Dutch pension fund ABP achieved a positive return of 2.5 per cent on its investments in the first quarter of 2024, its quarterly report has shown.

The pension fund noted that its equity investments performed particularly well, and its overall assets rose by €12.6bn to €514bn.

Meanwhile, its liabilities remained “more or less” at the same level as at the end of Q4 2023 due to a stable actuarial interest rate level.

The increase in assets and stable liabilities resulted in ABP’s current coverage ratio rising from 110.5 per cent to 112.9 per cent in Q1.

In January, ABP increased pensions by more than 3 per cent, which it said fully compensated for the 3.03 per cent price increase from September 2022 to September 2023.

At the end of November 2024, the pension fund will reassess whether pension can be increased in 2025, and by how much.

Commenting on the quarterly results, ABP chair of the board, Harmen van Wijnen, said that the pension fund had “a good first quarter”.

“ABP's financial position improved. We achieved a good return on our investments and our assets grew to €514bn,” he continued.

“We are also busy preparing for the transition to the new contract. We are on track and are working steadily to shape the new pension.

“It is important that we can continue to work on this in calm waters. We are still convinced that innovation is necessary and that it will work out well and in a balanced way for our participants, young and old.”

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