Annual Report 2020 is published

Actual funding ratio was back to pre-crisis levels at the end of 2020

In March 2020, there was great uncertainty in the financial markets due to the corona crisis. That also affected our buffers. The actual funding ratio of Philips Pensioenfonds was around 100% at that time. This means that there was exactly enough capital to be able to pay all accrued pensions, now and in the future. So there were no more buffers. During the year, the situation on the financial markets gradually improved. We have, of course, closely followed market developments. We have adjusted our investment portfolio where necessary. The actual funding ratio subsequently recovered well, returning to pre-crisis levels at the end of 2020. This means that Philips Pensioenfonds is again in relatively good financial position. Viewed over the full year, the actual funding ratio increased from 117.0% at the end of 2019 to 117.3% at the end of 2020. Nevertheless, the policy funding ratio in 2020 decreased from 114.2% (end 2019) to 109.8% (end 2020).

You can read that and more in our 2020 annual report.