# 42 Dutch pension funds have moved to the new system

> Eight more funds made the switch in the third quarter, the central bank DNB says, while the solvency ratio of funds still on the old rules rose to 136.1%.

Economy · published 2026-10-27 09:40 · https://nlnow.nl/a/42-dutch-pension-funds-have-moved-to-the-new-system/

As of 30 September 2026, 42 pension funds had moved to the new pension system, eight more than at the end of the previous quarter, DNB reports. Funds have until 1 January 2028 to transfer accrued benefits under the Wet toekomst pensioenen (WTP), the law behind the new system.

Pension funds together managed €1,630bn at the end of the third quarter. Funds already in the new system hold €566bn of that. Funds still under the old funding rules (FTK) hold €1,064bn.

The solvency ratio (dekkingsgraad) of funds not yet transferred rose 4.7 percentage points to 136.1%. It shows the ratio between a fund's investments and its obligations. DNB says the ratio rose, among other things, because of higher interest rates and rising share prices. The new 2026 mortality table of the Actuarieel Genootschap, with a lower life expectancy, also had a positive effect.

The policy solvency ratio (beleidsdekkingsgraad), the average of the twelve monthly solvency ratios, rose 2.3 points from 127.7% to 130%.

These ratios cover only funds that have not yet transferred. DNB says the financial position of a fund in the new system cannot be summed up in one indicator such as the solvency ratio, because its schemes work with individual pots.

## Background

- **Wet toekomst pensioenen (WTP)**: The Future of Pensions Act is the Dutch law that introduces the new pension system, in which each participant builds a personal pension pot instead of a collective promise of a set benefit. Pension funds move to the new system under transition rules in the law, and accrued pension rights must be transferred by 1 January 2028.
- **FTK (financieel toetsingskader)**: The Financial Assessment Framework is the set of financial rules that pension funds under the old system must meet, including the funding level they are required to maintain. The Dutch central bank (DNB) supervises whether funds comply with it. Funds that move to the new system are no longer governed by it.

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