{"id":1416,"date":"2022-03-29T15:19:28","date_gmt":"2022-03-29T13:19:28","guid":{"rendered":"https:\/\/www.bellpca.com\/pension-fund-performance-2021-q4\/"},"modified":"2022-05-05T16:13:39","modified_gmt":"2022-05-05T14:13:39","slug":"pension-fund-performance-2021-q4","status":"publish","type":"post","link":"https:\/\/www.bellpca.com\/en\/pension-fund-performance-2021-q4\/","title":{"rendered":"Pension fund performance: 2021-q4"},"content":{"rendered":"<p><div class=\"fusion-bg-parallax\" data-bg-align=\"center top\" data-direction=\"down\" data-mute=\"false\" data-opacity=\"100\" data-velocity=\"-0.3\" data-mobile-enabled=\"false\" data-break_parents=\"0\" data-bg-image=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/05\/Bell-Blog-article-02-1.jpg\" data-bg-repeat=\"false\" data-bg-gradient-type=\"linear\" data-bg-gradient-angle=\"90\" data-bg-gradient-start-color=\"rgba(8,5,107,0.6)\" data-bg-gradient-start-position=\"0\" data-bg-gradient-end-color=\"rgba(0,163,199,0.6)\" data-bg-gradient-end-position=\"100\" data-bg-radial-direction=\"center center\" ><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container fusion-parallax-down hundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-background-position:center top;--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-min-height:70vh;--awb-background-image:linear-gradient(90deg, rgba(8,5,107,0.6) 0%,rgba(0,163,199,0.6) 100%),url(https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/05\/Bell-Blog-article-02-1.jpg);;--awb-background-size:cover;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-end fusion-flex-align-content-flex-end fusion-flex-justify-content-center fusion-flex-content-wrap\" style=\"width:104% !important;max-width:104% !important;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_3_5 3_5 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:60%;--awb-margin-top-large:0px;--awb-spacing-right-large:3.2%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:3.2%;--awb-width-medium:60%;--awb-order-medium:0;--awb-spacing-right-medium:3.2%;--awb-spacing-left-medium:3.2%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-title title fusion-title-1 fusion-sep-none fusion-title-text fusion-title-size-one\" style=\"--awb-text-color:var(--awb-custom_color_1);--awb-font-size:42px;\"><h1 class=\"fusion-title-heading title-heading-left\" style=\"margin:0;font-size:1em;\">Pension fund performance:<br \/>\n<strong>2021-q4<\/strong><\/h1><\/div><div class=\"fusion-text fusion-text-1\" style=\"--awb-text-color:var(--awb-custom_color_1);\"><p>29 March 2022<\/p>\n<\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"align-self: center;margin-left: auto;margin-right: auto;margin-top:70px;width:100%;\"><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling fusion-custom-z-index\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-z-index:100;--awb-padding-bottom:100px;--awb-background-color:var(--awb-color3);--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-justify-content-center fusion-flex-content-wrap\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_4_5 4_5 fusion-flex-column\" style=\"--awb-padding-top:25px;--awb-padding-right:120px;--awb-padding-bottom:80px;--awb-padding-left:120px;--awb-padding-right-small:30px;--awb-padding-left-small:30px;--awb-overflow:hidden;--awb-bg-color:var(--awb-custom_color_1);--awb-bg-color-hover:var(--awb-custom_color_1);--awb-bg-size:cover;--awb-border-radius:8px 8px 8px 8px;--awb-width-large:80%;--awb-margin-top-large:-43px;--awb-spacing-right-large:2.4%;--awb-margin-bottom-large:80px;--awb-spacing-left-large:2.4%;--awb-width-medium:80%;--awb-order-medium:0;--awb-spacing-right-medium:2.4%;--awb-spacing-left-medium:2.4%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><nav class=\"fusion-breadcrumbs awb-yoast-breadcrumbs fusion-breadcrumbs-1\" style=\"--awb-text-hover-color:var(--awb-custom_color_2);--awb-text-color:var(--awb-custom_color_2);--awb-breadcrumb-sep:&#039; &gt; &#039;;\" aria-label=\"Breadcrumb\"><span><span><a href=\"https:\/\/www.bellpca.com\/en\/\">Home<\/a><\/span><\/span><\/nav><div class=\"fusion-separator fusion-full-width-sep\" style=\"align-self: center;margin-left: auto;margin-right: auto;margin-top:30px;width:100%;\"><\/div><div class=\"fusion-title title fusion-title-2 fusion-sep-none fusion-title-text fusion-title-size-two\" style=\"--awb-text-color:var(--awb-custom_color_2);--awb-font-size:26px;\"><h2 class=\"fusion-title-heading title-heading-left\" style=\"font-family:&quot;Lato&quot;;font-style:normal;font-weight:300;margin:0;font-size:1em;line-height:32px;\">On March 10, 2022, De Nederlandsche Bank (DNB) published various key figures of 192 pension funds or collective circles with regard to the fourth quarter of 2021. We provide an overview of the developments.