Several Dutch pension funds have published their annual financial statements for 2024, showing an improvement in their overall financial positions compared to previous years.

The Dutch pension fund for the construction industry, BpfBouw, reported that its investment return over the past year was 7.6 per cent, which allowed it to increase pensions by 0.75 per cent as of 1 January 2025.

According to its annual report, its total investments were €78,286m in 2024, an increase from €76,315m in 2023.

Meanwhile, its net invested assets increased from €65,107m in 2023 to €69,516m in 2024.

The annual report revealed that the fund’s funding ratio increased from 123.9 per cent in 2023 to 125.6 per cent in 2024, while its policy funding ratio increased from 124.7 per cent in 2023 to 126.3 per cent in 2024.

Total pension payments and total contributions also increased between 2023 to 2024, with payments rising from €1,678m in 2023 to €1,713.3m in 2024 and contributions increasing from €1,183.1m in 2023 to €1,245.8m in 2024.

The report also showed the fund had 151,362 active participants in 2024, up from 149,819 in 2023, while it had a total of 246,659 pension beneficiaries in 2024, 716 less than in 2023 (247,375).

The report also showed the fund had a total of 340,126 former participants in 2024, down from 342,181 in 2023.

The fund said: “BpfBOUW's financial health remained positive in 2024. The first months of 2025 also give that picture, despite the worrying developments in the world. This financial position provides a good basis in the run-up to the new pension rules in 2026.”

Commenting on the transition to the new Dutch pension rules, BpfBOUW chairman of the board, Eline Lundgren, said: “Our pension fund, together with social partners in the construction sectors, is working the transition to the new pension rules.

“For our participants, this means a step forward in 2026 towards a better pension perspective on average. Pensions remain an attractive and important employment condition.”

Meanwhile, Pensioenfonds Stichting ING's annual report also commented on the switch to the new pension system, stating that the social partners requested the board of its fund switch to the new system.

Its annual report for 2024 also revealed that it had €18.7bn in pension obligations in 2024 and €25.8bn in invested capital.

Its average real funding ratio had decreased by 0.3 percentage points from 99.5 per cent in 2023 to 99.2 per cent in 2024. Meanwhile, its policy funding ratio dropped by 9.1 percentage points from 153.9 per cent in 2023 to 144.8 per cent in 2024.

Additionally, its asset management costs (as a percentage of the average invested capital) rose from 0.22 per cent in 2023 to 0.23 per cent in 2024, while its return on total investments dropped from 4.7 per cent in 2023 to 1.8 per cent in 2024.

The total number of participants of the scheme in 2024 was 64,546, made up of 405 active participants, 25,995 pensioners and 38,146 former participants.

The fund said that 2024 was a “good year for the participants” as “the way in which pensions are increased has been equalised for everyone and additional indexation has been possible”.

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