NETHERLANDS - According to provisional data from the VB, the Dutch Association of Industry-wide Pension Funds, cover ratios of VB-affiliated pension funds rose to an average 111.2% at the end of 2003 - up from 106.5% a year earlier.

But eight of its 81 members still have a cover deficit, as defined by the insurance and pension regulator the PVK, the Pensioen- & Verzekeringskamer. One fund had a cover ratio below 100%. In its controversial letter of September 2002, the PVK called for a surplus of five percent over a funding ratio of 100%.

The VB, or Vereniging van Bedrijfstakpensioenfondsen, said that the assets of its members rose by a combined 29 billion euros in 2003. It added they held 27 billion euros more in reserve than strictly required by the insurance and pension regulator the PVK.

The assets of the published funds amounted to a combined 312 billion euros, or equivalent to two-thirds of the assets accrued by all Dutch pension funds together.

The VB added the funds' overall pension liabilities, including general risks reserves, rose by 16 billion euro and added up to 285 billion euros.

The eight funds with a cover deficit are:
- Bedrijfspensioenfonds voor de Agrarische en Voedselvoorzieningshandel
- Stichting Federatief Pensioenfonds
- Bedrijfstakpensioenfonds Herwinning Grondstoffen
- Pensioenfonds Horeca en Catering
- PNO
- Pensioenfonds voor de Rubber- en Kunststoffenindustrie
- St. Bedrijfstakpensioenfonds Textielindustrie
- Bedrijfspensioenfonds Uitvaartbranche.

The one fund in actual deficit is the Stichting Federatief Pensioenfonds.

Vroegpensioenfonds Mortel- en Morteltransportondernemingen had the highest cover ratio, 266%.

The VB members represent 5.7 million active members and pension beneficiaries.