<\/h2><\/div><div ><a class=\"fusion-button button-flat fusion-button-default-size button-default fusion-button-default button-1 fusion-button-default-span fusion-button-default-type\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/05\/220329_pensioenfonds_performance_2021q4.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Download pdf version<\/span><i class=\"fa-arrow-down fas awb-button__icon awb-button__icon--default button-icon-right\" aria-hidden=\"true\"><\/i><\/a><\/div><div class=\"fusion-text fusion-text-2 bell-lato-medium\"><h3>Number of pension funds<\/h3>\n<p>In the fourth quarter of 2021, the number of pension funds and collective circles (excluding funds in liquidation and funds with fewer than 100 participants) decreased from 193 to 192. The following changes have occurred:<\/p>\n<ul>\n<li>The Eriks company pension fund disappeared in connection with a transfer as of 1 November 2021 to the existing circle B at Centraal Beheer APF.<\/li>\n<li>The company pension fund Hewlett-Packard disappeared in connection with a transfer as of 1 November 2021 to its own circle at Centraal Beheer APF. This circle is new in DNB&#8217;s list.<\/li>\n<li>The company pension fund TNT Express disappeared in connection with a transfer on 1 December 2021 to the Bedrijfstakpensioenfonds Vervoer.<\/li>\n<li>At Centraal Beheer APF there are two new circles: circle Enterprise Services Nederland BV (circle ES Nederland) and circle HP Nederland.<\/li>\n<li>The pensions of Pensioenfonds General Electric Nederland were<br \/>\n1 September 2021 already transferred to its own circle at Stap Algemeen Pensioenfonds (Pensioenkring GE Nederland). The OPF was still mentioned in the DNB list as of September 30, 2021, but not anymore.<\/li>\n<\/ul>\n<h3>Current funding ratio<\/h3>\n<p>The data that DNB publishes every quarter contains information about the policy funding ratios (BDG), but not about the current funding ratios (ADG). We have made an indicative trend of the current funding ratios using publicly available data.<\/p>\n<\/div><div class=\"fusion-image-element \" style=\"--awb-max-width:560px;--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><span class=\" fusion-imageframe imageframe-none imageframe-1 hover-type-none\"><img decoding=\"async\" width=\"740\" height=\"374\" title=\"220329_pf-performance-2021q4_fig_1_v2\" src=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_1_v2.png\" alt class=\"img-responsive wp-image-1335\" srcset=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_1_v2-200x101.png 200w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_1_v2-400x202.png 400w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_1_v2-600x303.png 600w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_1_v2.png 740w\" sizes=\"(max-width: 800px) 100vw, 740px\" \/><\/span><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"align-self: center;margin-left: auto;margin-right: auto;margin-top:70px;width:100%;\"><\/div><div class=\"fusion-text fusion-text-3 bell-lato-medium\"><p>The charts show the average current funding ratios for the quarters 2020Q4 up to and including 2021Q4 for each type of pension fund. The dashed lines are the unweighted averages and the solid lines are the weighted averages. The weighting is based on the invested capital, which means that more weight is given to the larger pension funds. Both figures show that BPFs have on average a lower funding ratio than the other pension funds. The weighted funding ratios (figure on the right) then show that the large BPFs have a lower funding ratio on average than smaller BPFs, while the opposite is true for the other types of pension funds.<\/p>\n<p>The weighted average current funding ratio (measured over all pension funds) rose in the fourth quarter of 2021 from 110.3% to 114.2% (+3.9%).<\/p>\n<h3>Policy funding ratio<\/h3>\n<p>With the exception of one fund, the policy funding ratio (BDG) rose in the fourth quarter of 2021. By the end of the fourth year, most pension funds had<span class=\"Apple-converted-space\">  <\/span>quarter of 2021 a GHG between 110% and 115% (37x). Relatively many funds also had a GDP between 100% and 105% (29x). The BDG was lower than 100% at 18 funds. The previous quarter this was still 26. One fund still had a GDP lower than 90%. This fund&#8217;s ADG is also below 90%.<\/p>\n<p>The figure below shows the development of the policy funding ratio.