Press Release asr Chevron Pensioenfonds

Press release
a.s.r. underwrites pension liabilities of Stichting Chevron
Pensioenfonds
Utrecht/Rotterdam, the Netherlands, 23 December 2014 – a.s.r. will start to underwrite the
pension liabilities of Stichting Chevron Pensioenfonds as of 1 January 2015. The pension
assets to be transferred within the scope of this buy-out are worth € 370 million.
The existing pension entitlements of more than 1,800 members, who are employees and former
employees of the Dutch operations of US oil company Chevron, will be administrated by a.s.r.
Pensions with effect from 1 January. Upon the transfer of the pension liabilities to a.s.r., some of the
indexation arrears will be caught up. In addition, the pensions will be index-linked in accordance with
European inflation rates over the years to come.
Michel Verwoest, member of the a.s.r. Executive Board: ‘We are pleased that Stichting Chevron
Pensioenfonds has decided to accept our offer. With a.s.r. as their administrator, the members'
pension entitlements are in goods hands. This buy-out dovetails well with the strategy of our pension
business. It will serve to raise a.s.r.'s profile in the market. In other words, signing this pension contract
with Chevron will give us a real boost.’
Cees van Klink, member of the Board of Directors of Stichting Chevron Pensioenfonds: ‘The buy-out
was a logical step for the fund and we are happy that we managed to close the deal before the end of
the year. a.s.r.'s offer was competitive and fully in line with our expectations. We have every
confidence in our future partnership with a.s.r.’
Consulting firm Towers Watson provided assistance in the transfer of the pension liabilities of Stichting
Chevron Pensioenfonds to a.s.r. The Dutch Central Bank (DNB) has yet to confirm its approval of the
transaction.
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For more information, please contact:
a.s.r.
Daan Wentholt, Media Relations
T: +31 (0)6 5335 4156
[email protected]
www.asr.nl
Stichting Chevron Pensioenfonds
Cees van Klink, Chairman
T: + 31 (0)6 2292 7419
[email protected]
www.chevronpensioenfonds.nl

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