Dutch pension fund funding ratios rise to 131.4 percent
The average funding ratio of Dutch pension funds under the Financial Supervision Framework rose to 131.4 percent in the second quarter of 2026. A total of 34 funds had converted to the new pension system as of June 30.
Assets reach 1.72 trillion euros as funding ratios climb
As of June 30, 2026, a total of 34 Dutch pension funds have converted to the new pension system, up from 30 in the previous quarter.
Total assets under management across all funds reached 1.72 trillion euros, with 1.13 trillion euros held by funds still under the Financial Supervision Framework and 589 billion euros by converted Future of Pensions Act funds.
The average funding ratio for FTK funds climbed 6.6 percentage points to 131.4 percent in the second quarter, recovering from a first-quarter dip driven by Middle East geopolitical tensions.
Driving this rebound were rising share prices, while the twelve-month average policy funding ratio advanced 2.7 percentage points to 127.7 percent.
The countdown to 2028
Dutch pension funds face a statutory deadline of January 1, 2028, to transfer accrued entitlements into the modernised framework.
Under legacy rules, funding ratios capture the aggregate balance of investments and liabilities.
Conversely, the newer system ties benefits directly to personal asset pools, rendering a single aggregate funding ratio less informative as conversion progresses across the sector.
A transition in statistical limbo
The steady conversion pace masks a growing measurement opacity during this multi-year systemic overhaul.
As dual-regime reporting persists, cross-fund comparability becomes increasingly convoluted for market participants.
Ultimately, supervisors must clarify alternative metrics before legacy benchmarks disappear entirely.