| FSA revoked the license |
| Wednesday, 11 February 2009 06:30 |
 Since the pension fund of the employees of Glitnir is not insured anymore has the Financial Supervisory Administration decided to revoke their license to operate. In the law about pension funds there have to be at least 800 persons that pay into the fund, but only 600 are paying into this one. It was approved by law while the fund was insured, says Fridbert Traustason, manager of the Association of financial company employees.
A letter about the license being revoked was received by the fund in the end of January. The fund is now made to negotiate with another pension fund about taking over the pension payments. “But by that the back insurance is gone.” These six hundred former and current employees of Glitnir are amongst the oldest in the company. Their pensions were back insured which means that the rights that were achieved would not be reduced even if the fund would not be able to accumulate interest on it´s funds for the commitments. The back insurance of the fund was left in old Glitnir on it´s collapse.
Set as favorite
Bookmark
Email this
Hits: 359 Trackback(0)
Comments (0)
 Write comment
|
TrackBack URI for this entry
Subscribe to this comment's feed