<\/p>\n<\/div><div class=\"fusion-image-element \" style=\"--awb-max-width:560px;--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><span class=\" fusion-imageframe imageframe-none imageframe-2 hover-type-none\"><img decoding=\"async\" width=\"602\" height=\"333\" title=\"220329_pf-performance-2021q4_fig_2_v2\" src=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_2_v2.png\" alt class=\"img-responsive wp-image-1336\" srcset=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_2_v2-200x111.png 200w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_2_v2-400x221.png 400w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_2_v2-600x332.png 600w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_2_v2.png 602w\" sizes=\"(max-width: 800px) 100vw, 602px\" \/><\/span><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"align-self: center;margin-left: auto;margin-right: auto;margin-top:70px;width:100%;\"><\/div><div class=\"fusion-text fusion-text-4 bell-lato-medium\"><p>The average (unweighted) BDG increased by 2.8% in the fourth quarter of 2021. The weighted BDG rose slightly more, by 3.4%. For industry pension funds, the weighted BDG is lower than the unweighted funding ratio. This is because the larger BPFs have a lower BDG than the smaller BPFs. The opposite is true for company pension funds, occupational pension funds and general pension funds.<\/p>\n<\/div><div class=\"fusion-image-element \" style=\"--awb-max-width:560px;--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><span class=\" fusion-imageframe imageframe-none imageframe-3 hover-type-none\"><img decoding=\"async\" width=\"554\" height=\"167\" title=\"220329_pf-performance-2021q4_fig_3_v2-1\" src=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_3_v2-1.png\" alt class=\"img-responsive wp-image-1338\" srcset=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_3_v2-1-200x60.png 200w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_3_v2-1-400x121.png 400w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_3_v2-1.png 554w\" sizes=\"(max-width: 800px) 100vw, 554px\" \/><\/span><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"align-self: center;margin-left: auto;margin-right: auto;margin-top:70px;width:100%;\"><\/div><div class=\"fusion-text fusion-text-5\"><p>The same figures can be made for the BDG as for the current funding ratio. This shows that the BDG has risen in all four quarters. At 8 funds, the BDG rose by 5%-points or more in the fourth quarter.<\/p>\n<\/div><div class=\"fusion-image-element \" style=\"--awb-max-width:560px;--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><span class=\" fusion-imageframe imageframe-none imageframe-4 hover-type-none\"><img decoding=\"async\" width=\"730\" height=\"370\" title=\"220329_pf-performance-2021q4_fig_4_v2\" src=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_4_v2.png\" alt class=\"img-responsive wp-image-1339\" srcset=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_4_v2-200x101.png 200w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_4_v2-400x203.png 400w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_4_v2-600x304.png 600w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_4_v2.png 730w\" sizes=\"(max-width: 800px) 100vw, 730px\" \/><\/span><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"align-self: center;margin-left: auto;margin-right: auto;margin-top:70px;width:100%;\"><\/div><div class=\"fusion-text fusion-text-6 bell-lato-medium\"><h3>Investment returns<\/h3>\n<p>In the fourth quarter of 2021, all pension funds showed a positive investment return. The unweighted average investment return for risk fund in the fourth quarter of 2021 was 2.9% positive (2021Q3: 0.3% positive), with a minimum of 0.4% and a maximum of 5.7%. The weighted average return was 3.7% positive (2021Q3: 0.9% positive), meaning that larger pension funds achieved a slightly higher return on average than smaller pension funds. The figure below shows the returns relative to the difference in the current funding ratio.<\/p>\n<\/div><div class=\"fusion-image-element \" style=\"--awb-max-width:560px;--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><span class=\" fusion-imageframe imageframe-none imageframe-5 hover-type-none\"><img decoding=\"async\" width=\"602\" height=\"334\" title=\"220329_pf-performance-2021q4_fig_5_v2\" src=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_5_v2.png\" alt class=\"img-responsive wp-image-1341\" srcset=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_5_v2-200x111.png 200w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_5_v2-400x222.png 400w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_5_v2-600x333.png 600w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_5_v2.png 602w\" sizes=\"(max-width: 800px) 100vw, 602px\" \/><\/span><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"align-self: center;margin-left: auto;margin-right: auto;margin-top:70px;width:100%;\"><\/div><div class=\"fusion-text fusion-text-7 bell-lato-medium\"><p>It can be concluded that in the fourth quarter of 2021 the average current funding ratio rose relatively in line with the average realized investment return (4.0% to 3.7%).