Dutch pension fund Pensioen PostNL has revealed a further increase in its policy funding ratio, rising from 132.9 per cent in October 2022 to 134.4 per cent in November.

The fund stated that the policy funding ratio, which is the average of the current funding ratios over the past 12 months, has continued to rise “steadily” over the past month and is in “good shape”, with increases also previously recorded in September.

Given the financial situation, Pensioen PostNL suggested that partial indexation is getting closer, confirming that the board will decide on this issue at the end of December, with members to receive an update in January.

Pensioen PostNL explained that the 123 per cent current funding ratio recorded in November 2021 had been replaced in the latest calculation with the November 2022 current funding ratio of 142 per cent, in turn pushing up the policy funding ratio average.

However, the current funding ratio in November marks a slight fall on the previous month, with a current funding ratio of 142.7 per cent recorded in October 2022.

Pensioen PostNL attributed this fall to the fact that although the value of investments increased in November, interest rates also fell, in turn driving down the funding ratio by 0.7 percentage points.

Despite this, the fund emphasised that no additional measures are required at this time, pointing out that the pension fund also has a crisis plan that offers guidance if needed.

"The board regularly discusses developments in the markets and in the investment portfolio with the investment advisers," it stated. "This means that it is closely monitored whether and when additional measures are necessary."

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