Pensioenfonds PGB reported a slight decline in its funding ratio to 127.7 per cent in the first quarter of 2026, alongside an investment return of -0.1 per cent amid volatile market conditions.

Publishing its first quarter results, the pension fund revealed that its funding ratio fell by 3.8 percentage points, down from 131.5 per cent.

Pensioenfonds PGB said the decline in the funding ratio was driven by a combination of rising interest rates and falling equity markets.

The value of the fund’s assets under management was €34.4bn as of 31 March 2026, down €0.2bn compared to the end of 2025.

However, its policy funding ratio, the average of the previous 12 funding ratios, increased from 123.9 per cent to 126.8 per cent.

Commenting, Pensioenfonds PGB chairman of the Board, Hans Veltkamp, said: “There was a lot of unrest in the financial markets in the first quarter of 2026, partly because of geopolitical tensions in the Middle East.”

Regarding investments, he explained that asset classes that protect the fund against interest rate changes performed well, while equities were “under pressure”.

“This diversification helps us manage changes and limit risks. We always keep an eye on the long term. Our pension fund has a solid foundation, and we make our decisions carefully and in a balanced manner,” he said.

Veltkamp added that the pension fund is continuing to prepare for the transition to the new pension system and is on track to switch on 1 January 2027.

“Until then, we will continue to keep a close eye on our financial position and market developments. In a constantly changing world, our goal remains the same: to ensure a good and reliable pension. Now and in the future,” he stated.

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