PostNL pension fund

PostNL has announced that it will start paying its unconditional funding obligation to the PostNL pension fund. PostNL will pay a first instalment of €32m in December 2015. The remaining four payments will be paid in the subsequent years thereafter.

In the agreement with the PostNL pension fund and the unions of December 2013, PostNL committed to make an unconditional funding contribution to the PostNL pension fund.

This contribution is due in five equal instalments, starting once PostNL would resume paying dividend or ultimately ten years after entering into the agreement. The total payment obligation amounted to €161m per the end of the third quarter of 2015.

In a statement issued today (22 December), PostNL said: “Taking into account PostNL’s current cash position and the imbalance between the interest due over the unconditional funding obligation and the proceeds of PostNL’s cash position, PostNL has agreed with the PostNL pension fund to bring forward the payment of the unconditional funding obligation.

“The payments of the unconditional funding obligation will be recorded as underlying (cash) items for underlying (cash) operating income and as such will not impact the outlook for underlying cash operating income in 2015 and beyond. The payments themselves do not affect our consolidated equity position.”