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Recovery plan submitted to DNB

Date: 19-10-2020

Due to low interest rates and the situation with the financial markets, the policy funding ratio of Pensioenfonds Robeco based on the ultimate forward rate at the end of the second quarter was slightly too low according to the legal standards. This is why we have drawn up a recovery plan.

The recovery plan outlines how we want to ensure this policy funding ratio recovers within 10 years. We are obligated to submit a new recovery plan to De Nederlandsche Bank every year as long as this funding ratio remains too low.

What is a recovery plan?
A recovery plan is made by a pension fund to set out the measures it will take to improve the financial position of the fund. In the case of the Pensioenfonds Robeco recovery plan, we do not have to change the composition of our investment portfolio at this moment in time.

What does the recovery plan mean for the members?
Current pension rules generally ensure that pensions are stable. The chance of the (accrued) pension suddenly and significantly reducing is small, as sufficient buffers must be maintained. At the same time, this means it is more difficult to index the pensions. Based on the situation at the end of September, we expect we will not be able to grant indexation as of 1st of February 2021. The pension fund board is looking at the policy funding ratio based on the market interest rate (RTS) to make the index decision. This funding ratio must be at least 110%. At the end of September, this funding ratio was 109%. It is therefore difficult to make a prediction for the future coming years. We are mainly dependent on developments in the financial markets.

What now?
Every month our website displays the most recent policy funding ratio based on the market interest rate. We will post new articles on our website if there are any special developments.

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