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BRIEF-ING reaches agreement to make Defined Benefits Pension Fund financially independent
January 9, 2014 / 6:21 AM / 4 years ago

BRIEF-ING reaches agreement to make Defined Benefits Pension Fund financially independent

AMSTERDAM, Jan 9 (Reuters) - ING Groep NV : * Reaches agreement in principle to make defined benefits pension fund financially independent * Says ING to be released from future financial obligations under Dutch DB pension plan * Says agreement marks important step in preparation for base case IPO of ING insurance * Says accounting and equity volatility for ING bank and ing insurance will be largely removed * Says ING to make one-off contribution of 549 mln euros to ing pension fund * In addition, write-off of pension asset estimated to result in 0.8 bln euros after-tax P&L charge in first quarter of 2014 * Says limited impact on ING Bank’s fully-loaded CT 1 ratio and ING insurance’s IGD ratio * Agreement will greatly reduce the current volatility in our equity and will further simplify the group -CEO * Ing will reduce the employees’ own contribution to pension premium under new DC plan by about 80 million EUR over 6 yrs * Removal of financial obligations is an important step towards the base case IPO of ING insurance * Agreement expected to have a negative impact of about 3 pct-points on the IGD ratio of ing insurance on a pro forma basis * Says ING expects to be able to announce a final agreement early March 2014

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