News release

Impact of situation in Ukraine on the pension fund

1 March 2022

The conflict in Ukraine is gripping the world. What does this situation mean for your pension and what is your pension fund doing to protect your pension from possible consequences?

Impact on the economy and our assets

In addition to the major humanitarian consequences of the conflict in Ukraine, there are also economic consequences. Gas and oil prices have risen further, equity markets initially fell sharply, and sanctions have been imposed against Russia. Our asset managers are thereby obliged to implement the EU's sanctions policy.

The turmoil in the financial markets and the sanctions against Russia could cause the economy to grow more slowly. This has a negative effect on our assets.

What does this mean for my pension?

At the moment, the conflict in Ukraine has no effect on your pension benefits, your accrued pension or your entitlement to a partner's and orphan's pension. We expect the impact of developments in Ukraine on the funding ratio to be limited. The interest rate has risen in recent months, causing our liabilities to fall. If this decline continues, it will be able to partially offset the decrease in assets.

 

What does the pension fund do?

At the time of writing, all scenarios for further escalation are open. Our investment portfolio is structured in such a way that it takes possible stress situations on the financial markets into account as far as possible. In this way we spread the risks and investments and keep a close eye on developments so that we can adjust our policy if necessary.

For now, we see no reason to adjust our investment policy. Should the situation change, you can read more about it on this website.