Netherlands Investment and Pensions
Europe’s second largest pension system is preparing for a historic shift away from the current defined ambition arrangements in favour of one with DC accrual but largely in a collective asset pool. Despite political murmurings among members of the current coalition government, there have been no serious attempts to row back on the reforms, which will kick in from 2025 onwards. The main change for pension funds will be moving away from a system that manages funding ratio, with risk capacity determined accordingly, to one that is arguably better suited to the long-term risk profile of the participants. What’s not to be underestimated is the IT challenge in migrating millions of accounts to the new system.
Pension Funds in Netherlands - Country Report
Netherlands country report 2025: Is the fiduciary management outsourcing trend set to continue?
Time to throw in the towel? Now even established in-house teams are shutting up shop
TOP DUTCH PENSION FUNDS 2025
Pension fund/entity | Assets (€’000)
- ABP | 518,810,000
- Pensioenfonds Zorg en Welzijn (PFZW) | 246,840,000
- Pensioenfonds Metaal en Techniek (PMT) | 84,245,825
- BPF Bouwnijverheid (bpBOUW) | 65,992,042
- Pensioenfonds van de Metalektro (PME)| 56,586,717
©IPE Research; View the Top 1000 European Pensions Funds 2025 for a comprehensive market overview
PME replaces BlackRock in €5bn ESG equities portfolio
UBS AM and MN take over the pension fund’s ESG equity portfolio from the American manager
APG to shed over 1,000 jobs in cost-cutting drive
The pension administrator majority-owned by the Netherlands’s largest pension fund ABP made an operational loss in 2023 and 2024 and has been under pressure to cut costs
IPE Netherlands Briefing: Dutch GP fund defies buy-and-hold equity promise
Plus: With the Dutch pension transition gearing up, the Dutch market for buyouts, estimated to be worth some €20-30bn, appears to be accelerating
Dutch GP fund equity shake-up defies buy-and-hold promise
The Dutch pension fund for doctors introduced a new concentrated equities strategy at the start of the year, promising ‘as few transactions as possible’
Dutch insurers see buyout market accelerate
As funding ratios rise across the board, buyout deals have seen a growing number of Dutch company pension schemes show interest
TOP MANAGERS: DUTCH INSTITUTIONAL ASSETS
Company | Assets (€m)
- APG | 615,549*
- PGGM | 251,000
- BlackRock | 235,339
- Achmea Investment Management | 222,737
- MN | 153,332
- ASR Vermogensbeheer | 122,060*
- Aegon Asset Management | 94,690**
- Van Lanschot Kempen Investment Mngt. | 76,760
- State Street Global Advisors | 66,280
- Northern Trust Asset Management | 59,643**
As at 30.6.25, *31.12.24, **31.03.25
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Interviews
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PME replaces BlackRock in €5bn ESG equities portfolio
UBS AM and MN take over the pension fund’s ESG equity portfolio from the American manager
APG to shed over 1,000 jobs in cost-cutting drive
The pension administrator majority-owned by the Netherlands’s largest pension fund ABP made an operational loss in 2023 and 2024 and has been under pressure to cut costs
IPE Netherlands Briefing: Dutch GP fund defies buy-and-hold equity promise
Plus: With the Dutch pension transition gearing up, the Dutch market for buyouts, estimated to be worth some €20-30bn, appears to be accelerating
Dutch GP fund equity shake-up defies buy-and-hold promise
The Dutch pension fund for doctors introduced a new concentrated equities strategy at the start of the year, promising ‘as few transactions as possible’
Dutch insurers see buyout market accelerate
As funding ratios rise across the board, buyout deals have seen a growing number of Dutch company pension schemes show interest
Concentrated portfolios: How investors are challenging common wisdom by reverting to old-fashioned stock picking
For equity investors of all kinds, the clear trend of the past few decades has been a shift away from stock picking and towards broadly diversified portfolios, managed through passive index exposure or, at most, passive-enhanced or quantitative strategies.
Scenarios at the ready: How APG’s chief economist views political risk
Thijs Knaap, APG Asset Management’s chief economist, discusses political risk and how it could affect institutional portfolios
Pension funds may see merits in owning few stocks, but concentrated equity strategies carry undue risk
When a small but influential group of pension funds, mostly located in the Netherlands, signals a clear shift away from broad equity diversification and towards more concentrated strategies, it does not go unnoticed.
Dutch funds for postmen, butchers invest €220m in impact private debt
New Article 9 fund, which consists of two sub-funds managed by Eiffel Investment Group, will invest in impact-driven private credit in the Benelux region and Europe
IPE Netherlands Briefing: Dutch funds continue Israel stock purge
PFZW and PME divest from Booking.com, Airbnb and Expedia; Dutch pension funds reconsider oversized exposures to the US
IPE BEST PENSION FUND IN NETHERLANDS AWARD WINNERS
- 2024 - Stichting Pensioenfonds Medisch Specialisten (SPMS)
- 2023 - Rabobank Pensioenfonds
- 2022 - PFZW
- 2021 - PFZW
- 2020 - Shell Nederland Pension Fund (SNPS) and SBZ Pensioen
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