Minutes of Meeting DuPont/Pensioners Group 10th May 2017
Present: Chris Newton, Pierre Chaigneau, Georges Darrer, Denis Hill
Fund performance 2016: Chris reviewed the performance which showed a return of 5.2% and a coverage of 101.9% including the impact of reducing the TIR (Technical Interest Rate) to 2.25% from 2.5%. The coverage including the new contribution reserve was 103.3%.
There are now 902 retirees and 351 employees with the reduction of employees from 397 due to further restructuring of businesses.
Georges asked for a paragraph to be included in the final report explaining how Bridge Pensions to AVS age for people taking early retirement works and that a reference be made to the existence of our association in the transmittal of the Pension Annual Report.
Merger Update: The EU has approved the merger with conditions requiring a sell-off about 50% of the AG Crop Protection business including the Research facilities to the FMC Corporation. In a counter party FMC will sell its Health and Nutritional assets to the new merged company and keep its seeds as well as the other 50% of its crop protection business.
Final approvals are expected in the August/September period this year with then about 18 months to set up the 3 companies – redefined AG, Specialities, Dow as now including performance plastics.
There isn’t any further information of the impact on sites as yet.
TPG/RAP: It was requested, in the absence of Patrick and Arnold, that we need to discuss and clarify our different positions with regard to the interpretation of the RAP process and resolve the legal points raised in our report as they were not covered in DuPont’s last response. Chris was requested to set up this meeting between DuPont and the TPG impacted retirees in the near future. The retirees group will be expanded to include a third member at this meeting.
As part of the merger split who will have responsibilities for the TPG/RAP ongoing operation?
DuPont/Pensioners Biannual get-together: Pierre asked if DuPont would plan to have a reunion this year and Chris agreed to raise this point.
Reply to minutes by DuPont 15th June 2017
Thank you for the minutes. Just a few points from my side.
- For the annual activity report, we will explore if we can add a section on how the complementary pension arrangements work. Regarding the inclusion of the contact details for the Retiree Association, on reflection I am not sure this will be possible, however please can you send me the details that you would want to be included so that it can be reviewed.
- Regarding the RAP/TPG discussion, the company would expect to be in a position to have a follow up discussion in Qtr3/4. I suggest we have this as an agenda item of our next meeting.
- Regarding a retiree event, there are a lot of corporate activities scheduled for Qtr4, so having a retiree event in November or December might not be the best timing. We will review this over the coming weeks and let you know a final decision as soon as possible.
Denis, Georges & Pierre,
Have an enjoyable summer and lets plan to meet again in Sept/Oct timeframe.
Best Regards
Chris Newton