<\/p>\n<h3>Actual Interest Hedge<\/h3>\n<p>The following figure shows the extent to which pension funds have hedged the interest rate risk.<\/p>\n<\/div><div class=\"fusion-image-element \" style=\"--awb-max-width:560px;--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><span class=\" fusion-imageframe imageframe-none imageframe-6 hover-type-none\"><img decoding=\"async\" width=\"605\" height=\"333\" title=\"220329_pf-performance-2021q4_fig_6_v2\" src=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_6_v2.png\" alt class=\"img-responsive wp-image-1342\" srcset=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_6_v2-200x110.png 200w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_6_v2-400x220.png 400w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_6_v2-600x330.png 600w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_6_v2.png 605w\" sizes=\"(max-width: 800px) 100vw, 605px\" \/><\/span><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"align-self: center;margin-left: auto;margin-right: auto;margin-top:70px;width:100%;\"><\/div><div class=\"fusion-text fusion-text-8 bell-lato-medium\"><p>Approximately 69% of the funds have an interest rate hedge of between 30% and 70%. The (unweighted) average interest rate hedge amounts to approximately 53% (2021Q3: 54%). Weighted, the interest rate hedge averages out at approximately 46% (2021Q3: 45%), which means that larger funds generally hedge the interest rate considerably less.<\/p>\n<h3>Development of current funding ratio versus marketable securities and interest rate hedging<\/h3>\n<p>The table below shows the unweighted average development of the current funding ratio in the fourth quarter of 2021 compared to the percentage invested in marketable securities (vertical) and the actual interest rate hedge (horizontal) at the beginning of this quarter. This table shows that a higher percentage invested in commercial securities in the fourth quarter of 2021 resulted in a slightly more positive development of the current funding ratio on average. A higher interest rate hedge sometimes also resulted in a more positive development of the current funding ratio.<\/p>\n<\/div><div class=\"fusion-image-element \" style=\"--awb-max-width:560px;--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><span class=\" fusion-imageframe imageframe-none imageframe-7 hover-type-none\"><img decoding=\"async\" width=\"902\" height=\"320\" title=\"220329_pf-performance-2021q4_fig_7_v2\" src=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_7_v2.png\" alt class=\"img-responsive wp-image-1343\" srcset=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_7_v2-200x71.png 200w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_7_v2-400x142.png 400w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_7_v2-600x213.png 600w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_7_v2-800x284.png 800w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/220329_pf-performance-2021q4_fig_7_v2.png 902w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/span><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"align-self: center;margin-left: auto;margin-right: auto;margin-top:70px;width:100%;\"><\/div><div class=\"fusion-text fusion-text-9\" style=\"--awb-font-size:16px;--awb-text-color:var(--awb-custom_color_2);\"><p><div class=\"fusion-image-element in-legacy-container\" style=\"--awb-max-width:35px;--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><span class=\" fusion-imageframe imageframe-none imageframe-8 hover-type-none\" style=\"border-radius:50%;\"><img decoding=\"async\" width=\"240\" height=\"240\" title=\"Bell-Jeroen-Koopmans-01\" src=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/Bell-Jeroen-Koopmans-01.jpg\" alt class=\"img-responsive wp-image-1284\" srcset=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/Bell-Jeroen-Koopmans-01-200x200.jpg 200w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/Bell-Jeroen-Koopmans-01.jpg 240w\" sizes=\"(max-width: 800px) 100vw, 240px\" \/><\/span><\/div>Jeroen Koopmans <a class=\"fb-icon-element-1 fb-icon-element fontawesome-icon fa-linkedin-in fab circle-yes fusion-text-flow fusion-link\" style=\"--awb-iconcolor:var(--awb-custom_color_1);--awb-iconcolor-hover:var(--awb-color3);--awb-circlebordersize:0px;--awb-font-size:17.6px;--awb-width:35.2px;--awb-height:35.2px;--awb-line-height:35.2px;--awb-margin-right:10px;\" href=\"https:\/\/www.linkedin.com\/in\/jeroen-koopmans-6560962\/\" target=\"_blank\" aria-label=\"Link