The policy-funding ratio of Pensioenfonds ING increased to 127.7 per cent at the end of March 2021, it has revealed.
This is an increase of 1.3 percentage points, when it was 126.4 per cent at the end of February 2021. In addition, its average real funding ratio was 93.4 per cent at the end of March, an increase of 0.1 percentage points from when it was 93.3 per cent the previous month.
The fund said interest rates rose in March, and although this is negative for fixed income investments, it means that the fund has to set less aside for pension liabilities. On balance, this is positive for the DNB funding ratio.
It said that interest rate developments combined with equity yields had a positive effect on both funding ratios.
However, it said that the fact the average real funding ratio increased less than the DNB policy funding ratio was due to increased inflation expectations
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