Pension sector funding ratio improves in fourth quarter

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In the fourth 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.

Published: 27 January 2026

Vergadertafel DNB

© DNB

The funding ratio reflects a pension fund’s current financial position, expressing the ratio between investments and liabilities. Total investments went down by €11 billion to €1,614 billion, while aggregate liabilities went down by €37 billion to €1,251 billion. Liabilities decreased, despite indexations granted at various funds, due to a further rise in interest rates.

Average funding ratio of Dutch pension funds at 129.1%

The Dutch pension sector’s average funding ratio came to 129.1%. This represents a 2.8 percentage point increase from the previous quarter (see Figure 1) and also puts it above the figure for a year ago, which was 116.2%.

Policy funding ratio at 122.9%

This represents a 3.2 percentage point increase from the previous quarter, when it stood at 119.8%. The policy funding ratio is the average of the funding ratios for the past twelve months.

Further information

The calculation of the sector's funding ratio and policy funding ratio covers only those pension funds that have not yet converted to the new pension system.

We used the following statistics to compile this news item:

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