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• KPN Vandaag

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Den Haag, 3-4-09

KPN and the KPN pension funds have reached agreement on how to return the coverage ratio of the pension funds to the minimum required level of 105% as set by the Dutch Central Bank, by 2013 at the latest. KPN will make additional payments to the pension funds up to a maximum of EUR 390 million over the coming years, with EUR 120 million in 2009 and a maximum of EUR 90 million in each of the years 2010, 2011 and 2012. Should a coverage ratio of 105% be reached before 2013, KPN would no longer be obliged to continue to make additional payments.

Under this plan there will be no need to cut pensioner’s actual pension payments during the stated period. The recovery plan also allows the accrued benefits of active participants and former participants to be maintained.

Part of the agreement provides that, should the coverage ratio not have reached the required level of 105% by 2013, the KPN pension funds could no longer apply to KPN for additional payments over and above the annual pension premiums. Should a situation arise wherein, driven by disappointing economic developments, the funds were not able to recover in time, measures by the pension funds that might affect pension payments and accrued benefits cannot be ruled out.

Based on the nature of Getronics’ pension scheme, KPN has agreed with the Getronics pension fund to provide additional security for an amount of up to EUR 12.5 million per annum for the years 2010-2013.