Four more Dutch pension funds completed the transition to the new pension system in the second quarter of 2026, bringing total assets under the Future Pensions Act (Wtp) framework to €589bn, according to the latest data from De Nederlandsche Bank (DNB).

The number of pension funds that have completed the transfer of accrued pension rights into the new pension system rose from 30 at the end of the first quarter to 34 by 30 June 2026.

Total assets across Dutch pension funds stood at €1.72trn at the end of the second quarter, with €589bn managed under the Future Pensions Act (WTP) and the remaining €1.131trn still held by funds operating under the Financial Assessment Framework (FTK).

For pension funds that have not yet transitioned, the average funding ratio increased by 6.6 percentage points to 131.4 per cent in the second quarter, reversing the decline seen in the first quarter, which DNB attributed to market volatility linked to tensions in the Middle East.

“The funding ratio increased during the latest quarter primarily because of rising equity markets. The funding ratio reflects the current financial position of FTK pension funds by measuring the relationship between a fund's assets and liabilities,” DNB stated.

In addition, the policy funding ratio (the average of the funding ratio over the past 12 months) also rose, increasing from 125 per cent to 127.7 per cent.

DNB noted that, unlike under the FTK regime, Wtp schemes are based on individual pension pots rather than collective funding levels, meaning the financial position of transitioned funds cannot be captured by a single funding ratio.

It said that as more funds complete the transition and additional data becomes available, it will become clearer which indicators provide the most meaningful picture of Wtp funds' financial position.

Pension funds have until 1 January 2028 to transfer to the new system.

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