Pension sector funding ratio improves in first quarter
In the first quarter of 2025, Dutch pension funds saw their funding ratios improve relative to the previous quarter, as the value of their liabilities decreased more than the value of their investments. Total investments decreased by 5.8% to €1,589 billion, while aggregate liabilities decreased by 8.5% to €1,328 billion. The liabilities benefited from higher interest rates. While this was also a factor behind the drop in investments, this decrease did not outweigh the greater drop in liabilities. The funding ratio reflects a pension fund’s current financial position, expressing the ratio between investments and liabilities.
Average funding ratio of Dutch pension funds at 119.6%
The Dutch pension sector’s average funding ratio came to 119.6%. This represents a 3.4 percentage point increase from the previous quarter (see Figure 1) and also puts it above the figure for a year ago, which was 116.7%.
Policy funding ratio at 117.8%
This represents a 0.6 percentage point increase from the previous quarter. The policy funding ratio is the average of the funding ratios for the past twelve months.
Note: this news item has been compiled excluding converted pension funds; no adjustment has been applied to previous quarters.
Further information
We used the following statistics to compile this news item: