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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 made 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 for 1 January 2028 for all 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 unwound, bond exposure shifting to shorter maturities and riskier investments becoming more appropriate. Many pension funds are hedging their equities ahead of their planned transition to protect current high funding levels. Communicating what the changes mean for the Dutch public is an important task for the sector, government and supervisors, and there is also an IT challenge in migrating millions of pension accounts.
Pension Funds in Netherlands - Country Report
Pensions in the Netherlands 2026: How Dutch pension funds are managing liquidity risk under DC transition
Pension funds face new imperatives as they transition to DC
Achmea sets up EM debt impact vehicle with ILX for Dutch pension funds
Netherlands’ fourth-largest pensions manager links up with specialist asset manager to provide access to loans originated by development banks
ABP commits €1bn to European venture capital over three years
Europe’s scale-up funding gap is drawing €1bn from ABP, as Brussels seeks greater pension investment in venture capital
IPE Netherlands Briefing: bpfBOUW selects BlackRock as fiduciary management candidate
Plus: Dutch court orders ExxonMobil to make additional pension payments; Pensioenfonds Detailhandel hedges 80% of its equity exposure
bpfBOUW picks BlackRock for €70bn fiduciary mandate despite climate concerns
The Dutch construction pension fund selects BlackRock as preferred candidate to manage €70bn pension assets under fiduciary management mandate
ExxonMobil ordered to make additional pension payment after Dutch court ruling
A Dutch court has ordered additional pension funding after ExxonMobil fell short of agreed indexation commitments
TOP DUTCH PENSION FUNDS 2026
Pension fund/entity | Assets (€’000)
- ABP | 528,600,282
- Pensioenfonds Zorg en Welzijn (PFZW) | 252,011,813
- Pensioenfonds Metaal en Techniek (PMT) | 85,735,727
- BPF Bouwnijverheid (bpfBOUW) | 66,268,344
- Pensioenfonds van de Metalektro (PME) | 59,943,124
- Beroepsvervoer over de Weg | 37,192,739
- Stichting Pensioenfonds PGB | 34,400,000
- Pensioenfonds Detailhandel | 32,888,222
- Stichting Pensioenfonds van de ABN AMRO | 26,000,000
- BPL | 25,574,718
©IPE Research; View the Top 1000 European Pensions Funds 2026 for a comprehensive market overview
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
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Achmea sets up EM debt impact vehicle with ILX for Dutch pension funds
Netherlands’ fourth-largest pensions manager links up with specialist asset manager to provide access to loans originated by development banks
ABP commits €1bn to European venture capital over three years
Europe’s scale-up funding gap is drawing €1bn from ABP, as Brussels seeks greater pension investment in venture capital
IPE Netherlands Briefing: bpfBOUW selects BlackRock as fiduciary management candidate
Plus: Dutch court orders ExxonMobil to make additional pension payments; Pensioenfonds Detailhandel hedges 80% of its equity exposure
Pensions in the Netherlands 2026: How Dutch pension funds are managing liquidity risk under DC transition
Pension funds face new imperatives as they transition to DC
IPE institutional market survey: Managers of Dutch institutional assets 2026
Dutch institutional assets have increased for the third consecutive year and are edging towards the €2.5trn mark, while the assets managed on behalf of Dutch pension fund clients are just shy of €2trn, after increasing for the third year in a row.
bpfBOUW picks BlackRock for €70bn fiduciary mandate despite climate concerns
The Dutch construction pension fund selects BlackRock as preferred candidate to manage €70bn pension assets under fiduciary management mandate
ExxonMobil ordered to make additional pension payment after Dutch court ruling
A Dutch court has ordered additional pension funding after ExxonMobil fell short of agreed indexation commitments
Dutch public trust surges in pension funds and new DC system, DNB poll shows
High transition bonuses distributed by pension funds in big transition wave on 1 January could have boosted trust
Dutch retail scheme changes mind and buys put option for 80% equities hedge
Pensioenfonds Detailhandel reveals 2025 study resulted in decision to hedge most of equity risk in run up to January 2027 transition to new pension system
Dutch fund almost doubles hedge fund exposure
Stichting Pensioenfonds Mars significantly increases investments in hedge funds last year, from 11% to 21%, while cutting equities from 14% to 5%
IPE Netherlands Briefing: Dutch pension fund Recreatie replaces BlackRock
The mandatory pension fund for the recreation sector said the change of managers had been ‘a business decision’ in which cost considerations had played a major role
Dow Chemical pension fund prepares for €2bn+ Dutch buyout
The potential transaction would be the Netherlands’ second-largest pension buyout, after Delta Lloyd’s €3bn deal with Zwitserleven
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
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