Belgian pension funds recorded an average return of 6.2 per cent in the first half of 2026, analysis from PensioPlus has revealed.

The positive performance was primarily driven by strong returns in the equity market, while government and corporate bonds also posted positive, although more modest, returns.

Equities accounted for 37.4 per cent of the sector’s investment portfolio, while bonds accounted for 46.2 per cent.

More than a quarter (25.8 per cent) of the total portfolio was invested in government bonds and 20.4 per cent was in corporate bonds.

The remainder of the portfolio was invested in cash and liquid investments (3.2 per cent), real estate (2.7 per cent), and ‘other’ assets (10.6 per cent).

“A return of around 6.2 per cent over six months is a solid result, but it reflects only a snapshot in time,” commented PensioPlus chair, Jan De Smet.

“However, we remain cautious regarding the second half of the year: rising interest rates, persistent inflationary pressures, and increasing energy prices could once again lead to heightened volatility in financial markets.”

PensioPlus emphasised that, despite the positive return, this was not enough to guarantee a sufficient supplementary pension for all workers.

Pointing to a report by the Study Committee on Ageing, the association warned that, over the long term, the statutory pension risked rising more slowly than average earnings.

It therefore called on public authorities, employers, and social partners to work ensure supplementary pension contributions increased to at least 3 per cent by creating a roadmap that was clear, predictable, and socially sustainable.

The Belgian government recently agreed to increase supplementary pension contributions to at least 3 per cent by 2035.

PensioPlus urged public authorities, employers, and social partners to give workers who do not have a supplementary pension effective access to the second pillar, gradually increase low contributions, and define a roadmap to meet the 3 per cent target.

It also called for the legal certainty and continuation of collective pension agreements to be guaranteed, and for special attention to be paid to the sectors and workers furthest away from the 3 per cent target.

“Financial results demonstrate that pension funds are capable of creating long-term value,” said PensioPlus CEO, Ann Verlinden.

“The report by the Study Committee on Ageing highlights why we must extend this momentum to more workers.

“The structures are in place, and the expertise exists. We must now ensure sufficient and sustainable funding for the second pillar. The results for 2035 are being prepared today.”

---