to https:\/\/www.linkedin.com\/in\/jeroen-koopmans-6560962\/\" rel=\"noopener noreferrer\"><\/a><\/p>\n<\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"align-self: center;margin-left: auto;margin-right: auto;margin-top:25px;width:100%;\"><\/div><div ><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default 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class=\"fusion-fullwidth fullwidth-box fusion-builder-row-3 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling fusion-custom-z-index\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-z-index:150px;--awb-padding-right:100px;--awb-padding-bottom:80px;--awb-padding-left:100px;--awb-margin-bottom:-120px;--awb-background-color:var(--awb-custom_color_1);--awb-background-image:linear-gradient(180deg, var(--awb-color3) 30%,var(--awb-custom_color_1) 30%);--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-justify-content-center fusion-flex-content-wrap\" style=\"max-width:1248px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-10\" style=\"--awb-margin-right:80px;\"><h3>Related articles<\/h3>\n<\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_1_3 1_3 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:33.333333333333%;--awb-margin-top-large:0px;--awb-spacing-right-large:5.76%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:5.76%;--awb-width-medium:33.333333333333%;--awb-order-medium:0;--awb-spacing-right-medium:5.76%;--awb-spacing-left-medium:5.76%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-blog-shortcode fusion-blog-shortcode-1 fusion-blog-archive fusion-blog-layout-grid-wrapper fusion-blog-no\"><style type=\"text\/css\">.fusion-blog-shortcode-1 .fusion-blog-layout-grid .fusion-post-grid{padding:20px;}.fusion-blog-shortcode-1 .fusion-posts-container{margin-left: -20px !important; margin-right:-20px !important;}<\/style><div class=\"fusion-posts-container fusion-posts-container-no fusion-blog-layout-grid fusion-blog-layout-grid-1 isotope\" data-pages=\"5\" data-grid-col-space=\"40\" style=\"margin: -20px -20px 0;min-height:500px;\"><article id=\"blog-1-post-1422\" class=\"fusion-post-grid post-1422 post type-post status-publish format-standard has-post-thumbnail hentry category-pension\">\n<div class=\"fusion-post-wrapper\" style=\"background-color:var(--awb-custom_color_1);border:1px solid var(--awb-custom_color_1);border-bottom-width:3px;\">\n\n\t\t\t<div class=\"fusion-flexslider flexslider fusion-flexslider-loading fusion-post-slideshow\" style=\"border-color:var(--awb-custom_color_1);\">\n\t\t<ul class=\"slides\">\n\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li><div  class=\"fusion-image-wrapper\" aria-haspopup=\"true\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.bellpca.com\/en\/ppi-performance-2021-q4\/\" aria-label=\"PPI performance: 2021-q4\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"2542\" height=\"1430\" src=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/Bell-Blog-article-01.jpg\" class=\"attachment-full size-full wp-post-image\" alt=\"\" srcset=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/Bell-Blog-article-01-200x113.jpg 200w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/Bell-Blog-article-01-400x225.jpg 400w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/Bell-Blog-article-01-600x338.jpg 600w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/Bell-Blog-article-01-800x450.jpg 800w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/Bell-Blog-article-01-1200x675.jpg 1200w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/04\/Bell-Blog-article-01.jpg 2542w\" sizes=\"(min-width: 2200px) 100vw, (min-width: 640px) 1200px, \" \/>\t\t\t<\/a>\n\t\t\t\t\t\t\t<\/div>\n<\/li>\n\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t<\/div>\n\t<div class=\"fusion-post-content-wrapper\" style=\"padding:30px 25px 25px 25px;\"><div class=\"fusion-post-content post-content\"><h2 class=\"blog-shortcode-post-title entry-title\"><a href=\"https:\/\/www.bellpca.com\/en\/ppi-performance-2021-q4\/\">PPI performance: 2021-q4<\/a><\/h2><div class=\"fusion-content-sep sep-none\"><\/div><\/div><div class=\"fusion-meta-info\"><div class=\"fusion-alignleft\"><a class=\"fusion-read-more\" href=\"https:\/\/www.bellpca.com\/en\/ppi-performance-2021-q4\/\" aria-label=\"More on PPI performance: 2021-q4\">Read more<\/a><\/div><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div>\n<\/article>\n<div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-4 fusion_builder_column_1_3 1_3 