The coverage ratio of Pensioenfonds PGB increased by five percentage points in the third quarter (Q3), to 128.7 per cent, up from 123.7 per cent.

Publishing its quarterly results, the pension fund also saw its policy funding ratio increase to 120.3 per cent at the end of September, up from 117.8 per cent at the end of June. Looking further back to the end of 2024, the policy coverage ratio has increased by 4.1 percentage points.

Meanwhile, the return on investments for Q3 was 2.8 per cent, but its return for the first three quarters of the year is 0.6 per cent, due to what it attributed as a “weak start”.

Broken down, its matching portfolio (where the interest rate risk is hedged) made a loss of 10 per cent, while its return portfolio made a return of 8.8 per cent. It said an increased interest rate had a negative impact on its matching portfolio, but global equity market results helped to boost its return portfolio.

In total, its invested assets amounted to €34.7bn at the end of September 2025, a decrease of €0.2bn compared to the end of 2024.

Regarding its pension obligations, at the end of September 2025, this figure stood at €27.2bn, a decrease of €2.9bn from the end of 2024.

Pensioenfonds PGB vice chairman, Ronald Heijn, said the pension fund is in “good financial shape”, which means it can increase pensions by 1.7 per cent from 1 January 2026, its fifth consecutive annual increase.

Despite this, he acknowledged that some participants had hoped for more.

“Especially now that funds are already switching to the new pension system on 1 January 2026, we believe it’s important to clearly show where Pensioenfonds PGB stands. We’re preparing for the transition to the new pension system and expect to switch on 1 January 2027 and we’ll do so with the same care with which we make our financial choices,” he said.

“We continue to build a strong and balanced fund for everyone who counts on us. Now and in the future”.

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