Netherlands Investment and Pensions
Europe’s second largest national pension system is in the throes of a historic shift away from defined ambition arrangements towards collective DC schemes. Many of the larger pension funds, such as PFZW, PMT and BpfBOUW, have already effected the transition, which generally includes converting all accrued benefits as well as putting future contributions onto a DC basis. A firm deadline has now been set of 1 January 2028 for pension funds to transition, and the Dutch Central bank DNB is playing a key supervisory role in ensuring the huge operation goes smoothly. Pension fund portfolios are changing, with interest-rate swaps being unwound, bond exposure shifting to shorter maturities and riskier investments becoming more appropriate.
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 halves equity risk in run-up to January DC transition
Dutch €64bn pension fund opts to reduce exposure to shares via physical sell-off combined with futures – cheaper than put options used by smaller funds
APG backs new STOXX ‘investable’ index framework, citing flexibility
Deutsche Börse subsidiary claims manager of Netherlands’ largest pension fund as one of two early adopters of its new IMI framework index product
IPE Netherlands Briefing: The long pensions transition process
Dutch pension giant ABP earns green light from Dutch central bank DNB
ABP leaves equity risk unhedged in countdown to DC transition
Dutch €518bn pension fund says derivatives ‘of limited feasibility’ given its size
APG Asset Management names new chief
Alineke van den Berge-Blindenbach joined the firm in 2023 as chief operating officer and has also served as CEO ad interim since March 2026
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
©IPE Research; Sign up to IPE Profesional to see all the data in the latest country report
Interviews
- Previous
- Next
PME halves equity risk in run-up to January DC transition
Dutch €64bn pension fund opts to reduce exposure to shares via physical sell-off combined with futures – cheaper than put options used by smaller funds
APG backs new STOXX ‘investable’ index framework, citing flexibility
Deutsche Börse subsidiary claims manager of Netherlands’ largest pension fund as one of two early adopters of its new IMI framework index product
IPE Netherlands Briefing: The long pensions transition process
Dutch pension giant ABP earns green light from Dutch central bank DNB
Dutch DC revolution rolls on as largest pension fund gets green light
ABP hails ‘milestone’ of DNB approval for its transition plan, while government commissioner warns countrywide process ‘cannot afford major failures’
ABP leaves equity risk unhedged in countdown to DC transition
Dutch €518bn pension fund says derivatives ‘of limited feasibility’ given its size
APG Asset Management names new chief
Alineke van den Berge-Blindenbach joined the firm in 2023 as chief operating officer and has also served as CEO ad interim since March 2026
Dutch venture capital association opposes EU mandatory pension fund allocation
Mandatory venture capital allocations could exceed Europe’s capacity while limiting pension funds’ investment autonomy, NVP warns
Dutch GP fund pauses shift to concentrated equity strategy
Market volatility and underperformance prompt the pension fund for Dutch general practitioners to suspend transition to a concentrated equity portfolio
Dutch pension monopoly clashes with EU law – will participants endure yet more protectionism?
Hans van Meerten, international pension expert and lawyer, argues EU ruling exposes flaws in the Dutch pension system
IPE Netherlands Briefing: PME reports long-term ESG outperformance
Plus: SpaceX prompts ESG questions
IPE BEST PENSION FUND IN NETHERLANDS AWARD WINNERS
- 2025 - Shell Pension Netherlands
- 2024 - Stichting Pensioenfonds Medisch Specialisten (SPMS)
- 2023 - Rabobank Pensioenfonds
- 2022 - PFZW
- 2021 - PFZW
- 2020 - Shell Nederland Pension Fund (SNPS) and SBZ Pensioen
Copyright © 1997–2026 IPE International Publishers Limited, Registered in England, Reg No. 3233596, VAT No. 685 1784 92. Registered Office: 1 Kentish Buildings, 125 Borough High Street, London SE1 1NP
Site powered by Webvision Cloud