(Bloomberg) -- ING Groep NV, the biggest Dutch financial-services company, will post a 1.2 billion-euro ($1.6 billion) charge after agreeing to end some payment obligations to its pension fund in the Netherlands.

ING will terminate future funding and indexing obligations to a pension plan that guaranteed payouts for participants, the Amsterdam-based company said in a statement today. The first- quarter charge includes a 400 million-euro payment to the fund, while 800 million euros is related to the removal of the pension assets on ING’s balance sheet, it said.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access