Global solidarity for Dutch unions fighting to keep pension funds

Pension funds across the U.S. and the world suffered massive losses when the stock market took a nosedive in 2008. However, some unscrupulous corporations used that as an opportunity to do a little extra looting.

In 2007, Aegon acquired Optas (formerly the Harbour Pension Fund) for 1.5 billion euros and with it, the pension assets secured for the sole benefit of some 60,000 Dutch dockworkers. Aegon has since claimed the assets as its own and argues that the dockworkers and port employers have no special rights to them.

Not long after stealing the workers’ monies, Aegon sought a $3.9 billion bailout from the Dutch government and was investigating ways to get a bailout from the U.S. government as well.

Chanting “Put back the money,” Teamsters, Longshore workers and the Dutch dockworkers and employers who jointly manage the stolen pension fund, held a rally in front of the Transamerica Pyramid in San Francisco on January 12. They chose this site because Transamerica is wholly-owned by Aegon.

“Welcome to the global economy,” said Joint Council 7 President Chuck Mack. “The Dutch workers supported the Teamsters and U.S. Longshore workers when we were fighting Maersk a few years back. Now, we’re backing them, as are all the transportation and dock unions around the world.”

In addition to the noisy downtown San Francisco rally, the unions took additional action. The group of seven unions, with pension assets totaling more than $100 billion, presented a letter to the President of Transamerica Corp. suggesting that he tell Aegon to return the workers’ pension funds.

Because many Teamster-affiliated pension and benefit funds have invested in Transamerica over several decades, Teamsters General Secretary- Treasurer C. Thomas Keegel sent letters to the fund trustees alerting them to the business practices of Aegon and Transamerica.

And President Hoffa sent a letter to Senate and House leaders to close the loopholes that Aegon hoped to exploit to get part of the U.S. bailout. “U.S. taxpayer money should not be used to rescue companies overseas that scheme to exploit our system undermining the interests of workers, investors and communities,” Hoffa wrote.