A number of Dutch pension funds have shared updates on their funding levels and investments, as investors continue to navigate the market volatility seen following the introduction of US tariffs

In particular, the Netherlands' Pensioenfonds SNS Reaal revealed that its policy coverage ratio rose slightly from 119.5 per cent to 199.6 per cent in February 2025.

The latest update from the group confirmed that the value of the investments increased slightly in February, while a slight increase in the interest rate also prompted a fall in scheme liabilities.

On balance, this led to an increase in the current coverage ratio from 119.8 per cent to 120.3 per cent, which drove the increase in the policy coverage ratio (an average over the past 12 months).

The required policy coverage ratio for full indexation is 137.8 per cent (as of October 2024). This ratio depends on market conditions, such as market interest rates and inflation, and may therefore change.

The Netherlands' Pensioenfonds Sportfondsen has also shared an update on its funding level, which revealed that the coverage ratio as of the end of February 2025 is 130 per cent and the policy coverage ratio is 129 per cent.

This is broadly in line with the broader funding trends seen amongst Dutch pension funds, with analysis from Aon Netherlands revealing that the indicative average coverage ratio remained stable at 118 per cent in March.

This is despite a "looming" trade war, with many European pension providers, including Dutch providers, looking to reassure savers amid the market volatility seen following the introduction of US President Donald Trump's new tariffs, emphasising that pensions are a long-term investment.

Indeed, Dutch pension fund PMT has since shared similar messaging, emphasising that "taking risks is rewarded in the long term, but prices can fluctuate considerably in the short term".

Whilst the group acknowledged that the recent stock market declines had partly affected PMT's managed assets, it clarified that recent interest rate falls, and subsequent price gains on government bonds, had provided some cushioning of the current losses on the share portfolio.

However, it confirmed that it is following developments "closely", explaining that the transition plan agreed with social partners included agreements about various scenarios that take into account various factors, including declines on the stock markets.

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