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Court approves removal of capital restrictions on Optas pension fund

The Hague, The Netherlands, January 14, 2015

The Dutch court has approved a request filed jointly by Aegon and BPVH – a foundation representing Dutch harbor workers and employers – to remove restrictions on the capital of the harbor workers’ former pension fund Optas.

The restrictions may be removed three months from today. This successfully resolves a dispute that began when the Optas pension fund was transformed into an insurance company, which was subsequently acquired by Aegon in 2007.

As per the agreement announced on April 14 2014, Aegon will make a payment of EUR 80 million to BPVH, as well as offering harbor workers more favorable pension conditions.

In addition, over the coming years Aegon will contribute up to EUR 20 million to help mitigate the effect of an announced reduction in the tax-free pension allowance in the Netherlands.

Written by: Aegon