PME maintains strong financial position as it heads towards transition to new pension system

PME is well placed financially as it enters the final few months before transitioning to the new pension system. The current coverage ratio rose to 127.7%, providing a strong starting point for the intended transition on 1 January 2027. In order to maintain this strong platform, PME has reduced its equity risk recently. In addition, other important steps have been taken in preparing for the transition, including the submission of a revised implementation plan to DNB.

Key figures for Q2 2026

• Current coverage ratio as at 30 June 2026: 127.7%
• Policy coverage ratio as at 30 June 2026: 124.6%
• Investment return for Q2 2026: 5.6%
• Investment return for 2026 up to and including Q2 2026: 5.9%
• Pension assets increased to approx. €63.8 billion
• Pension liabilities increased to €50.0 billion 

Alae Laghrich, Chairman of the Executive Board: “As the board, we are responsible for ensuring that the transition to the new pension scheme is controlled, ethical and balanced for all our members. We took key steps again in this regard in the recent period. With a coverage ratio of over 127%, PME is in good financial shape. Given that the coverage ratio at the time of the pension conversion is important for the starting position of our members in the new pension scheme, we adopted additional measures to protect the coverage ratio from market fluctuations. We also revised our implementation plan based on the latest insights and decisions. We did this in close cooperation and coordination with social partners and the accountability body. The interests of all PME members were considered at all times. Our discussions with DNB about how we are shaping the transition to the new system have almost been completed. We have now submitted the revised implementation plan to DNB. Over the coming months, we will work with our execution partners MN and TKP on the final operational preparations. We will carry out conversion simulations and test the new processes and systems extensively. That way, we will ensure that we are not only financially and administratively, but also operationally ready in time for the transition.”

Protecting the coverage ratio

In the run-up to the transition to the new pension system, PME has adopted measures to limit fluctuations in the coverage ratio. In addition to lowering its interest rate risk, it has also temporarily reduced its equity risk.

By reducing its equity risk, PME is less sensitive to a potential fall in share prices. However, this does mean that PME will miss out on returns in the event of a potential rise in share prices. This is a conscious decision during this special period of transition to the new pension system.

Marcel Andringa, Executive Director of Balance Sheet and Asset Management at PME: “We have opted for a temporary reduction in the equity risk. This suits the phase PME is in at present: we want to continue generating sufficient returns, but at the same time prevent any sudden drop in equity markets immediately prior to the switch from having too great an impact on the coverage ratio and thereby jeopardising a balanced transition.”

Revision of the implementation plan

The implementation plan sets out how we will execute the new scheme. It also explains how we will transfer all current pensions to the new scheme. We recently updated the implementation plan. This was prompted by additional agreements between the social partners, including regarding the transition to the new pension system at higher coverage ratios. The plan was also revised based on current calculations and decisions. The point of all this is to ensure that the transition to the new pension system is balanced for all groups of members. The updated implementation plan has now been submitted to DNB. 

Key figures for Q2 2026

Returns (in %)