Forward's financial situation end 2025
In 2025, Forward’s assets rose by €39 million. Pension obligations decreased, by €75 million. Thanks to this, the current coverage ratio went up by 38 percentage point to 183%. The policy coverage ratio (the twelve-month average) rose by 20 percentage points to 171%.
This article outlines the provisional key figures for Forward as of 31 December 2025.
Pension obligations decreasing
Even though active members accrued new pensions in the past year, Forward’s obligations declined by €75 million. This is due to a sharp rise in interest rates during the year: from 1.95% to 3.19%. The higher the rate, the less money is needed to pay all pensions far into the future.
At the end of 2025, pension obligations totalled €390 million.
Assets increasing
In 2025, Forward’s investment portfolios achieved a return of 6.3%. However, risk hedging (using so-called derivatives) turned out negative due to the increasing interest rates, so the final result was ‑2.3%. Still, due to contributions, assets increased by €39 million.
In 2025, for the first time, Forward’s assets exceeded €700 million.
Under Investments you can find more on how total returns have been achieved.
Funding ratios rise
The current funding ratio increased sharply in 2025 by 38 percentage points to 183%. The policy funding ratio also rose significantly: up 20 percentage points to 171%. This is because the new figures in the average were much higher than the ones they replaced.
A coverage ratio of 171% means that in 2025, Forward had on average €1.71 in assets for every €1 needed for future pension payouts.
|
Forward |
31 December 2025* |
31 December 2024 |
|---|---|---|
|
Assets |
€714 million |
€675 million |
|
Pension obligations |
€390 million |
€465 million |
|
Year return (incl. coverage of risks) |
-2.3% |
103% |
|
Current coverage ratio |
183% |
145% |
|
Policy coverage ratio |
171% |
151% |
|
TBI coverage ratio |
162% |
149% |
|
Interest rate |
3.19% |
1.95% |
Explanation of coverage ratios:
The coverage ratio shows the relationship between assets (investment value) and pension obligations (future pension payouts). For decisions about pension increases** (indexation), the positions of two different coverage ratios for Forward at the end of October are decisive:
- Policy coverage ratio: the 12-month average of coverage ratios.
- TBI coverage ratio: the ratio at which Forward can fully index your pension. “TBI” means “future-proof indexation”: full indexation is only allowed if it is expected to be sustainable in the future.
If the policy coverage ratio is higher than the TBI ratio, we can fully increase pensions. For other situations, see the explanation (in Dutch) under the chart with coverage ratios on this website.
* Figures as of 31 December 2025 are provisional end-of-year figures; final figures are to be published in May in the annual report.
** On 1 January 2027, Forward will transition to a new pension scheme under the new Dutch Future Pension Act (Wet toekomst pensioenen). After that, there will be no more indexation based on a fixed standard—pensions in payment and accrued capital will move with (investment) returns. Coverage ratios will then no longer apply.
March 2026