Several Dutch pension funds have reported further improvements in their funding positions in December 2025.

Hoogovens Pension Fund reported that its policy coverage ratio, the average funding ratio over the past 12 months, improved, rising from 128.6 per cent in November to 129.8 per cent in December.

Despite this increase, the policy coverage ratio remained 15.8 percentage points below the threshold for future sustainable indexation.

The scheme's current coverage ratio also increased from 135.7 per cent in November to 137.1 per cent in December, up from a coverage ratio of 122.2 per cent at the start of 2025.

In 2025, the actuarial interest rate had a positive effect of 15.8 percentage points on the development of the fund's current funding ratio.

Hoogovens Pension Fund also reported that the value of its invested capital increased from €10,411m to €10,459m.

The update also showed that the fund's investment return increased the current funding ratio by 3.6 percentage points; however, this was offset by granted pension increases, which had a negative effect of 5.1 percentage points on the current funding ratio.

SNS Reaal also reported improvements in its funding levels, with its policy funding ratio rising from 125.9 per cent in November to 127.3 per cent in December.

The fund stated that in December, the value of its investments fell, but due to a rise in interest rates, its liabilities decreased. Overall, both factors contributed to a fall in the current funding ratio from 135.9 per cent to 135.6 per cent.

For Pensioenfonds UWV, its current funding ratio fell from 127.5 per cent in November to 124.6 per cent in December.

The fund experienced an improvement in its policy funding ratio from 121.3 per cent in November to 121.9 per cent in December.

Continuing the trend of improved funding levels, PostNL Pension Fund reported that its policy funding ratio increased to 134.4 per cent.

According to the PostNL Pension Fund's funding update for December, the fund's current funding ratio stood at 129.8 per cent, a year ago in December 2024.

However, despite improvements in its policy ratio, the fund saw a decrease in its current funding ratio, from 139.2 per cent in November 2025 to 135.6 per cent in December 2025.

PostNL Pension Fund explained that the development of the current funding ratio depends on the level of investments and provisions. In the past month, rising interest rates had a positive effect on the current funding ratio. The value of investments fell in December, negatively impacting the funding ratio.

In this month's case, the rise in interest rates has a greater impact than the fall in investment, and money has been used for indexation. Overall, this has resulted in the current funding ratio falling in December 2025.

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