The Netherlands has one of the deepest pools of pension capital in the world relative to the size of its economy. ABP, the fund for government and education employees, reported €533.1 billion of available assets at the end of 2025.
PMT, serving metal and technology workers, reported €91.7 billion of invested assets. PFZW, the large healthcare and welfare fund, is another institution measured in the hundreds of billions, with €259.1 billion of assets under management reported for 2024 before its 2025 annual report cycle.
ABP is in a category of its own
ABP's scale gives it influence across global equities, bonds, real estate and private markets. Its 2025 available assets fell from €542 billion to €533 billion after a negative annual investment return, while its funding ratio improved because higher interest rates reduced the value of liabilities.
That combination shows why pension-fund health cannot be judged from asset returns alone. The relationship between assets and promised liabilities is central under the old funding framework.
The pension transition changes the framework
Dutch funds are moving toward the country's new pension system, which shifts the way retirement assets and risks are allocated. The transition is operationally significant for funds, administrators, asset managers and millions of participants.
ABP has said it plans to move to the new rules on 1 January 2027. PMT has already reported on its transition, making 2026 a major implementation year across the sector.
Dutch funds remain global investors
De Nederlandsche Bank reported that Dutch pension funds increased their investment holdings in Europe during 2025 and reduced US securities by a net €30 billion. That included both bonds and equities.
The allocation decisions of the largest funds matter beyond pensions. They influence demand for public markets, infrastructure, real estate and private assets across Europe and globally.