2025 was a turbulent year for investments due to, among other things, President Trump's import tariffs, wars and tensions in the world. That had an impact on our investment result. Still, in the final quarter, our investments ended with a small plus: +0.1% over the year 2025. The bottom line is that Pensioenfonds PGB is in good financial shape. And that is why we were able to increase pensions by 1.7% with effect from 1 January 2026.
The policy coverage ratio - the average over the past twelve months - stood at 123.9% at the end of December. This is an increase of 7.7 percentage points compared to the end of 2024.
The present UFR coverage ratio, which reflects the situation at the end of the month, rose to 131.5% in the fourth quarter of 2025. This is an increase of 14.8 percentage points compared to the end of 2024.
The return on the investments is +0.1% over the full 2025 year. The investments to hedge the interest rate risk (matching portfolio) have a return of -14.5%. The return portfolio, which mainly consists of equities, achieves a return of +11.6% over 2025.
The total invested assets of Pensioenfonds PGB amounted to €34.6 billion at the end of December.
Click here for the full quarterly report for the fourth quarter of 2025.