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 fund picks Van Lanschot Kempen for €1.25bn fiduciary mandate
Plus: Border to Coast picks AllianceBernstein for equity alpha fund
PME credits ESG filters for equity outperformance despite benchmark lag
Dutch pension fund says ESG screening enhanced equity returns, despite underweight to US technology
BpfBouw doubles dollar hedge to mitigate Trump risk
The Dutch pension fund for the construction sector increases currency hedging after Trump-related market volatility challenged dollar safe-haven status
IPE Netherlands Briefing: New ABP index strategy disappoints
The index is based on ABP’s own ESG criteria and excludes several hundred companies, mainly in the US, including Alphabet (Google) and Meta (Facebook)
Dutch funds scoop up short-term swaps amid DC transition
Pension funds need fewer long-duration hedging and more shorter-duration swaps to hedge interest rate risk in the new pension system
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
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Dutch pension fund picks Van Lanschot Kempen for €1.25bn fiduciary mandate
Plus: Border to Coast picks AllianceBernstein for equity alpha fund
PME credits ESG filters for equity outperformance despite benchmark lag
Dutch pension fund says ESG screening enhanced equity returns, despite underweight to US technology
BpfBouw doubles dollar hedge to mitigate Trump risk
The Dutch pension fund for the construction sector increases currency hedging after Trump-related market volatility challenged dollar safe-haven status
IPE Netherlands Briefing: New ABP index strategy disappoints
The index is based on ABP’s own ESG criteria and excludes several hundred companies, mainly in the US, including Alphabet (Google) and Meta (Facebook)
Dutch funds scoop up short-term swaps amid DC transition
Pension funds need fewer long-duration hedging and more shorter-duration swaps to hedge interest rate risk in the new pension system
KPN pension fund abandons core-satellite approach
Dutch telecoms pension fund simplifies investment structure after underperformance and growing governance complexity concerns
PGB defies trend with positive 2025 return – but only just
The Dutch multi-sector fund reaped the benefits of strong equity returns and a higher dollar hedge
Weak dollar drags PFZW into loss despite strong credit performance
Dutch healthcare pension fund saw climate transition mandate make a 20% loss on returns
Dutch transport fund lifts US equity allocation despite peer retreat
Vervoer increases US equities, defying peers while reviewing active strategies after prolonged underperformance
ESG exclusions depress ABP returns
The Dutch civil service scheme’s newly developed markets equity index strategy returned 1.7 percentage points less than the global benchmark
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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