ING reaches deal with unions over new pension scheme

ING has reached an agreement in principle with trade unions about a new pension scheme for employees in The Netherlands of ING Bank, WestlandUtrecht Bank and Insurance/IM, including Nationale-Nederlanden and ING Investment Management.

With this new pension scheme, ING aims to introduce a modern, balanced scheme which meets today's requirements.

In conjunction with the separation of the Banking and Insurance/IM activities, two separate pension funds will be established: one for the bank and one for insurance/IM.

Final agreement on the new scheme will be subject to formal approval of the trade unions based on a consultation of their members.

In this regard the unions will recommend the scheme to their respective members in the second half of June.

Story provided by StockMarketWire.com

01/06/2012