The Dutch pension fund, Huisarts & Pensioen, for GPs, achieved a 3.6 per cent return on its post-2022 contribution scheme, its provisional results have revealed.

The pension fund said it is focusing on stable, long-term growth amid challenging market conditions and major market movements.

"The year 2025 was characterised by major movements in the markets, caused by trade tariffs and the trend surrounding AI," Huisarts & Pensioen investment strategist, Ivo Neuerburg, said.

Since 2022, GPs have been accruing pension capital in a contribution scheme. However, capital also remains in the old scheme, for which contributions were paid into until 2022.

During 2025, the old scheme made a negative return of -1.5 per cent. Neuerburg explained that investments in interest rate hedging made a “significantly negative contribution” due to higher interest rates.

“On the other hand, the rise in interest rates has made pension liabilities cheaper. This led to an increase in the funding ratio, enabling us to increase stable pensions by 3.46 per cent at the beginning of this year,” he explained.

From 1 July 2027, Huisarts & Pensioen will switch to a single new pension scheme.

Overall, the fund said its financial position remains solid.

“Huisarts & Pensioen focuses on achieving a responsible return: we take no more – but also no less – risk than is necessary to realise our pension ambitions,” Huisarts & Pensioen director of investments and sustainability, Pieter de Graaf, said.

Its investment policy remains focused on stable long-term growth, with conscious choices for risk mitigation and social responsibility.

---