Every quarter, we review how Bpf Koopvaardij’s investments have performed. These results affect your pension assets and the pension you will receive now or in the future.
On this page, you can see the key figures achieved in the second quarter of 2026. We will explain what they mean. You can view your personal figures in My Koopvaardij.
The fund’s financial position improved in the second quarter
If we look at the financial situation at the end of June, pensions could rise by almost 1 per cent as of 1 January 2027. Whether your pension will actually be increased, and by what percentage, will depend on the financial situation and the investment results up to and including 30 September. You will receive final notification of this at the end of the year.
What happened during the past quarter
The financial markets generally performed well in the second quarter. Shares in particular rose, despite the economic and political uncertainty. This had a positive impact on the fund’s financial position.
Performance of the investments
Our investments have risen by 4.9%. The return on our investments consists of two parts: the protected return and the surplus return. Together, these make up the total return. The table below shows the return on each component and what these figures mean.
So why is my pension not increasing by 4.9%?
An increase in the value of our investments does not automatically mean that your pension will increase by the same percentage. The return contributes to the fund’s financial position. Whether your pension can be increased, and by how much, depends on the fund’s overall financial situation.
| Type of return | Q2 results | What does this mean? |
| Total return | 4.9% | The combined result of all investments. |
| Protected return | 0.9% | The result that helps to minimise risks, such as interest risk. |
| Surplus return | 4.0% | The result that is more focused on growth. |
What do the different types of return mean?
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The total portfolio return shows how Bpf Koopvaardij’s total pension assets have performed as a result of the investments. This return is the result of the various investments in the portfolio. This includes both the portion we use to protect your pension and the portion we use to try to achieve additional returns.
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Interest rates affect the amount of capital we need to pay your pension. That is why we protect part of your pension against significant fluctuations in interest rates. We invest this portion with less risk, for example in government bonds and mortgages. The older you get, the greater this protection becomes. For members who are retired or almost retired, this proportion is higher than for younger members.
Why do interest rates matter?
Interest rates affect how much money is needed to fund your pension now and in the future. When interest rates change, so does the value of the assets we need for your pension. By protecting against interest rate fluctuations, we limit their impact on your pension.
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With another part of the pension, we are actually trying to generate a return. We do this by investing in, for example, shares, high-yield bonds, property and infrastructure. This involves greater risk, but also offers greater potential for growth. For younger members, this proportion is higher than for members who are retired or almost retired.
The total return is not the same as the change in your own pension. Your personal pension also depends on your age and the way in which the returns are divided. You should therefore log in to My Koopvaardij to view your own amounts.
What does this mean if you are not yet receiving a pension?
How the investments perform affects your pension assets. Exactly what this means for your pension depends on your personal circumstances. This includes your age, your salary and the number of years you have been building up or have built up pension with Bpf Koopvaardij.
Example: you are 35 years old
In that case, it will probably be a while before you retire. Your pension assets will fluctuate more in line with your investments. This increases the potential for growth, but also the likelihood of fluctuations.
Example: you are 65 years old
That means your retirement is approaching. We will take less risk with the investments for your pension. That is how we try to avoid significant fluctuations.
What does this mean if you are already receiving a pension?
Are you already receiving a pension from Bpf Koopvaardij? In that case, it’s not just the investment return that matters. We also examine the financial position of the part of the fund from which pensions are paid. We call this the funding ratio.
The funding ratio stood at 102.9% at the end of June. Based on this funding ratio, there would be scope for an increase in your pension of almost 1%. This is due to the way in which we spread windfalls and setbacks over several years.
The final increase in your pension is likely to be different. Once a year, a decision is made as to whether pensions will remain the same or be reduced as of 1 January. This is determined based on the situation as of 30 September.
If the funding ratio is below 100% on 30 September, your pension will not be reduced immediately. We will first use the solidarity reserve to top up your pension to its original level.
How we distribute increases and decreases
To prevent large fluctuations in your pension, we distribute increases and decreases over several years. To do this, we use the distribution capital.
The distribution capital consists of the result of financial gains and losses of our investments during the payout phase. We do not incorporate this result into your pension in a single instalment, but spread it over several years. Every year, we process a part of it. As a result, your pension usually fluctuates less from year to year.
Your personal amounts
The figures on this page are general figures. They do not show exactly what will happen to your own pension. Your personal amounts can be found in My Koopvaardij.
Investment results may vary from quarter to quarter. That is why we look not only at a single quarter, but also at the longer term.