Pensioenfonds ING’s policy funding ratio continues to fall

Pensioenfonds ING, the fund for employees of Dutch multinational banking group ING, has seen its policy funding ratio fall again down to 128.1 per cent from 129 per cent last month.

Despite the fall, it is still well above the legally required funding ratio of 110.3%.
The average real funding ratio over the past twelve months has fallen to 94.5%. The fund’s market value coverage ratio rose by 2.2 percentage points to 118.5 per cent over June.

In terms of investments, the value of investments increased over the past month by €0.5bn to €30.1bn. Real estate and private equity generated negative returns. A positive return was achieved on the equity portfolio and on bonds. On balance, the total return for June amounted to 2 per cent.

Interest rates remained virtually unchanged compared to the previous month, which means liabilities have also remained stable increasing by 0.2 percentage points. Because the value of the investments has increased, the market value coverage ratio has increased.

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