PFZW’s payout to pensioners jolts euro swap curve
Dutch retirement fund’s announcement of unexpectedly large indexation takes market by surprise
On November 8, the Netherlands’ second largest pension fund, Pensioenfonds Zorg en Welzijn (PFZW), said it would be increasing payouts to its members by 4.8% to adjust for rising inflation.
The timing of the statement by the retirement scheme, whose members work in the Dutch care and welfare sectors, was not unusual – Dutch pension funds typically announce indexations in late October or early November in time for the following year. What was unexpected was the size of the adjustment, which
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