Super de Boer, a Dutch supermarket operator, has terminated its relationship with its underfunded retirement plan as the Dutch pensions industry continues to grapple with the financial crisis, which has plunged the country's previously well-funded schemes into deficit.

The Stichting Pensioenfonds SDB has slid to a funding level well below the regulatory minimum. The scheme, worth €460m ($614m) as of its last valuation at the end of 2007, is now 86% funded and is required to recover to 105% within five years.