De Nederlandsche Bank published data showing Dutch pension funds’ funding ratios improved in the first quarter of 2025, as the value of liabilities fell more than the value of investments. The sector’s average funding ratio increased to 119.6%, up 3.4 percentage points from the previous quarter and above the level a year earlier (116.7%). Total investments decreased by 5.8% to EUR 1,589 billion, while aggregate liabilities fell by 8.5% to EUR 1,328 billion, with higher interest rates benefiting liabilities while also weighing on investments. The policy funding ratio, defined as the average funding ratio over the past 12 months, rose by 0.6 percentage points to 117.8%; the figures exclude converted pension funds and earlier quarters were not adjusted.
De Nederlandsche Bank 2025-04-29
De Nederlandsche Bank reports Dutch pension funds’ average funding ratio rising to 119.6% in the first quarter of 2025
De Nederlandsche Bank reported an improvement in Dutch pension funds' funding ratios in Q1 2025, with the average funding ratio rising to 119.6% due to a greater decline in liabilities than investments. Total investments fell by 5.8% to EUR 1,589 billion, while liabilities decreased by 8.5% to EUR 1,328 billion, influenced by higher interest rates. The policy funding ratio increased by 0.6 percentage points to 117.8%.