Aegon N.V. (AGN.AE), a multinational life insurance, pensions
and asset management company headquartered in The Hague,
Netherlands, said Monday it and BPVH--a foundation representing
Dutch harbor workers and employers--reached an agreement on
removing restrictions on the capital of the harbor workers' former
pension fund Optas.
MAIN FACTS:
-Agreement ends a dispute that began when the Optas pension fund
was transformed into an insurance company, that was subsequently
acquired by Aegon in 2007.
-Aegon and BPVH have agreed to jointly file a request with a
Dutch court to remove the restriction on the capital of Optas.
-Upon the court granting this request, Aegon will make a payment
of 80 million Euros to BPVH, as well as offer harbor workers more
favorable pension conditions.
-In addition, over the coming years Aegon will contribute up to
EUR 20 million to help mitigate the effect of an announced
reduction in the tax-free pension allowance in the Netherlands.
-Write to Ian Walker at ian.walker@wsj.com
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