NETHERLANDS - The €1.9bn pension fund of TNO, the institute for applied technical research, saw its investments return 7.5% during the third quarter, taking its total return to 9% this year.

Equity was the pension fund's best performing asset class so far this year, with a return of 22.8%, followed by fixed income investments which delivered 13% in the first nine months of 2009.

The scheme's hedge fund investments returned 6.1% but property and private equity, in contrast, produced negative results of -7.4% and -2.7% respectively.

The TNO pension fund returned -2.8% and 4.3% on investments during the first and second quarters of this year.

Since the end of 2008, the cover ratio of the Rijswijk-based scheme has risen from 101% to 111.4%, which is almost 5 percentage points ahead of the target of its recovery plan, according to officials.

Elsewhere, the €4.1bn pension fund PDN of chemicals giant DSM has reported its cover ratio rose from 105% to 112% in the third quarter.

And the €6.9bn scheme for the retail sector (BD) said its funding ratio rose from 103% to 107%.

If you have any comments you would like to add to this or any other story, contact Julie Henderson on + 44 (0)20 7261 4602 or email