The Dutch pension funds, Hoogovens and SNS Reaal, have reported increased funding ratios in October.

The funding ratio of Pensioenfonds Hoogovens rose to 133.2 per cent at the end of October, up from 131.6 per cent in September, while SNS Reaal increased its funding ratio from 131.8 per cent to 133.5 per cent over the same period.

At the start of 2025, Pensioenfonds Hoogovens' funding ratio was 122.2 per cent, meaning it has seen a significant increase in its funding status since the start of the year.

The pension fund said that for the year to date, the discount rate had a positive effect of 10.1 percentage points on the development of the current funding ratio.

Meanwhile, its assets under management increased from €10,411m to €10,555m, which has had a positive impact of 4.3 percentage points on the funding ratio.

However, the pension increase granted on 1 July 2025 had a negative effect of 3.8 percentage points on the current funding ratio. Several other smaller factors have also impacted the funding ratio.

Furthermore, its policy funding ratio, which is an average of the funding ratio over the past 12 months, increased from 126.1 per cent in September to 127.2 per cent in October.

Despite this increase, the figure is 17.2 percentage points lower than the target required for future-proof indexation (TBI).

The TBI is the funding ratio from which previously ungranted indexation may be compensated.

For SNS Reaal, its policy coverage ratio rose from 123 per cent in September to 124.3 per cent in October.

It also experienced an increase in its assets under management in October, which offset an increase in liabilities due to a fall in interest rates.

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