The Dutch Pension Fund for Healthcare and Welfare (PFZW) achieved an investment return of 5.7 per cent in the second quarter of 2026, taking its return for the first half of the year to 6.2 per cent.

The fund, which provides pensions for almost 3.1 million people working in the care and welfare sector, said its protection return stood at 1.1 per cent during the quarter, while its excess return was 4.6 per cent.

For the first half of 2026, the protection return was 2.9 per cent, and the excess return was 3.3 per cent.

Under PFZW’s new pension scheme, investment returns are divided between protection and excess returns, with the former intended to protect pensions if interest rates fall and the latter used to support pension growth.

PFZW also noted that, based on its financial position as at 30 June, pensions are currently expected to increase 'modestly', by around 0.6 per cent in 2027.

However, the fund stressed that this was a preliminary estimate, with its position as at 30 September set to determine pension adjustments for 2027.

Pensioners will be informed in November about what the September position means for their pensions from 1 January 2027.

PFZW director, John Landman, said the fund was looking back “with pride” on its transition to the new Dutch pension system.

“Pensioners saw their pension income rise by more than 12 per cent after the transition, and the vast majority of our participants received personal insight into their new pension,” he continued.

“At the same time, the world remained unstable during the past quarter due to developments in the Middle East.

“Against that sad backdrop, we achieved a good investment return of 5.7 per cent in the second quarter.

“In doing so, we are working for nearly 3.1 million people in the care and welfare sector on a good and future-proof pension that can grow as much as possible in line with the economy and prices.”

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