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Largest Dutch pension fund transition sees higher-than-expected hedging – IMF


By Natalie Tuck

The largest Dutch pension fund to have transitioned to the new pension system (Wtp) so far has a rulebook that includes "significantly higher hedging ratios than the market anticipated" due to lower-than-expected member risk tolerance, according to the International Monetary Fund (IMF).

In its 2026 Article IV Consultation, the IMF said the transition to the new pension system was advancing, though continued monitoring and proactive management of risks remain warranted


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Spanish pension scheme assets rise by €9.2bn in Q2

Spanish pension scheme assets rose by €9.2bn in the second quarter of 2026 to €145.1bn, driven by portfolio revaluations, according to figures from Spain’s Association of Collective Investment Institutions and Pension Funds (Inverco)
UK insurance company pension scheme completes £150m ‘BPA Plus’ deal with M&G

A pension scheme sponsored by an unnamed UK insurance company has completed a £150m bulk purchase annuity (BPA) transaction through M&G’s ‘BPA Plus’ proposition

ABP makes co-investment in €330m Nearfield Instruments funding round

Dutch pension fund ABP has made a co-investment in Rotterdam-based semiconductor technology company Nearfield Instruments
One in five UK DC scheme members took no action on their pensions in past year

One in five (20 per cent) UK workers with a defined contribution (DC) pension took no action to engage with their retirement savings during the past year, despite widespread concerns about retirement affordability, research from Wealth at Work has found

Austrian PZV contract numbers drop 6.7% in 2025 in ‘continued decline’

The number of contracts in Austria's state-sponsored retirement savings scheme (PZV) fell by 6.7 per cent in 2025, according to Austria’s Financial Market Authority (FMA), highlighting the “long-term decline in contract numbers”
Pensioenfederatie raises concerns over UWV compensation scheme

The Dutch Federation of Pension Funds (Pensioenfederatie) has warned that the government's compensation scheme for errors in disability benefit calculations by the Employee Insurance Agency (UWV) does not adequately address the impact on supplementary pensions


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Over the line

After years of delays, Ireland’s auto-enrolment system has finally crossed the try line. But while MyFutureFund has been welcomed as a landmark reform, concerns remain over aspects of its implementation and the wider changes reshaping the pensions landscape. David Adams reports

The resilience shield

European pension funds are redefining resilience as geopolitical instability, climate risk and digital dependence reshape the landscape. Beyond funding and investment risk, regulators are now focused on operational vulnerabilities – from cyber threats to reliance on non‑European IT providers – raising new questions about the role of pensions as critical financial infrastructure. Ellie Carric reports

The dollar dilemma

Currency hedging is back in focus as doubts emerge over the dollar’s traditional role as a safe haven. Against a backdrop of heightened volatility, European pension funds are reviewing their exposure to foreign exchange risk and the opportunities hedging can offer. Lynn Strongin Dodds reports

Sweden’s pension balancing act

Skandia head of public and regulatory affairs, Mattias Munter, speaks to Callum Conway about the strengths of Sweden’s multi-pillar pension system, the lessons from recent governance controversies, and why adequacy, trust and private savings reform will shape the sector’s future

Building better retirement outcomes

Financial Planning Standards Board (FPSB) Ireland CEO, Emer Kirk, speaks to David Adams about the impact of Ireland’s new auto-enrolment system and other recent and proposed changes to the country’s pension system

Built for another era

Recent pension reforms in Germany sought to reduce the pressure on the first-pillar system while encouraging growth in the secondand third-pillar schemes. How successful have they been?

The cost compass

The continent’s pension sector is rethinking fees and costs as regulators, providers and policymakers shift the debate from price alone in search for value for money, transparency and better longterm outcomes for savers. Pete Carvill reports

Joining forces

Paige Perrin explores the current trend of consolidation in the Icelandic pension sector and the wider impacts of a more concentrated market structure on competition, ownership and financial stability

Investing for the future

APK Pensionskasse AG chief investment officer, Manfred Brenner, sits down with Paige Perrin to discuss the fund’s investment priorities, its outperformance of the market and the upcoming changes to the Austrian pension system

Ask the industry

With artificial intelligence (AI)-related pension complaints appearing in Belgian

Pensions Ombudsman cases for the first time, is the wider European pensions industry prepared for a surge in saver-led decisions driven by AI? And what responsibility does the industry have to intervene?

Waiting for take off

After years of being ignored by pension providers and savers, might a new phase of growth lie ahead for the Pan-European Personal Pension (PEPP)? David Adams reports on policymakers’ latest attempts to turn a good idea into a useful, mainstream product

Bursting under the pressure

Belgium’s Arizona coalition is facing mounting pressure as it looks to push through sweeping pension reforms. Sandra Haurant explores whether the changes will bring more unrest than solutions

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Podcast: Stepping up to the challenge
In the latest European Pensions podcast, Natalie Tuck talks to PensionsEurope chair, Jerry Moriarty, about his new role and the European pension policy agenda

Podcast: The benefits of private equity in pension fund portfolios
The outbreak of the Covid-19 pandemic, in which stock markets have seen increased volatility, combined with global low interest rates has led to alternative asset classes rising in popularity. Private equity is one of the top runners in this category, and for good reason.

In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.

Mitigating risk
BNP Paribas Asset Management’s head of pension solutions, Julien Halfon, discusses equity hedging with Laura Blows

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