Several Dutch pension funds have published May funding updates for their schemes, with improved results reported across current funding and policy coverage ratios.

Hoogovens Pension Fund reported that its current funding ratio rose from 138.6 per cent in April to 141.6 per cent in May, up from 137.1 per cent at the start of 2026.

In 2026, the actuarial interest rate has had a negative effect of 3.2 percentage points on the development of Hoogovens Pension Fund's current funding ratio.

The fund’s update also reported that the value of its invested capital rose from €10,459m in April to €10,851m in May, which increased the current funding ratio by 6.9 percentage points.

The fund’s policy coverage ratio, the average funding ratio over the past 12 months, also improved, rising from 133.2 per cent in April to 134.3 per cent in May.

The policy coverage ratio remained 9.8 percentage points below the threshold for future sustainable indexation.

SNS Reaal also reported improvements in its policy funding ratio, which rose from 132 per cent in April to 133.3 per cent in May.

The fund saw increases in its investment value in May, with the portfolio rising by 2.3 per cent.

However, due to a 0.02 percentage point decrease in the average De Nederlandsche Bank (DNB) interest rate in May, SNS Reaal's liabilities rose by 0.5 per cent.

Overall, this development saw the current funding ratio increase by 2.4 percentage points from 137.3 per cent to 139.7 per cent.

Furthering the trend of improved funding levels, Pensioenfonds UWV reported that its policy funding ratio increased from 123.8 per cent in April to 124.5 per cent in May.

It also experienced an improvement in its current funding ratio from 126 per cent in April to 127.5 per cent in May.

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