Three Dutch pension funds have reported improved funding positions for January 2026, with policy funding ratios rising across the board.

SNS Reaal said its policy funding ratio increased from 127.3 per cent to 128.8 per cent at 31 January 2026.

The board uses the policy funding ratio as the basis for its annual decision on potential pension increases (indexation).

Over the same period, the fund’s current coverage ratio rose from 135.6 per cent to 137.9 per cent.

While the value of investments increased in January, a fall in interest rates led to higher liabilities.

Overall, this resulted in a net increase in the current coverage ratio.

The fund noted that a policy funding ratio of 139.2 per cent (as of October 2025) is required for full indexation, although this threshold is subject to change depending on market conditions, including interest rates and inflation.

Meanwhile, PostNL Pension Fund reported that its policy funding ratio edged up to 134.7 per cent in January 2026.

In January 2026, the actual funding ratio stood at 135.9 per cent, compared with 131.7 per cent a year earlier.

As the January 2025 figure was dropped from the 12-month calculation and replaced by the higher January 2026 figure, the policy funding ratio increased slightly.

The fund’s current coverage ratio also rose, from 135.6 per cent in December 2025 to 135.9 per cent in January 2026.

PostNL explained that although interest rates fell during the month, negatively affecting the funding position, the increase in investment values had a positive impact.

In addition, Pensioenfonds UWV reported a policy coverage ratio of 122.4 per cent for January, up from 121.9 per cent in December.

Its current coverage ratio also increased marginally to 124.7 per cent, from 124.6 per cent a month earlier.

The fund said it remained in good financial health and indicated that, at current levels, it may be able to increase pensions.

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