not in the interests of its long-term investment strategy.
© DutchNews.nl
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Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
