Quarterly report
Pensioenfonds Zorg en Welzijn publishes a quarterly review on it's solvency, investments and pensions.
Quarterly report Q4 2011
- Cover ratio: 97%
- Assets under management: €110.7 billion
- 2011 return: 8.4%
The coverage ratio of Pensioenfonds Zorg en Welzijn stood at 97% at the end of 2011. The rise in the final quarter resulted partly from the decision taken by the Dutch Central Bank (DNB) to allow the coverage ratio at the end of 2011 to be calculated on the basis of an average interest rate over the final three months of the year. In round figures, this measure had an impact of 4 percentage points on PFZW’s coverage ratio.
Modest progress in tackling the European debt crisis, an improved economic outlook particularly in the United States and hedging of the interest rate risk led to positive returns on investments. By contrast, long-term interest rates fell further in the final quarter of 2011.
Peter Borgdorff, Managing Director of Pensioenfonds Zorg en Welzijn:
“The past year failed to bring the hoped-for restoration of calm to the financial markets, which we so urgently need. The picture therefore remains gloomy. But fortunately there was also a small bright spot at the beginning of 2012: DNB now shares our opinion that the current extremely low level of interest rates gives a distorted picture of the financial position of pension funds. Therefore, we are now permitted to base our calculations on the average interest rate over the final three months of the year. This easing of the rule is a drop in the ocean, but an important drop nonetheless for PFZW. It means we are just above the critical level, with a crucial consequence for our pensioners and participants: we do not have to take any additional painful measures at present. If DNB shares our analysis, PFZW pensions will not now decrease. But we are far from being out of the woods yet. It is essential that we see a return of confidence in the markets and a rise in interest rates in 2012.”
Here you can download the full quarterly report in PDF format.
Quarterly report archive
Please find below the previous quarterly reports.
Quarterly report: 3rd quarter 2011
Quarterly report: 2nd quarter 2011
Quarterly report: 1st quarter 2011
Quarterly report: 4th quarter 2010
Quarterly report: 3rd quarter 2010
Quarterly report: 2nd quarter 2010
Quarterly report: 1st quarter 2010
Quarterly report: 4th quarter 2009
Quarterly report: 3rd quarter 2009
Quarterly report: 2nd quarter 2009
Quarterly report: 1st quarter 2009
Quarterly report: 4th quarter 2008
Quarterly report: 3rd quarter 2008
Quarterly report: 2nd quarter 2008
Quarterly report: 1st quarter 2008