Each year, the APF Pension Fund checks whether its equity capital still meets the legal requirements. As there was a small funding deficit at the end of 2021, we have submitted a new recovery plan to the supervisory authority, De Nederlandsche Bank.

Why a recovery plan?
Submitting a recovery plan is mandatory because our policy funding ratio at the end of 2021 was 110.8% – below the required level of 116.2%. The recovery plan must clearly show that the pension fund’s financial situation will recover adequately within 10 years with no further prospect of a deficit.

What is the outcome of the recovery plan?
This year’s recovery plan states that our recovery is anticipated by the end of 2022. Last year’s recovery plan still put this at the end of 2026. One year is needed now to raise the funding ratio to the legally required level, thus well within the maximum 10-year period.

Current funding ratio
The current funding ratio shows the financial situation of the APF Pension Fund each month and can fluctuate greatly in direct response to financial developments. A critical threshold of 90% applies to the level of the current funding ratio. Our current funding ratio must exceed 90% to avoid the need for additional measures. The financial crisis plan (pdf) (only available in Dutch) describes which measures could be implemented.

More about the financial situation