The funding ratio of the Dutch pension fund PME, for those working in the metal and technology sector, increased to 111.7 per cent up from 109.4 per cent in the first quarter of 2024.

Publishing its interim results, PME said its assets under management increased from €54.6bn to €56.1bn, equivalent to an investment return of 2.47 per cent.

The positive results are due to a combination of a stable interest rate of 2.3 per cent, equal to the interest rate at the end of 2023, and a positive return. For example, its equity portfolio saw a return of 8.6 per cent in the quarter.

Its policy funding ratio, which is the average of the funding ratio over a 12-month period, was 113.3 per cent at the end of March 2024. Its pension liabilities also increased in the first quarter to €50.2bn, up from €49.9bn.

Commenting on the results, PME executive board chairman, Eric Uijen, said: "The next few years for the industry are dominated by the implementation of the new pension system. At PME, we are busy preparing for our transition in early 2026. This must be done in an orderly and secure manner, balanced for all our participants and retirees.

“It is also crucial to be and stay in close contact with our participants. At PME, we value personal contact with our participants. The agendas of our employee and employer consultants are packed. After the coronavirus years, we started retiree meetings again. A great way to reach our supporters, with inspiring lectures and 1-on-1 conversations with our members. This approachable way of communicating is – given the high attendance and pleasant atmosphere – much appreciated. In these and many other ways we inform our participants we listen to their needs and are in conversation about the new system."

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