Dutch pension fund PGB’s financial position improved in 2025, making it possible to increase all pensions by 1.7 per cent at the start of January 2026, its annual report has revealed.

The increase applied to everyone who receives, accrues, or holds a pension with PGB, and this is the fifth consecutive year the fund has been able to increase pensions.

However, it also acknowledged that, for some participants, this increase was lower than hoped. In response, the fund said that despite a financial reserve of nearly 30 per cent, it was not permitted to increase pensions further under current laws and regulations.

The fund suggested that this is a reason it is keen to switch to the new pension system, as lower reserves will be required, making increases possible sooner.

The transition to the new pension system was a key focus for PGB in 2025, with the fund carrying out further preperations ahead of their planned transition on 1 January 2027.

Together with social partners and other stakeholders, PGB worked out the details of the new scheme and the choices involved.

“We want to give participants and employers clarity and confidence, especially during a period with many changes. We do this by actively involving them in the steps towards the new pension and by clearly explaining the choices,” the fund said.

The fund’s progress in 2025 was the result of collaboration; for example, it assessed all 450 employer transition plans for completeness and feasibility and where needed, spoke with social partners to refine plans.

In addition to this, PGB collaborated with the accountability body, the Supervisory Board and the Pensioners' Association to create a widely supported and carefully structured scheme.

The annual report also showed rising customer satisfaction among participants and employers in 2025. PGB received a third star from the Golden Ear.

One of the fund's priorities in 2025 was to develop sustainable investing and make a serious, practical start with impact investing. Last year also saw PGB expand its current three focus themes of climate, biodiversity and food to include a fourth focus theme: healthcare, at the request of its participants. 

The fund also shared insights from a survey into its services with participants, employers and other customers. These results were used to build on its visibility and services.

Additionally, 2025 saw PGB update its pension administration and take steps in information security.

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