The Dutch pension fund for workers in the retail sector, Pensioenfonds Detailhandel, made a return of -4.8 per cent on its investments in 2025, equal to -€1.6bn, its annual report has revealed.

The fund explained that although the return on investments impacts a pension fund’s financial position, so do interest rates and they rose in 2025.

Due to the higher interest rate, the fund had to reserve less money for future pensions, allowing an increased funding ratio from 117.2 per cent to 137.1 per cent, despite the negative return. 

Furthermore, the fund increased pensions by 1.5 per cent on 1 January 2026, a figure similar to last year’s 1.3 per cent but notably lower than the 3.3 per cent rise granted in 2023.

The report also showed that the pension assets at the end of 2025 were approximately €33.7bn, which was offset by the approximately €23.9bn of pension liabilities.

Meanwhile, Pensioenfonds Detailhandel’s pension payments in 2025 totalled €615m, while its reserves at year-end totalled €8.9bn.

In terms of pension recipients and savers within the fund, the report revealed that there were approximately 786,000 deferred members, 372,000 active members and 173,000 pensioners at the end of 2025.

Additionally, there were approximately 34,000 active employers – employers with one or more employees building up a pension through Pensioenfonds Detailhandel.

The report also showed that the board of Pensioenfonds Detailhandel decided to delay its transition to the new Dutch pension system by a year to 1 January 2027, as it said the transition could not be carried out with sufficient care.

Commenting on the results, Pensioenfonds Detailhandel chairman, Rob Schreur, said: “The fund is in a stronger financial position than a year ago.

"At the same time, a major change is imminent. We want to prepare well for that transition to the new scheme, even if more time is needed for it.”

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