Management and control
The legal form of the pension fund of GE is a foundation. The pension fund's pension capital is therefore kept separate from GE's company assets.
Management of pension fund
The pension board consists of nine persons (1 vacany):
- A. Hollemans (Capital)
- S. Lousberg (Healthcare)
- D. van Unnik (Corporate)
- N. Nijs (Energy), aspirant-bestuurslid
- Y. den Bakker (Corporate), voorzitter
- T. Sardar (Healthcare)
- B. Vroegh (Capital Finance)
Representing retired employees:
- F. Bos
Besides the pension board there is a pension director: A. Snellen. The pension board cooperates with G. Versluis, board advisor of the Management Office.
The board's most important task is to ensure that the pension assets are well managed; the premiums are collected and the pensions are paid out in time. The board has to see to it that the pension assets are well invested. You can read more about the pension fund's investments in its annual report.
It's also the board's task to lay down the fund's pension scheme. This scheme gives the rules how to calculate the pensions and the obligations the member must satisfy to be eligible for a pension. In addition, there is an implementing agreement with the employer(s) that describes how the pension rights will be funded.
The board has outsourced part of its activities to TKP, AON Hewitt and KBC. TKP sees to it that the pension scheme is implemented. TKP acts on behalf of the pension fund's board, advises it and is accountable to it. Hewitt takes care for - among other things - the Asset Liability Management study. Asset management has been outsourced to KBC. The individual pension savings scheme (GESAVE) is executed by Robeco.
Accountability Board (Verantwoordingsorgaan)
In the pension board the employees, beneficiaries and the employer are equally represented. The pension board is accountable to the accountability board about the strategy and the implementation of the strategy and also about the observance of the principles for Pension Fund Governance.
Supervision (De Nederlandsche Bank, Autoriteit Financiële Markten)
Like all other pension funds in the Netherlands, GE's pension fund must comply with the provisions in the Pensions Act. The Pensions Act's purpose is to safeguard pension commitments and to guarantee a professional investment management. De Nederlandsche Bank (the Dutch central bank) sees to it that this happens. An independent actuary (insurance expert) verifies whether the pension fund has sufficient resources to satisfy its obligations. He/she also assesses whether the premiums that the current members contribute, are sufficient. In addition, an independent accountant audits the annual report and the financial statements.
Netherlands Authority for the Financial Markets (AFM)
The AFM exercise control over the Dutch financial markets, including the pension funds.