Tjibbe Hoekstra

Amsterdam

Financial Journalist at Freelance

Netherlands Correspondent at Investment & Pensions Europe

Editor at Pensioen Pro

Financial journalist, #Netherlands correspondent @IPE. Tweets about #pensions #investing #Brexit and #Turkey

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Articles

Dutch funds see funding ratios rise in Q1 despite negative returns

2 weeks ago | ipe.com | Lieuwe Koopmans |Tjibbe Hoekstra

The five largest pension funds in the Netherlands all saw their funding ratios rise in the first quarter of 2025, even though they lost some €46bn between them because of rising interest rates and falling equity markets. ABP, PFZW, PMT, PME and BpfBouw all achieved negative investment returns, with assets under management falling.
Dutch funds play hard to get on defence investments

3 weeks ago | ipe.com | Tjibbe Hoekstra

Only one Dutch pension fund has relaxed its exclusion criteria for the defence sector, and has seen a five-fold increase in the value of its defence investments as a resultPension funds in the Netherlands are waiting for the government to offer “concrete proposals” for investment in the defence sector. Despite their sensitivity to the topic, Dutch pension funds have not materially increased their investments in defence assets since the outbreak of the war in Ukraine.
Trump trade war puts Dutch funding ratios under pressure

1 month ago | ipe.com | Tjibbe Hoekstra |Maarten van Wijk

Trump trade war puts Dutch funding ratios under pressure By Tjibbe Hoekstra and Maarten van Wijk2025-04-10T10:00:00 The short-term shock is extra relevant for Dutch funds, as they want to make the transition to a new defined contribution arrangement with comfortable funding ratios
Dutch pensions inject €250m into Amvest’s healthcare real estate fund

1 month ago | realassets.ipe.com | Tjibbe Hoekstra

Amvest has received a €250m capital commitment for its living and care property fund from Gasunie, Woningcorporaties and a third unnamed Dutch pension fund. The real estate investor owned by healthcare sector scheme PFZW and asset manager ASR, said the capital raised for the Living & Care Fund, enables the fund to grow its healthcare real estate portfolio and develop new projects for individuals requiring care.
APG AM chief vows improvement after ‘below standard’ 2024 returns

1 month ago | ipe.com | Tjibbe Hoekstra

APG Asset Management, the €616bn Dutch pension asset manager, generated “below standard” returns for its clients last year. “We will have to do better,” said the firm’s chief executive officer, Ronald Wuijster. APG made a return of 8.9% in 2024, slightly lower than the previous year’s return of 9.4%. According to the firm’s annual report, the total excess return was -152bps, most of which was due to active investment decisions.
Should pension funds increase their dollar hedge now?

1 month ago | ipe.com | Tjibbe Hoekstra

Dutch pension funds should consider increasing their dollar hedging, recommends Sprenkels, a Dutch pension consultancy. The reasons for this are twofold: on the one hand, there is a need to protect funding ratios, on the other, there’s the possible impact of Donald Trump’s administration policies. “The dollar’s safe-haven status must now be called into question. There is more uncertainty than ever about the role of the US as a reliable partner now,” notes Sprenkels’ Pim Zomerdijk.
IPE Netherlands Briefing: Dutch funds increase funding ratio protection

1 month ago | ipe.com | Tjibbe Hoekstra

Dutch pension funds have started to protect their equity portfolios against downside risk ahead of converting their defined benefit (DB) accruals to defined contribution (DC) capitals. A handful of funds have already reduced the downside risk to their equity holdings either by selling stocks or by buying put options. Many more, and especially those that are scheduled to move to DC by 1 January 2026, are plotting their moves.
Dutch pension funds hedge equity risk in run-up to DC transition

1 month ago | ipe.com | Tjibbe Hoekstra

Dutch pension funds are increasingly moving to protect their listed equity portfolios against downside risk ahead of converting their defined benefit (DB) accruals to defined contribution (DC) capitals. Two pension funds that plan to move to DC on 1 July have already taken action. Until now, pension funds have mainly protected their funding ratios by increasing their interest rate hedges. As a result, the interest rate hedge of the average Dutch pension fund now stands above 70%.
Dutch regulator embraces pension fund criticism

1 month ago | ipe.com | Tjibbe Hoekstra

Gita Salden, director of supervision at the Dutch regulator DNB, is not too bothered by the fact that many pension fund trustees criticise the regulator’s role during the pension transition, she said on Thursday during a press conference for the publication of DNB’s annual report. “As a regulator, we must be strict on substance,” she said.
Dutch Council of State slams ballot proposal on DC pension conversion

1 month ago | ipe.com | Tjibbe Hoekstra

Proposals by the Dutch parliamentarian and former actuary Agnes Joseph for mandatory scheme ballots on conversion to DC pensions have been “insufficiently thought-out”, according the highest advisory body to the Dutch government. In January, the former actuary formally proposed mandatory member ballots for funds that want to convert DB accruals to DC. In a press release responding to the council’s advice, Joseph said she will “carefully study and weigh” the body’s objections.