Dutch pension fund Pensioen PostNL has reported that its policy funding ratio increased from 129.9 per cent at the end of August to 131.4 per cent at the end of September.

The policy funding ratio is the average of the current funding ratios over the past 12 months, and has been “steadily increasing”.

Meanwhile, the pension fund’s current funding ratio was recorded at 141.9 per cent, up from 140.9 per cent in August.

This represents a year-on-year increase of 18.1 percentage points, up from 123.8 per cent at the end of September last year.

Pensioen PostNL explained that while the value of investments fell in September, which had a negative effect on the current funding ratio, this was outweighed by the rise in interest rates, which created a positive effect.

“The effect of the rise in interest rates was greater than the effect of the fall in investments. On balance, the funding ratio therefore increases,” the pension fund stated.

“The board regularly discusses developments in the markets and in the investment portfolio with the investment advisers.

“This ensures proper monitoring of whether and when additional measures may be required. No additional measures are required at this time. The pension fund also has a crisis plan that provides guidance.”

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