The Dutch pension fund for workers in the retail sector, Pensioenfonds Detailhandel, made a return of 9.1 per cent on its investments in 2023, equivalent to €2.5bn, its annual report reveals.

Key figures from the report show that at the end of 2023, the pension fund had assets under management of €30bn, with circa €25bn liabilities. During the year it received around €1bn in contributions and paid out €533m in pension benefits.

At the end of the year, Pensioenfonds Detailhandel had a policy funding ratio of 121.9 per cent and its funding ratio ended the year at 18.4 per cent. The healthy position of the fund allowed for pensions to be increased by 3.3 per cent during 2023.

Commenting, Pensioenfonds Detailhandel board chair, Selma Skalli, said: "We can look back on a year in which many great steps were taken toward the new pension and the fund's financial housekeeping only got stronger."

Regarding the scheme’s transition to the new pension system, the pension fund is aiming for 1 January 2026 to move over to the new scheme. Social partners recently agreed on a transition plan with the pension fund. Its provider, Capgemini Pensioenservices, began adjusting IT systems for the new scheme in 2022.

Research is also being undertaken into how members think about pensions and the new pension scheme. The pension fund plans to use this insight to revise its communication with members.

In terms of its work on socially responsible investing (SRI), Pensioenfonds Detailhandel said it implemented its re-defined SRI policy, which was finalised in 2022. Key developments in this area included the introduction of its fifth sustainability index – this time in the Global High-Yield portfolio.

During the year it also had dialogue with 493 companies across 36 countries and it voted in 1,418 shareholder meetings.

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