The President of the Republic announced the abolition of the Caixa Geral de Depósitos (CGD) Employee Pension Fund and the transfer of costs to Caixa Geral de Aposentação, for 13,700 beneficiaries, as the operation was financially neutral.
“Since this is a financially neutral operation, the President of the Republic has promulgated the diploma that makes the staff pension fund of Caixa Geral de Depósitos disappear, transferring responsibilities for the respective charges to Caixa Geral de Aposentação”is on the website of the Presidency of the Republic.
The diploma proclaimed by Marcelo Rebelo de Sousa was approved by the government two weeks ago, an extinction and transfer of the responsibilities of the charges worth three billion euros, revealed in a statement of the Council of Ministers.
The Ministry of Finance explains in another statement that the amount to be transferred to the CGA will fully guarantee the coverage of future liabilities assumed, estimated at EUR 3,018 million.
The measure affects approximately 13,700 beneficiaries, of which 3,909 are active employees and 9,759 are pensioners and early retirees, a universe whose pension conditions and benefits have already been determined.
These liabilities relate to financial charges related to pensions of employees hired through December 31, 2005 and with respect to seniority after 2000.
The diploma, explained the director at the time, is the conclusion of a process that has been going on for two decades and which will allow “after the completion of the restructuring plan” to continue to approach the working conditions of the public bank with those of the private bank. banking”.
The government believes it will increase CGA’s capitalization, allowing it to invest its additional assets in the purchase of Portuguese government debt and “receive the financing of the assumed burden without absorbing the risks of selling the assets from which it pension fund exists, insofar as CGA receives in cash”.
The operation received the unanimous favorable advice of the Monitoring Committee Pensioenfonds CGD, according to the government.
Source: DN
