Dutch pension funds report strong funding levels in September

Several Dutch pension funds have published September funding updates for their schemes, with good results across both current funding and policy coverage ratios.

Pensioenfonds UWV reported that its policy funding ratio, the average funding ratio over the past 12 months, increased from 125.9 per cent in August to 126.4 per cent in September.

It also experienced an improvement in its current funding ratio from 129.8 per cent in August to 130.4 per cent in September.

Meanwhile, SNS Reaal reported that its policy funding ratio rose from 136.5 per cent in August to 137.5 per cent.

In September, the fund saw a decrease in its investment value and, because the average De Nederlandsche Bank (DNB) interest rate rose by 0.16 percentage points, SNS Reaal's liabilities fell.

Overall, this development led to an increase in the current funding ratio by 0.04 percentage points, which was rounded to 0 percentage points, meaning the current funding ratio remained unchanged at 143.6 per cent.

Hoogovens Pension Fund reported that its current funding ratio rose from 142.8 per cent in August to 146.6 per cent in September, up from 137.1 per cent at the start of 2026.

In 2026, the actuarial interest rate has had a negative effect of 4.2 percentage points on the development of Hoogovens Pension Fund's current funding ratio.

The fund’s update also reported that the value of its invested assets rose from €10,459m in August to €10,692m in September, which increased the current funding ratio by 6 percentage points.

The pension increase granted on 1 July 2026 had a negative impact of 5.1 percentage points, while the mortality tables published by the Actuarial Association in September had a positive effect of 2.8 percentage points on the current funding ratio.

The fund’s policy coverage ratio also improved, rising from 137 per cent in August to 138.2 per cent in September.

The policy coverage ratio was 7.6 percentage points below the threshold for future sustainable indexation.



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