Several Dutch pension funds have reported mixed first-quarter investment returns following their transition to the Netherlands’ new pension system at the start of the year.

Pensioenfonds Zorg en Welzijn (PFZW) reported a total return of 0.4 per cent, while bpfBOUW also posted a 0.4 per cent net return.

Meanwhile, Pensioenfonds Metaal en Techniek (PMT) showed a negative spread of -1.1 per cent in its distribution capacity for the collective payout phase, reflecting a -0.7 per cent investment result and a 0.5 per cent rise in pension cost price.

Under the new pension system, pension outcomes are driven by investment returns, which are split into protection return and excess return and allocated according to age and pension status.

As of 31 March 2026, PFZW reported assets under management of €253.3bn, invested across a broad range of asset classes including equities, private equity, real estate, infrastructure, credit and fixed income.

Regarding pension increases, the transition to the new Dutch pension system also led to one-off uplifts for members across the schemes.

PFZW increased pension incomes by 12.4 per cent at the point of conversion, while bpfBOUW raised pension assets for active and deferred members by more than 20 per cent during the transition.

PMT granted pensioners an 8.3 per cent increase, supported by its strong funding position and a well-resourced solidarity reserve that helped smooth the move into the new collective arrangement.

Commenting, PFZW chair, Joanne Kellermann, said: “With this transition, we are taking a major step towards a pension system that is better suited to the modern labour market. Under the new pension system, pensions can more easily grow when conditions are favourable, while remaining as well protected as possible when circumstances are more difficult.”

PMT chair representing employers, Terry Troost, said the fund is well-positioned for the future: “The letters regarding the final calculations have led to a few questions. Thanks to our financial position, there was room at the transition for an 8.3 per cent pension increase for pensioners.

“The solidarity reserve is also well funded, which contributes to the stability of pensions already in payment. With the transition to the new pension scheme, the arrival of our director Lenneke Roodenburg and a sharpened strategy, a solid foundation has been laid for the coming years.”

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