Coverage ratios at KLM’s three pension funds plunged over the first quarter despite their reporting strong investment returns over the period.KLM Cabinepersoneel, the €2.8bn pension fund for cabin staff, returned 9.6% in Q1, yet its coverage fell by 4 percentage points to 117.1%.Over the same period, Algemeen Pensioenfonds KLM, the €8bn scheme for ground staff, returned 8.6%, while its coverage ratio decreased by 3.1 percentage points to 117.4%. From the beginning of this year, Dutch pension funds have had to use the 12-month average of their daily coverage, rather than the three-month average, to determine their ‘policy funding’, the new criterion for indexation and rights cuts. Both schemes have failed to achieve their minimum funding targets of 126.2% and 124.6%, respectively, as stipulated under the new financial assessment framework (nFTK).As such, they must now submit recovery plans to the pensions regulator.Meanwhile, Vliegend Personeel, the €8.3bn pension fund for KLM cockpit staff, reported a 6.9% return and closed out the first quarter with a coverage of 127.5%, 3.1 percentage points down from December but above its minimum ratio of 123.4%.All three KLM schemes have contracted out their asset management and pensions administration to Blue Sky Group.In other news, Progress, the €5.8bn pension fund of Unilever, reported a quarterly return of 14%.Progress director Rob Kragten said all asset classes, with the exception of commodities, made positive contributions to the scheme’s first-quarter performance.He added that equities and private equity had performed particularly well.Its funding of 139% at March-end equated with a coverage ratio in real terms of 103%, making Progress one of the best-performing large company schemes in the Netherlands.
65 Dove Tree Crescent, Sinnamon Park is seeking offers above $899,000. Picture: realestate.com.auThe four-bedroom home is near new and is on a 978sq m block of land.The home has views of distant mountain ranges and the interiors are of a contemporary style.A separate media room also has extra storage space and there are multiple living areas upstairs and downstairs.More from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor9 hours ago Inside one of the Dove Tree Crescent bedrooms at Sinnamon Park. Picture: realestate.com.auThere is an inground pool and a barbecue in the alfresco outdoor living area.Meanwhile a home at 40 Panorama St, Rochedale with five bedrooms and large living spaces has been listed for sale. It is in the Arise Estate and close to schools including Redeemer Lutheran College. 65 Dove Tree Crescent, Sinnamon Park. Picture: realestate.com.auIF you’re on the hunt for a new home, check out some of Brisbane’s newest large family home listings. 65 Dove Tree Crescent, Sinnamon Park has hit the market seeking offers from $899,000 plus buyers. The large home at 40 Panorama St, is close to schools. Picture: realestate.com.auThere are high ceilings in the entry and cedar wood accents throughout the home. On the lower level the lounge and living area leads out to a patio with an outdoor kitchen and barbecue area.A home at 21 Wolsey St, Sandgate has been listed seeking offers in the high $800,000s.The four-bedroom, two-storey house is on a 600sq m fully fenced block. 21 Wolsey St, Sandgate. Picture: realestate.com.auThere is a formal entrance and the kitchen has a large butler’s pantry. Living areas are open plan and there is a study. The deck at 21 Wolsey St, Sandgate. Picture: realestate.com.au