Thirty Dutch pension funds have now transferred to the new system under the Future Pensions Act (Wtp), the latest data from De Nederlandsche Bank (DNB) has revealed.

The data, up to 31 March 2026, also revealed that €542bn of combined assets under management are now invested in the new system, while €1,082 is still invested under the old system (FTK).

In total, Dutch pension funds had a combined €1,624bn invested at the end of the first quarter of 2026.

During the quarter, the average funding ratio of FTK funds fell to 124.7 per cent, representing a decrease of 4.4 percentage points compared with the previous quarter.

DNB attributed the fall, in part, to a negative equity return.

However, the policy coverage ratio, the average funding ratio over 12 months, increased by 2.1 percentage points, from 122.9 per cent to 125 per cent.

Under the FTK framework, a scheme’s financial health is captured by the funding ratio, which reflects both its investments and liabilities.

Wtp funds, however, operate differently. They are based on individual pension pots, from which future benefits are calculated.

DNB explained that this means there is no single, straightforward measure, such as the funding ratio, that can summarise the financial position of a Wtp fund.

Instead, the picture is more fragmented and depends on individual outcomes.

As more pension funds transition to Wtp and additional data becomes available, it should become clearer which indicators provide the most useful and representative view of their financial position, DNB said.

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