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
IPE Netherlands Briefing: Dutch resistance to benchmarking
Plus: Sustainability: funds push ahead despite backlash; Pension risk transfer and the insurance market
EC’s IORP II review returns benchmarking proposal could backfire, say Dutch
Dutch pension fund association sets out stall on IORP II review proposal in position paper on the Commission’s supplementary pensions package
Delta Lloyd pension fund agrees buyout with Zwitserleven
The closed €3bn pension scheme has secured 100% annual pension indexation for all its members
Dutch pension funds defy sustainability backlash, increase green ambitions
Pension funds remain hesitant to invest more in market segments with capital scarcity, even though they agree they have a financial interest in minimising climate change
EU pension overhaul must not ‘disturb’ Dutch system, warns finance minister
Other member states call for simplification and changes to tax treatment during debate on IORP II and PEPP revisions
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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IPE Netherlands Briefing: Dutch resistance to benchmarking
Plus: Sustainability: funds push ahead despite backlash; Pension risk transfer and the insurance market
EC’s IORP II review returns benchmarking proposal could backfire, say Dutch
Dutch pension fund association sets out stall on IORP II review proposal in position paper on the Commission’s supplementary pensions package
Delta Lloyd pension fund agrees buyout with Zwitserleven
The closed €3bn pension scheme has secured 100% annual pension indexation for all its members
Dutch pension funds defy sustainability backlash, increase green ambitions
Pension funds remain hesitant to invest more in market segments with capital scarcity, even though they agree they have a financial interest in minimising climate change
EU pension overhaul must not ‘disturb’ Dutch system, warns finance minister
Other member states call for simplification and changes to tax treatment during debate on IORP II and PEPP revisions
ASR reinsures €1.3bn pension buyout with Pacific Life Re
The Dutch insurer said last summer it was looking to reinsure pension buyouts to free up capital
Dutch pension funds defy hedge crunch fears in first DC transition wave
Interest rate hedge unwind passes smoothly as first wave of DC conversions avoids market disruption
Dutch lawmakers under pressure to allow shareholder ‘say-on-sustainability’
Upcoming debate on CSRD transposition will reveal whether politicians follow in footsteps of Spain, Estonia and Switzerland
Dutch financial regulator plans to step up scrutiny of pension funds’ sustainability claims
A study of 42 financial institutions by AFM flagged greenwashing concerns across the market
BPL Pension to allocate €1bn to impact investments
The €25bn pension scheme for the agri- and horticultural sector will invest 80% of the new portfolio in private debt and 20% in private equity
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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