Dutch pension fund PostNL has revealed that its current funding ratio increased to 135 per cent in July 2023.

This represents a 2.4 percentage point improvement compared to the current funding ratio of 132.6 per cent at the end of June.

The development of the current funding ratio is dependent on the value of investments and pension liabilities, with the primary driver for July’s increase attributed to rising interest rates.

While the value of the pension fund’s investments also rose during the month, PostNL described the asset rise as “negligibly little”.

PostNL’s policy funding ratio, which is the average current funding ratio of the previous 12 months, also rose in July.

Over the month, it rose by 0.1 percentage points to 135.3 per cent.

The current funding ratio this time last year in July 2022 was 133.1 per cent.

That current funding ratio is now excluded from the calculation of the policy funding ratio and, as it is lower than last month’s current funding ratio, the policy funding ratio increased.

Commenting within the update, PostNL stated: “The board regularly discusses developments in the markets and in the investment portfolio with the investment advisers.

“This means that it is closely monitored whether and when additional measures are necessary.

“No additional measures are required at this time. The pension fund also has a crisis plan that offers guidance.”

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