The current funding ratio of Pensioenfonds Hoogovens increased to 126 per cent in March, up from 121.4 per cent at the end of February.

This latest figure is higher than the funding ratio of 125.6 per cent at the beginning of 2022. In terms of the policy funding ratio, which is the average funding ratio over the past 12 months, increased from 120.9 per cent to 121.5 per cent in March.

The policy funding ratio is therefore 0.5 percentage point higher than the required funding ratio of 121 per cent. This means that the pension fund is officially out of reserve shortfall and there is no longer a recovery plan in force.

To date this year, the actuarial interest rate has had a positive effect of 12.2 percentage points on the development of the current funding ratio. However, the value of the invested capital has decreased in 2022 from €10,685m to €10,049m. Due to the investment return, the current funding ratio falls by 7 percentage points.

Furthermore, the pension increase granted this year has had a negative effect on the current funding ratio of 4.5 percentage points.

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