Pension sector funding ratio improves in second quarter
In the second quarter of 2025, Dutch pension funds saw their funding ratios improve relative to the previous quarter, as the value of their liabilities decreased, while the value of their investments went up.
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Total investments went up by €10 billion to €1,604 billion, while aggregate liabilities went down by €22 billion to €1,309 billion. Liabilities decreased due to a further rise in interest rates. Investments slightly improved, which contributed further to the rise in the funding ratio. 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 122.5%
The Dutch pension sector’s average funding ratio came to 122.5%. This represents a 2.9 percentage point increase from the previous quarter (see Figure 1) and also puts it above the figure for a year ago, which was 119.3%.
Policy funding ratio at 118.0%
This represents a 0.2 percentage point increase from the previous quarter. The policy funding ratio is the average of the funding ratios for the past twelve months.
Further information
This news item has been compiled excluding converted pension funds; no adjustment has been applied to previous quarters.