> COMING UP
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Financially sound
Whereas a year ago we were in the middle of the COVID-19 crisis, we now have another one: the war in Ukraine. It is close by, in Europe. And even closer for many of us, as many shipping companies employ Ukrainians and Russians. This makes personal suffering all the more visible. Moreover, I can imagine that it sometimes leads to tension on board between Ukrainian and Russian seafarers. All in all, an incredibly sad situation. We are also noticing the consequences at the fund. The financial markets are unstable and energy prices are going through the roof, so inflation is also at a very high level. The fund is in good shape financially. The funding ratio is hovering around 125 per cent. Interest rates are rising and consequently the funding ratio is rising in parallel. That is good, but the inflation trend is worrying. The fund is following all developments closely. Fortunately, there is mostly good news about COVID-19; the world is increasingly opening up. I sincerely hope that all the relaxations are here to stay, because we can then organise live pension meetings again in 2023. For example, on the progress of the new pension system, which is the subject of great focus behind the scenes. Next year I would like to meet you in person to tell you all about it.
ERWIN CRAMER Director, Bpf Koopvaardij Management Division