The Netherlands’ transition to its new pension system is expected to bring a significant increase in benefits for members of the metal and technology industry pension fund PME. The scheme forecasts that it could increase current pensions by 12.6% when transferring to the new system, based on its funding position at the end of July. Its funding ratio continued to improve during the preceding quarter, supported by rising interest rates. The forecast illustrates the potential immediate benefit of the transition for pensioners, although the final adjustment will depend on the fund’s financial position at the actual transfer date.
PME is also sharpening its investment priorities around safety and resilience. The fund is targeting greater resilience in its investment portfolio, reflecting the importance of managing risks in an increasingly uncertain geopolitical and economic environment. Its approach highlights how the transition to the new system is coinciding with broader considerations about portfolio construction and long-term investment risks.
Fiduciary management and risk-sharing partnerships
Aegon Asset Management is transferring €26bn in Dutch fiduciary assets to Van Lanschot Kempen, marking a significant change in the Netherlands’ institutional asset management landscape. The transaction deepens the relationship between the two firms, with the Dutch business shifting to Van Lanschot Kempen as Aegon AM focuses on its wider strategic priorities. The transfer also underlines the continuing consolidation and restructuring of fiduciary management services in the Dutch market.
Meanwhile, Dutch healthcare pension fund PFZW is expanding its exposure to project finance through a €5bn credit risk-sharing transaction with ING. PGGM, which manages investments on behalf of PFZW, has entered into the arrangement covering a portfolio of project finance loans across Europe, the Middle East, Africa and Asia-Pacific. Most of the underlying loans directly support the energy transition.
Dubbed Linden-1, the transaction is ING’s first large-scale significant risk transfer involving project finance assets. It allows the bank to release capital and create additional lending capacity, while offering PFZW an investment opportunity combining financial returns with sustainability objectives.
Global ranking lead
The Netherlands has retained first place in the 2026 Marsh CFA Institute Global Pension Index, despite undergoing a major reform of its occupational pension system. The country scored 85.8, up from 85.4 in 2025, achieving the highest overall result among the 52 systems assessed. Its scores for adequacy and integrity improved, although sustainability declined slightly.
Denmark ranked second, followed by Iceland. However, the report warned that strong adequacy scores across pension systems were masking longer-term sustainability challenges, particularly as ageing populations increase pressure on intergenerational fairness and the financing of retirement benefits.
Items to note:
- The IPE Conference & Awards 2026 is taking place on 2 December at the Royal College of Physicians & Natural History Museum in London.
Venilia Amorim
IPE News Editor
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