Civil servants’ fund ABP and the metalworking fund PME saw their financial position weaken, but both still maintain a solid buffer. That means pensioners and other participants remain in line for a possible pension increase when the funds move to the new pension system next year.
Quarterly update
In his quarterly report, ABP board chairman Harmen van Wijnen explains that the war led to losses on the financial markets. The fund’s exposure to these shocks was limited, thanks to a diversified portfolio across many countries and asset types, with a long‑term investment horizon. “When one investment category performs poorly, another generally does better, and vice versa”, he clarifies.
Interest rates
However, falling interest rates pushed up the funds’ financial obligations. ABP’s funding ratio dropped from 123.5 percent at the end of 2025 to 119.1 percent at the end of March. Even so, the fund still had 1.19 euros in assets for every euro of promised pension. At PME, the funding ratio fell from 125.3 to 121.5 percent in the first quarter, leaving about 1.22 euros in assets per euro of promised pension.
Executive board chair Alae Laghrich stresses that the situation can shift quickly: “At the time of publication, our funding ratio has already risen again to roughly 125 percent. It reflects a reality in which upward and downward movements occur more frequently”.
Funds
Usually, the five largest Dutch pension funds publish a quarterly update around this time of year. Because PMT, PFZW, and bpfBOUW have already moved to the new pension system, they will only share an overview of their financial position in May. ABP, the Netherlands’ largest fund, with 3.2 million participants and PME, with nearly 630,000 members, plan to switch in early 2027. What the transition means for members’ pensions will only become clear later this year.
@anp | NEWSBRAINPORT
