The board of the SMIT Pension fund Foundation (Stichting Pensioenfonds SMIT) has recently been informed by the Dutch Central Bank (De Nederlandse Bank) that it needs to take accelerated measures to improve its financial position. The SMIT Pension fund informed her members this week on the current state of affairs. Boskalis was already aware of the financial position of the Pension fund when it acquired SMIT Internationale.
The SMIT Pension fund had a coverage ratio of 86.6% on 31 July 2010. The board of the Pension fund has calculated that this amounts to a shortage of approximately € 28 million. There is no legal requirement to fund the shortage and the measures to improve the financial position will not have an effect on the Boskalis full year earnings.
The size of the SMIT Pension fund is approximately € 200 million with slightly more than 2,100 participants of which 365 in active service.