Dutch pension funding ratio rises to 136.1 percent in Q3
Dutch pension funds still under the Financial Supervision Framework raised their average funding ratio by 4.7 percentage points in Q3 2026. De Nederlandsche Bank (DNB) reported on October 27 that 42 funds had converted to the new system, up from 34.
Two systems divide pension assets
At September 30, 2026, Dutch pension funds managed €1,630 billion: €566 billion under the Future of Pensions Act (Wtp) and €1,064 billion under the Financial Supervision Framework (FTK).
The Wtp figure excludes ring-fenced funds.
For FTK funds, the average funding ratio reached 136.1 percent, up 4.7 percentage points from Q2. This ratio measures investments relative to liabilities and reflects the fund's current financial position.
The policy funding ratio, averaging the past twelve months, rose 2.3 percentage points to 130 percent from 127.7 percent.
Both measures cover only funds that have not converted.
Dutch pension funds have until January 1, 2028, to transfer accrued pension entitlements to the new system.
Markets and mortality lift ratios
Rising share prices and higher interest rates helped lift FTK funding ratios.
The Actuarial Association's 2026 mortality table also contributed through a downward revision to life expectancy.
Under Wtp, schemes derive expected pension benefits from personal assets, so a single funding ratio cannot capture a fund's financial position unequivocally.
DNB said experience and additional data from converted funds will clarify which indicators are most informative and representative.
One ratio no longer suffices
The funding-ratio improvement describes only funds still operating under FTK, not the entire Dutch pension sector.
Converted funds already hold €566 billion under a different framework.
DNB has yet to establish which indicators best represent their financial position.