De Nederlandsche Bank (DNB) published new statistics showing that Dutch life insurers have taken over around EUR 7 billion in pension liabilities from pension funds over the past two years through collective value transfers, or “buy-outs”. For pension funds, buy-outs are presented as an alternative to transitioning to the new regime under the Future of Pensions Act (Wet toekomst pensioenen, Wtp), and result in the pension fund ceasing to exist. DNB’s figures show that Achmea, ASR, Athora and Nationale Nederlanden acquired fifteen pension funds through buy-outs. The transfers increased the aggregate value of insurers’ pension schemes by EUR 7 billion to EUR 230 billion, bringing insurers’ share to 15% of total pension provisions of EUR 1,573 billion across insurers and pension funds. The article links buy-out activity to favourable market conditions, including relatively high interest rates and high funding ratios that can enable pension funds to insure indexation, while noting that buy-outs can reduce transition complexity for (particularly smaller) funds and offer insurers growth opportunities and potential cost efficiencies.
De Nederlandsche Bank 2025-12-16
De Nederlandsche Bank data show Dutch life insurers took over EUR 7 billion of pension fund liabilities through buy-outs
De Nederlandsche Bank reported that Dutch life insurers acquired about EUR 7 billion in pension liabilities from pension funds over the past two years through buy-outs. This activity, involving firms like Achmea and Nationale Nederlanden, increased insurers' pension scheme value to EUR 230 billion, representing 15% of total pension provisions. The buy-outs are linked to favourable market conditions and offer insurers growth opportunities while simplifying transitions for pension funds.