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:33.333333333333%;--awb-margin-top-large:0px;--awb-spacing-right-large:5.76%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:5.76%;--awb-width-medium:33.333333333333%;--awb-order-medium:0;--awb-spacing-right-medium:5.76%;--awb-spacing-left-medium:5.76%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-blog-shortcode fusion-blog-shortcode-2 fusion-blog-archive fusion-blog-layout-grid-wrapper fusion-blog-no\"><style type=\"text\/css\">.fusion-blog-shortcode-2 .fusion-blog-layout-grid .fusion-post-grid{padding:20px;}.fusion-blog-shortcode-2 .fusion-posts-container{margin-left: -20px !important; margin-right:-20px !important;}<\/style><div class=\"fusion-posts-container fusion-posts-container-no fusion-blog-layout-grid fusion-blog-layout-grid-1 isotope\" data-pages=\"4\" data-grid-col-space=\"40\" style=\"margin: -20px -20px 0;min-height:500px;\"><article id=\"blog-2-post-1416\" class=\"fusion-post-grid post-1416 post type-post status-publish format-standard has-post-thumbnail hentry category-pension\">\n<div class=\"fusion-post-wrapper\" style=\"background-color:var(--awb-custom_color_1);border:1px solid var(--awb-custom_color_1);border-bottom-width:3px;\">\n\n\t\t\t<div class=\"fusion-flexslider flexslider fusion-flexslider-loading fusion-post-slideshow\" style=\"border-color:var(--awb-custom_color_1);\">\n\t\t<ul class=\"slides\">\n\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li><div  class=\"fusion-image-wrapper\" aria-haspopup=\"true\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.bellpca.com\/en\/pension-fund-performance-2021-q4\/\" aria-label=\"Pension fund performance: 2021-q4\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"2542\" height=\"1430\" src=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/05\/Bell-Blog-article-02-1.jpg\" class=\"attachment-full size-full wp-post-image\" alt=\"\" srcset=\"https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/05\/Bell-Blog-article-02-1-200x113.jpg 200w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/05\/Bell-Blog-article-02-1-400x225.jpg 400w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/05\/Bell-Blog-article-02-1-600x338.jpg 600w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/05\/Bell-Blog-article-02-1-800x450.jpg 800w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/05\/Bell-Blog-article-02-1-1200x675.jpg 1200w, https:\/\/www.bellpca.com\/wp-content\/uploads\/2022\/05\/Bell-Blog-article-02-1.jpg 2542w\" sizes=\"(min-width: 2200px) 100vw, (min-width: 640px) 1200px, \" \/>\t\t\t<\/a>\n\t\t\t\t\t\t\t<\/div>\n<\/li>\n\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t<\/div>\n\t<div class=\"fusion-post-content-wrapper\" style=\"padding:30px 25px 25px 25px;\"><div class=\"fusion-post-content post-content\"><h2 class=\"blog-shortcode-post-title entry-title\"><a href=\"https:\/\/www.bellpca.com\/en\/pension-fund-performance-2021-q4\/\">Pension fund performance: 2021-q4<\/a><\/h2><div class=\"fusion-content-sep sep-none\"><\/div><\/div><div class=\"fusion-meta-info\"><div class=\"fusion-alignleft\"><a class=\"fusion-read-more\" href=\"https:\/\/www.bellpca.com\/en\/pension-fund-performance-2021-q4\/\" aria-label=\"More on Pension fund performance: 2021-q4\">Read more<\/a><\/div><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div>\n<\/article>\n<div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-5 fusion_builder_column_1_3 1_3 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:33.333333333333%;--awb-margin-top-large:0px;--awb-spacing-right-large:5.76%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:5.76%;--awb-width-medium:33.333333333333%;--awb-order-medium:0;--awb-spacing-right-medium:5.76%;--awb-spacing-left-medium:5.76%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On March 10, 2022, De Nederlandsche Bank (DNB) published various key figures of 192 (2020: 203) pension funds or collective circles with regard to the fourth quarter of 2021. Based on the information for all four quarters, we provide an overview of developments in 2021.<\/p>\n","protected":false},"author":1,"featured_media":1356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":["post-1416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pension"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pension fund performance: 2021-q4 - Bell<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bellpca.com\/onderzoek-uitvoering-pensioenfondsen-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pension fund performance: 2021-q4 - Bell\" \/>\n<meta property=\"og:description\" content=\"On March 10, 2022, De Nederlandsche Bank (DNB) published various key figures of 192 (2020: 203) pension funds or collective circles with regard to the fourth quarter of 2021. 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