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 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 Netherlands Briefing: Another 24 funds convert to defined contribution
Plus: Pension funds divest from US assets; PME withdraws €5bn mandate from BlackRock
Negative 2025 returns for Dutch pension funds
Funding ratios rose, however, thanks to rising interest rates
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 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 Netherlands Briefing: Another 24 funds convert to defined contribution
Plus: Pension funds divest from US assets; PME withdraws €5bn mandate from BlackRock
Negative 2025 returns for Dutch pension funds
Funding ratios rose, however, thanks to rising interest rates
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
Fiduciary assets plateau as UK market matures
UK pension schemes are de-risking through insurance in growing numbers, while many are choosing run-on strategies – and fiduciary managers must adapt
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
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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