The impact on your personal pension capital can be seen in My Pension. The investment results are allocated to members, former members, and pension recipients in different ways. We explain this step by step below.

Financial results

The financial results from investments consist of two parts:

1. Investments for protection: These investments help to keep pension payment as stable as possible. The protect against changes in interest rates. For this purpose, the fund invests, for example, in government bonds. Changes in interest rates have a major impact on the results. The results can be positive or negative.

2. Investments for growth: These investments are indicated to achieve additional returns over the long term. For this purpose, the fund invests, for example, in shares and real estate. These investments may provide higher returns, but their value can also change more strongly. As a result, the outcome can be positive or negative.

Below, you can see the positive or negative investment results for the second quarter of 2026. You can also see the results for the period from January to June 2026.

Impact of the result on protection and growth

The investments for protection help protect your current and future pension against changes in interest rates. The result can be positive or negative. A positive result is above 0%, while a negative result is below 0%.

When interest rates go up, the protection result is negative. This means your personal pension capital becomes lower. However, less money is needed to pay the same pension in the future. When interest rates go down, the protection result is positive. This means your personal pension capital becomes higher. At the same time, more money is needed to pay the same pension in the future.

After the protection result, we also allocate the growth result, also called the excess return. This result can also be positive or negative. If our investments perform well, the excess return is positive. If investment performance is poor, the excess return is negative.

If you already receive a pension, we allocate the excess return through the reserve fund for spreading results. This means that investment results are spread over three years. This helps prevent large changes in your future pension payments. You can find more information about this reserve fund in the section on the annual adjustment of your pension benefit.

Pension Payment Fund and Reserve Fund

From the moment you start receiving pension payments, you become part of the pension payment collective. The assets of this group consist of two parts:

• Pension Payment Fund: This is used to pay pension benefits.

• Reserve Fund: This is used to absorb positive and negative investment results. This helps prevent large fluctuations in your pension payments.

If the reserve fund is positive, there is room to increase pensions. It can also be used to absorb negative financial results in the future. If the reserve fund is negative, there is no room to increase pensions. Future positive financial results must first be used to restore the reserve fund.

To avoid large changes in your pension payments, we do not apply the excess return all at once. Instead, we spread it over three years. For the adjustment on 1 January 2027, we use one-third of the excess return earned. The second and third parts will be included in the pension adjustments for 2028 and 2029.