De Nederlandsche Bank published third-quarter 2025 figures showing an improvement in Dutch pension funds’ funding ratios, driven by a fall in liabilities alongside rising investment values. Aggregate investments increased by EUR 22 billion to EUR 1,625 billion, partly reflecting higher equity prices, while liabilities decreased by EUR 23 billion to EUR 1,287 billion as long-term interest rates rose. The sector’s average funding ratio, which compares investments with liabilities, rose to 126.3%, up 3.8 percentage points from the previous quarter and above 118.3% a year earlier. The policy funding ratio, defined as the average of the past 12 months’ funding ratios, increased to 119.8% from 118.1%; the figures exclude converted pension funds and prior quarters were not adjusted.
De Nederlandsche Bank 2025-10-28
De Nederlandsche Bank reports Dutch pension funds’ average funding ratio rises to 126.3% in Q3 2025
De Nederlandsche Bank reported an improvement in Dutch pension funds' funding ratios for Q3 2025, driven by decreased liabilities and increased investment values. Aggregate investments rose by EUR 22 billion to EUR 1,625 billion, while liabilities fell by EUR 23 billion to EUR 1,287 billion, resulting in an average funding ratio increase to 126.3%. The policy funding ratio also rose to 119.8%, reflecting a positive trend over the past year.