The current funding ratio of Pensioenfonds Hoogovens fell from 133.9 per cent to 123.9 per cent in July, having started the year at 125.6 per cent.

The pension fund confirmed that the actuarial interest rate had improved the current funding ratio, pushing the ratio up by 21.1 percentage points.

However, investment returns pushed the current funding ratio down 10.6 percentage points, after the value of the invested capital decreased in 2022 from €10,685m to €9,680m.

In addition to this, the pension increases granted earlier this year have also pushed the current funding ratio down a further 11.5 percentage points.

However, the policy funding ratio, which is the average funding ratio over the past 12 months, has seen less fluctuations, increasing from 124.6 per cent to 125.1 per cent in July.

The policy funding ratio is therefore 2.8 percentage points higher than the required funding ratio of 122.3 per cent, meaning that the pension fund is not required to hold a reserve shortfall and no recovery plan is in place.

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