Dutch pension funds reported mixed funding developments in February 2026, with movements largely driven by interest rate changes and investment performance, following improved positions in January.

Pensioenfonds Hoogovens saw its current funding ratio fall from 137 per cent to 135.9 per cent over the month, slightly below its 137.1 per cent level at the start of 2026.

The fund said that, over the year to date, the discount rate had a negative impact of 5.8 percentage points on the funding ratio, while investment returns contributed positively by 4.3 percentage points.

Assets under management increased from €10.5bn to €10.7bn.

Meanwhile, Hoogovens’ policy funding ratio – the 12-month average measure used for regulatory purposes – increased from 130.8 per cent to 131.6 per cent in February.

SNS Reaal also reported an increase in its policy funding ratio, rising from 128.6 per cent to 129.8 per cent in February.

However, its current funding ratio declined from 135.4 per cent to 133.8 per cent over the month.

The fund said that a 2.3 per cent increase in investment values was offset by a 0.2 percentage-point fall in the average Dutch central bank (DNB) interest rate, which increased liabilities and led to the overall decline in the funding ratio.

At PostNL Pension Fund, the policy funding ratio rose slightly to 135.1 per cent in February.

The scheme noted that this increase was partly driven by replacing February 2025’s funding ratio of 131.5 per cent with a higher February 2026 figure of 136.0 per cent in the 12-month average calculation.

In addition, the fund’s current funding ratio edged up from 135.9 per cent in January to 136.0 per cent in February, as rising investment values slightly outweighed the negative impact of falling interest rates.

Despite ongoing market volatility, PostNL said it did not currently see a need for additional measures, adding that it continued to monitor developments closely in line with its crisis plan.

Elsewhere, at Pensioenfonds UWV, the current funding ratio fell to 123.7 per cent, from 124.7 per cent in January, while the policy funding ratio increased from 122.4 per cent to 122.8 per cent.

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