Neste Oil Corporation
Stock Exchange Release
12 January 2010 at 13 EET
Neste Oil to transfer its supplementary pension benefits to OP Life Assurance
Neste Oil has decided to transfer the management of its supplementary pension benefits and the associated pension portfolio its Finnish companies to OP Life Assurance Company Ltd. The move is expected to take place on 1 April 2010. It will not affect the level or scope of pension cover provided to personnel or people who have already retired.
Neste Oil Pension Fund provides supplementary pension benefits to employees who joined the company prior to 1994. A total of approximately 1,500 current and around 4,000 former Neste Oil employees are covered by these benefits.
The supplementary pension liabilities that are currently the responsibility of the Neste Oil Pension Fund and that will be transferred to OP Life Assurance totalled approximately 270 million euros as of the end of 2009. As a result of the transfer, a non-recurring charge is expected to be booked against Neste Oil's consolidated IFRS financial statements in the second quarter of 2010. The transfer is expected to have a positive cash flow impact.
The transfer will require the approval of the Finnish Financial Supervisory Authority and the Finnish Competition Authority.
Prior to this Neste Oil has decided to transfer its statutory occupational pensions to Ilmarinen. The company released the move on 7 December 2009.
Neste Oil Corporation
Director, Corporate Communications
Further information: CFO Ilkka Salonen, tel. +358 (0)10 458 4490
Neste Oil in brief
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company is the world's leading supplier of renewable diesel. Neste Oil's refineries are located in Porvoo and Naantali and have a combined crude oil refining capacity of approx. 260,000 barrels a day. The company had net sales of EUR 15 billion in 2008 and employs around 5,200 people. Neste Oil's share is listed on the NASDAQ OMX Helsinki.
Neste Oil has been selected into the Dow Jones Sustainability World Index and awarded 'Best in Class' recognition for its social accountability by Storebrand. The company is also featured in the Ethibel Pioneer Investment Register and included in Innovest's Global 100 list of the world's most sustainable corporations. Further information: www.nesteoil.com.