Until 2025, the funding ratio was a key indicator of our pension fund's financial situation. It indicated the relationship between the assets of the pension fund and the current and future pension liabilities. A funding ratio of 100% gives the pension fund precisely the amount of money required to pay out the current and future pensions. The average of the funding ratios for the previous 12 months is referred to as the ‘policy funding ratio’.
On 1 January 2026, we switched to the new pension system. In the new system, we no longer calculate using a funding ratio; instead, your pension moves in line with the economy. The (policy) funding ratio at 31 December 2025 is therefore the last one you will see on our website. This page tells you more.
Funding ratios
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123,3%
Policy funding ratio
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127,9%
Current (DNB) funding ratio
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December
End of month
Funding ratio in December 2025 – transition to the new pension scheme
For the transition to the new pension scheme, we use the December 2025 funding ratio to calculate how much money everyone will later have in their personal ‘pension pot’.
The social partners agreed that we could switch to the new pension system if the December funding ratio was 106% or higher, as stated in the transition plan. On 31 December, the funding ratio was (significantly) higher than 106%. This means that we have more money for the transition to the new pension system than the necessary minimum, and the pension assets of all members can therefore increase.
In the period ahead, we will calculate exactly what this means for you. In March or April, you will receive a letter from us with the final amount of your pension assets after the transition.
Increase or reduction in your pension in the new scheme
If you have retired, then in the new pension scheme your pension will move in line with the economy. Once a year, we review whether your pension will go up or down.
If the economy is performing well, then your pension may rise faster. That's because we incorporate the results of our investments into your pension assets. We also need to hold much lower reserves than we did under the old pension scheme.
What if the economy is doing less well? Then your pension may also fall. To prevent large fluctuations, we apply various protective measures, such as the solidarity reserve, to absorb financial setbacks when the economy is doing less well. That enables us to keep pensions as stable as possible for pensioners.
We also distribute financial windfalls and setbacks over several years, so that pensions do not change too much all at once. This is another way in which we try to keep your pension as stable as possible, while still allowing it to grow when the economy is doing well and reducing the likelihood of it decreasing.
