Dutch insurer Aegon NV (AEG, AGN.L) and BPVH, a foundation representing Dutch harbor workers and employers, have jointly agreed to file a request with a Dutch court to remove the restriction on the capital of the harbor workers' former pension fund Optas. This deal puts an end to the dispute that started when the Optas pension fund was transformed into an insurance company, that was subsequently purchased by Aegon in 2007.
Once the request is granted by the court, Aegon would pay 80 million euros to BPVH, as well as offer harbor workers more favorable pension conditions. Further, Aegon would contribute up to 20 million euros over the coming years to help mitigate the effect of an announced reduction in the tax-free pension allowance in the Netherlands.
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