Financial position
One of the factors used to determine the financial position of Philips Pensioenfonds is its funding ratio. If a pension fund has a funding ratio of 100%, this means that its assets exactly cover its existing pension liabilities. A series of financial rules laid down in the Financial Assessment Framework (Financieel Toetsingskader) have been used to define the following types of funding ratios:
Quarterly report
| Attachment | Size |
|---|---|
|
17 July 2026
Every quarter you can read in this report (in Dutch) how Philips Pensioenfonds is doing financially. |
470.08 kB |
Current funding ratio
The current funding ratio reflects the value of the pension fund’s assets as a proportion of the pension liabilities (all pensions payable now and in the future).
At 30 June 2026, Philips Pensioenfonds had an actual funding ratio of 132.3%.
Policy funding ratio
Another way of calculating the funding ratio that is less subject to daily fluctuations is the policy funding ratio. The policy funding ratio is calculated by taking the average of the actual funding ratios over the past twelve months. By law, pension funds are required to use their policy funding ratio for deciding on various matters, for example indexation. The policy funding ratio is also used for other purposes, including to establish whether the pension fund’s buffers are sufficient.
At 30 June 2026, Philips Pensioenfonds had a policy funding ratio of 129.7%.
Required funding ratio
The required funding ratio is the minimum policy funding ratio that pension funds are required to have according to the law. If a pension fund’s policy funding ratio is at the same level as the required funding ratio, this means that it has the financial buffer required by law. The purpose of this buffer is to compensate for fluctuations in the value of the pension fund’s investments and liabilities. The required funding ratio varies from one pension fund to the next, and is determined largely by the pension fund’s investment policy: the higher the risks in the investment policy, the higher the required funding ratio.
| Amounts in millions of euros | ||||
| End of Q2 2026 | End of Q1 2026 | End of Q4 2025 | End of Q3 2025 | |
| Pension fund's assets* |
18,313 |
17,505 |
17,710 |
17,799 |
| Pension liabilities |
13,841 |
13,852 |
13,343 |
13,993 |
| Current funding ratio |
132.3% |
126.4% |
132.7% |
127.2% |
| Policy funding ratio |
129.7% |
127.0% |
125.2% |
123.0% |
* The pension assets represent the size of the financial resources of the Pension Fund. There is a difference between pension assets and invested assets. This difference consists of a number of items (including taxes payable and social security contributions) that are included or excluded in the calculation of pension assets on the one hand and invested assets on the other. For the calculation of the funding ratio, pension assets are used
Latest developments
In the second quarter of 2026, the actual funding ratio increased from 126.4% to 132.3%, as the total invested assets increased while the pension liabilities remained virtually unchanged.
Geopolitical developments continued to dominate the financial markets during the second quarter. The preliminary agreement reached between the United States and Iran in mid-June had a positive impact on the financial markets. As a result, both the return-seeking assets portfolio and the fixed income portfolio generated positive returns during the second quarter.
The value of the pension liabilities remained (virtually) unchanged in the second quarter. Combined with the increase in invested assets, this led to a 5.9 percentage point increase in the actual funding ratio.
Related information
Is the information below interesting for you?
Indexation policy
In the current pension scheme, we try to increase your pension every year. This is called 'indexation'. But indexation cannot be taken for granted. Do you want to know more about our indexation policy?
Go to Indexation policy
Funding ratio
This graph gives you an idea of the financial health of Philips Pensioenfonds.
Go to graph