De Nederlandsche Bank has published an update on the Dutch pension sector’s transition to the new pension system and on funding ratios for funds still operating under the Financial Assessment Framework (FTK), reporting continued asset transfers alongside a quarter-on-quarter decline in FTK funding ratios driven mainly by negative financial market developments. As at 31 March 2026, 30 pension funds had converted to the new system, ahead of the 1 January 2028 deadline to transfer accrued pension entitlements. Total assets under management were EUR 1,624 billion, with EUR 1,082 billion held by funds that have not yet converted and remain subject to the FTK, and EUR 542 billion held by funds that have converted and are subject to the Future of Pensions Act (Wtp). The FTK funding ratio fell to 124.7% in the first quarter of 2026, down 4.4 percentage points from the previous quarter, with equity price declines cited as a contributing factor, while the policy funding ratio rose to 125.0% from 122.9% as a 12‑month average. For Wtp funds, DNB notes that the financial position cannot be summarised unequivocally by a single indicator such as the funding ratio, and that more data and experience are needed to determine the most informative metrics.
De Nederlandsche Bank 2026-04-28
Netherlands' De Nederlandsche Bank reports Q1 2026 pension transition progress and FTK funding ratio falling to 124.7%
De Nederlandsche Bank reported further progress in the Dutch pension sector’s transition to the new pension system, with 30 funds converted as at 31 March 2026 and EUR 542 billion in assets under the Future of Pensions Act, versus EUR 1,082 billion still under the Financial Assessment Framework. For FTK funds, the funding ratio fell quarter-on-quarter to 124.7% while the policy funding ratio rose to 125.0%, with equity price declines cited as a factor, and DNB noted that no single indicator yet adequately summarises the financial position of Wtp funds.