De Nederlandsche Bank published quarterly figures showing Dutch pension funds’ funding ratios improved in the fourth quarter of 2025, as the value of liabilities fell more than the value of investments. Total investments declined by EUR 11 billion to EUR 1,614 billion, while aggregate liabilities decreased by EUR 37 billion to EUR 1,251 billion. DNB attributed the fall in liabilities to a further rise in interest rates, despite indexations granted by various funds. The sector’s average funding ratio increased to 129.1%, up 2.8 percentage points from the previous quarter and above the year-earlier level of 116.2%, while the policy funding ratio rose to 122.9% from 119.8% and is calculated as the average funding ratio over the past 12 months. The calculations cover only pension funds that have not yet converted to the new pension system.
De Nederlandsche Bank 2026-01-27
De Nederlandsche Bank reports Dutch pension sector funding ratio rose to 129.1% in Q4 2025
De Nederlandsche Bank reported that Dutch pension funds' funding ratios improved in Q4 2025, with the average funding ratio rising to 129.1% due to a EUR 37 billion decrease in liabilities driven by higher interest rates. Total investments fell by EUR 11 billion to EUR 1,614 billion, and the policy funding ratio increased to 122.9%.