Funding ratio and policy funding ratio of pension funds in the Netherlands 2022-20223

From December 2022 to December 2023, the funding ratio of pension funds in the Netherlands was quite volatile, experiencing several peaks, the largest of which was in September 2023 before declining by roughly 10 percent, to rest at 114.6 as of December 2023. The policy funding rate was comparatively less volatile, having decreased by roughly two percent in the period. Pension savings in the Netherlands are tied to the financial marketsIn terms of worth, the Dutch pension system is the second largest of Europe. In 2023, the pension system in the Netherlands had nearly 3.37 trillion euros worth of assets under management (AUM). Pension participation is mandatory, with part of one’s salary being transferred to a pension fund every month. Funds then use these payments to invest on the financial markets. Government bonds are a popular pick, as these are relatively safe investments. This results in two things, however. First, if the financial markets are hit by unrest (for example, due to the coronavirus or geopolitical events like the Brexit in 2019) pension funds will be affected. Also, Dutch authorities must monitor that all pension funds have enough financial reserves so that they can be able to pay retirees, especially the five largest ones. What do these ratios mean?The ratios listed here measure whether all pension funds in the Netherlands have enough money reserves to pay out pension benefits, to both current as well as future retirees. Funding ratios are calculated by dividing the value of a pension’s assets (investments) by the value of their liabilities (current and future benefits to be paid out). Values above 100 percent indicate that pensions have enough money reserves. The average funding ratio (in Dutch: gemiddelde dekkingsgraad) looks at the ratio in the current month, whereas the policy funding ratio (beleidsdekkingsgraad) looks at the average over the past 12 months. However, the funding ratio is subject to statutory rules as the 12-month average is measured against a minimum required ratio. If a ratio is too low, it must take measures to improve its financial situation. In extreme cases, this could lead to cuts such as pension benefits being lowered or not even being distributed at all. Since pension savings are more than half of all household assets in the Netherlands, this event could have serious consequences.

自2022年12月至2023年12月，荷兰养老金基金的资金比率波动剧烈，经历了多次峰值，其中2023年9月达到最高点，随后下降约10%，至2023年12月稳定在114.6。政策资金比率相对稳定，期间下降约2%。荷兰的养老金储蓄与金融市场紧密相连，就规模而言，荷兰的养老金体系是欧洲第二大。2023年，荷兰养老金体系管理下的资产总值（AUM）接近3.37万亿欧元。养老金参与是强制性的，每月将一部分薪资转入养老金基金。基金随后利用这些款项在金融市场上进行投资。政府债券是首选的投资对象，因为这些投资相对安全。然而，这导致了两个结果。首先，如果金融市场受到动荡（例如，由于冠状病毒或如2019年英国脱欧等地缘政治事件）的影响，养老金基金将受到波及。此外，荷兰当局必须监督所有养老金基金是否拥有足够的财务储备，以确保能够支付退休金，尤其是前五大的养老金基金。这些比率意味着什么？此处列出的比率衡量荷兰所有养老金基金是否拥有足够的资金储备以支付养老金福利，无论是针对当前还是未来的退休者。资金比率是通过将养老金资产（投资）的价值除以其负债（当前及未来应支付的福利）的价值来计算的。高于100%的值表明养老金拥有足够的资金储备。平均资金比率（荷兰语：gemiddelde dekkingsgraad）考察的是当月的比率，而政策资金比率（beleidsdekkingsgraad）考察的是过去12个月的平均值。然而，资金比率受法定规则约束，12个月的平均比率需与最低要求比率进行比较。如果比率过低，必须采取措施改善其财务状况。在极端情况下，这可能导致养老金福利的削减，甚至可能完全不发放。鉴于在荷兰，养老金储蓄占所有家庭资产的一半以上，此类事件可能产生严重的后果。