April 2, 2014 / 3:55 PM / in 4 years

BRIEF-ABN Amro Global Fund reaches pensions agreement with trade unions

April 2 (Reuters) -

* ABN Amro global fund - on 2 april, ABN Amro and trade unions FNV Finance, De Unie and CNV Dienstenbond reached a negotiated result for a new collective labour agreement (CLA).

* ABN Amro global fund - agreement includes zero growth for salaries throughout the two-year term of the CLA

* ABN Amro global fund agreement includes modification of the pension scheme to comply with statutory frameworks

* ABN Amro global fund - agreement includes reduction of the contribution payable by pension fund participants

* ABN Amro global fund agreement includes transition of the pension plan to a collective defined contribution (CDC) plan

* ABN Amro global fund - one-year extension of the cla’s social plan until 1 January 2016.

* ABN Amro global fund - the new CLA will take effect retroactively on 1 january 2014

* ABN Amro global fund - will know by 1 may 2014 whether these conditions have been fulfilled and, consequently, whether the CDC pension scheme will then have become a fact

* ABN Amro -ABN Amro and ABN Amro pension funds have also agreed that the bank’s duty to restore the pension fund’s coverage ratio by way of additional contributions will be terminated

* ABN Amro -at the same time, any surplus funds in ABN Amro pension fund will no longer flow back to ABN Amro

* Rpt- ABN Amro global fund - the new CLA will remain valid until 1 january 2016

* Abn -to limit the financial impact of this decision for ABN Amro pension fund parties have agreed that the bank will pay the pension fund a one-off contribution of eur 200 million Further company coverage:

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