The market value coverage ratio of Pensioenfonds ING, the pension fund for employees of Dutch multinational banking group ING, decreased by 1.5 per cent in September, to 119.9 per cent.

In addition to this, the DNB policy funding ratio decreased by 0.4 per cent during September, falling to 126.7 per cent, although this is still “well above” the legally required funding ratio of 110.3 per cent.

The average real funding ratio has also fallen by 0.2 per cent over the past twelve months, to 93.6 per cent.

During September, a negative return was achieved with shares and bonds, although a positive return was achieved on real estate and private equity.

This, on balance, saw a total return for the month of September of 1.1 per cent, representing a total increase in the value of the investments of €0.3bn, to €30.6bn.

Interest rates also fell during September however, which in turn saw a €0.4bn increase in pension liabilities to €24.2bn.

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