Annual Report
Read how developments during 2023 impacted us
Every year, Philips Pensioenfonds publishes its annual report on the previous year, to inform you about the pension fund’s financial position and important developments that occurred during that year. Recurring sections in every annual report include key data, the report of the Board of Trustees, the financial statements and the opinion of the Accountability Body.
Annual report 2023
| Attachment | Size |
|---|---|
|
30 May 2024
Would you like to know more about the developments that will affect Philips Pensioenfonds in 2023? Read it in the annual report. The report is in Dutch. In chapter 8 you can read the English summary. |
2.75 MB |
Annual report 2023
In the year 2023, the current coverage ratio decreased from 128.4% to 124.8%. This was mainly due to the indexation granted on April 1, 2023. As a result, pension liabilities increased. In addition, the decreased interest rate also led to an increase in pension obligations. The increase in value of investments lagged behind the increase in pension liabilities.
The policy funding ratio fell in 2023 from 128.7% at the end of 2022 to 127.0% at the end of 2023. Thanks to this funding ratio, we were able to increase the pensions again as of April 1, 2024 through indexation without sacrificing too much on our financial buffer.
In the annual report you will find a complete overview of what developments have meant for Philips Pension Fund in the year 2023 and we briefly look ahead to 2024. Read more in the 2023 annual report.
In the annual report you will find a complete overview of what developments have meant for Philips Pensioenfonds in the year 2023 and we briefly look ahead to 2024. Read more in the annual report 2023. The report is in Dutch. In chapter 8 you can read the English summary.
Looking back on 2023 in Magazine Generaties
“Stable coverage ratio with large underlying movements”
In our magazine Generations, board members Leo Uittenbroek and Anita Joosten look back on the most important events in 2023 and the first months of this year. One of the Board's most important objectives is to maintain a healthy financial situation with the highest possible coverage ratio. “We succeeded in 2023. Although the coverage ratio decreased last year, this was mainly due to the indexation given on April 1, 2023. With such a stable coverage ratio, it seems as if not much has happened, but underlyingly there were major financial movements.”