The Netherlands’ Pensioenfonds Metaal en Techniek (PMT) returned 5.6 per cent across all cohorts in the second quarter of 2026 following its transition to the new pension system.

Under the new pension system, pension outcomes are driven by investment returns, which are split into protection return and excess return, and allocated according to age and pension status.

PMT’s Q2 update showed its excess return was 5 per cent, with equities, including private equity, contributing a return of 14.2 per cent.

Its protection return was also positive, coming in at 0.6 per cent in the second quarter.

Younger cohorts saw the most positive returns, driven by rising long-term interest rates.

Older cohorts also had a positive excess return, as while interest rates on shorter maturities fell slightly over the quarter, the protection return and positive excess return resulted in an increase in accrued pension.

For pensioners, their 4.2 per cent return was higher than the increase in the cost of pensions (1.4 per cent), resulting in the diversification capital increasing by 2.8 per cent.

“Our participants can now view their personal pension assets and their development in the online environment,” said PMT chair on behalf of the employers, Terry Troost.

“We continue to invest with an eye on the long term. In the second quarter, for example, we made an additional investment in Nearfield Instruments.

“This aligns with PMT's impact investments in the field of innovation and contributes to returns for our participants.”

PMT chair on behalf of the employees and pensioners, Caspar Vlaar, added: “The transition of our investment portfolio was completed in the past quarter.

“The investment results for this quarter are positive, with equity returns standing out particularly positively.

“As a result, the negative impact from the first quarter has largely been recovered for most participants.

“The differences between the first and second quarters clearly show that these results are snapshots. As a pension investor, we focus precisely on the long term.”

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