NETHERLANDS – PMT, the scheme for Dutch metal and mechanical engineering workers, has posted a return of more than 12% in 2003.

The Stichting Pensioenfonds Metaal en Techniek, the Pension Fund for Metalworking and Mechanical Engineering, said that its return in 2003 was 12.3%. Equities returned 16.6% while fixed income was up 3.9%. The total return in the fourth quarter was 3.6%.

The figures take the Rijswijk-based fund’s coverage ratio to 109% and its capital value to 20.2 billion euros. The fund is the third-largest pension fund in the Netherlands, with more than one million participants.

“The most important factor for the return in the last quarter was again the result on the share portfolio,” the fund said, adding that alternative investments made a “positive contribution”.

It said that impact of the decline in the dollar was limited due to hedging. PMT also said that it has raised contributions as of the start of this month by one percentage point to 14.9%.

Last week, three top Dutch pension funds, ABP, PGGM and PME, also unveiled double-digit returns for 2003 along with a recovery in coverage ratios.