Several Dutch pension funds have posted their funding updates for April, with all revealing a fall in their coverage ratio.

Pensioenfonds Hoogovens saw the biggest fall over the month, dropping 4.4 percentage points from 128 per cent at the end of March to 123.7 per cent at the end of April. However, this figure is still above the coverage ratio of 122.2 per cent recorded at the start of 2025.

During the month, the actuarial interest rate had a positive effect of 4.2 percentage points on the development of the current funding ratio in 2025. However, its assets under management decreased from €10,411m to €10,122m, causing a negative impact on the funding ratio.

Regarding its policy funding ratio, the average of the current coverage ratio over the past 12 months, Pensioenfonds Hoogovens’ fell slightly to 124.1 per cent, down from 124.4 per cent.

This figure puts it 19.4 percentage points below the funding ratio for future sustainable indexation (TBI). The TBI is the coverage ratio from which non-granted past supplements may be made up.

In addition, Provisum reported that its coverage ratio dropped from 147.7 per cent to 145.7 per cent in April. Its policy funding ratio also fell from 148.2 per cent to 148.1 per cent.

Pensioen PostNL reported a current coverage ratio of 129.4 per cent, down from 131.1 per cent in March. Its policy funding ratio also experienced a decrease, dropping to 132.2 per cent.

Despite Pensioen PostNL’s investments increasing over the month, the fall in interest rates had a greater effect, bringing the overall coverage ratio down.

Pensioenfonds PME reported that it had a current coverage ratio of 114.2 per cent at the end of April, 2.4 percentage points lower than the previous month, and a policy funding ratio of 113.9 per cent.

Meanwhile, Stichting Shell Pensioenfonds also reported a decrease to its current coverage ratio, ending the month at 130.2 per cent, and a policy funding ratio of 132.6 per cent.

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