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
Dutch pension funds reduce dollar bond holdings
Civil service scheme ABP, the only Dutch pension fund with a sizeable exposure to US treasuries, reduced its allocation by €10bn in 2025
Dutch government criticises IORP reform proposals
Some of the proposed reforms, such as the obligation to explain underperformance, are too prescriptive, according to the government
Dutch social housing pension fund appoints Kempen as fiduciary manager
The €15bn pension scheme for the social housing sector was on the lookout for a new fiduciary since 2024
Dutch frontrunner pension funds award increases below inflation
The five Dutch pension funds that converted DB accruals to DC in the first half of 2025 will increase pensions between 0.6% and 2.7% this year
Dutch pensions’ DC switch spurs swap market jitters
Sprenkels warns that volatility could still emerge if multiple funds decide to reduce their interest rate hedges simultaneously
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
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Dutch pension funds reduce dollar bond holdings
Civil service scheme ABP, the only Dutch pension fund with a sizeable exposure to US treasuries, reduced its allocation by €10bn in 2025
Dutch government criticises IORP reform proposals
Some of the proposed reforms, such as the obligation to explain underperformance, are too prescriptive, according to the government
Dutch social housing pension fund appoints Kempen as fiduciary manager
The €15bn pension scheme for the social housing sector was on the lookout for a new fiduciary since 2024
Dutch frontrunner pension funds award increases below inflation
The five Dutch pension funds that converted DB accruals to DC in the first half of 2025 will increase pensions between 0.6% and 2.7% this year
Dutch pensions’ DC switch spurs swap market jitters
Sprenkels warns that volatility could still emerge if multiple funds decide to reduce their interest rate hedges simultaneously
ABP appoints new CIO after long search
Herman Bril, ABP’s new CIO, served as chief investment officer of the UN Joint Staff Pension Fund between 2016 and 2021
Visma Idella quits Dutch pension admin
Arno IJmker of consultancy firm Eraneos says Visma Idella’s timing for decision to wind down its pension administration business is a ‘strange move’
Aon: Dutch pensioners see 13.6% pension rise in new DC arrangement
The one-off increases are due to the conversion of defined benefit accruals to defined contribution capitals as of 1 January
8 million Dutch to see DB pensions converted to DC on 1 January 2026
The 23 pension funds to do so include €248bn healthcare scheme PFZW and PMT, the €86bn sector fund for the metals processing industry
APG Asset Management CEO Ronald Wuijster to step down in 2026
Wuijster’s responsibilities will be taken over on an interim basis by Alineke van den Berge-Blindenbach
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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