The average coverage ratio of Dutch pension funds increased to 129.1 per cent in the fourth quarter of 2025, according to De Nederlandsche Bank (DNB).
This is an increase of 2.8 percentage points compared to the previous quarter and places it well above the 116.2 per cent recorded a year ago.
DNB said the coverage ratio increased because the value of the liabilities decreased more than the value of the investments.
The coverage ratio is the yardstick for pension funds' current financial position and reflects the ratio of investments to liabilities.
Over the quarter, total investments fell by €11bn to €1,614bn, while total liabilities fell by €37bn to €1,251bn. Despite the indexations granted by various funds, liabilities decreased due to a further rise in interest rates.
In addition, the policy coverage ratio, which is an average of the coverage ratio over a 12-month period, also increased by 3.2 percentage points in the fourth quarter.
This put it at 122.9 per cent at the end of December 2025, up from 122.9 per cent at the end of September.
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