Pensioenfonds PGB saw "good" returns on its investment portfolio, with an increase of more than 8 per cent since the end of 2023, its quarterly results have shown.

However, the policy funding ratio fell slightly in the third quarter (Q3) from 116.6 per cent to 116.0 per cent on 30 September 2024, which it credited to interest rates falling.

The pension fund also revealed its coverage ratio decreased slightly in Q3 from 116.6 per cent to 116.0 per cent at the end of September. The fund said that this had fallen slightly compared to the end of last year, but still stood “healthy” at the end of this quarter.

In addition to this, the fund’s ultimate forward rate (UFR) funding ratio, fell by 0.1 percentage point from 117.9 per cent to 117.8 per cent in Q3.

The return on investments in its matching portfolio, which includes investments to hedge the interest rate risk, was +2.6 per cent over Q3, while the investments to achieve an extra return, such as equities, achieved a return of +12.1 per cent over the first three quarters.

The returns to its defined contribution schemes were “positive” for all age groups. The results were: 10.7 per cent for participants aged up to 49, 9.7 per cent for participants aged 50 to 55, and 8.8 per cent for participants aged 56 to 61. Meanwhile, the return for participants aged 62 and over was 7.8 per cent over the first two quarters.

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