PFZW’s payout to pensioners jolts euro swap curve

Dutch retirement fund’s announcement of unexpectedly large indexation takes market by surprise

PFZW-indexation montage

On November 8, the Netherlands’ second largest pension fund, Pensioenfonds Zorg en Welzijn (PFZW), said it would be increasing payouts to its members by 4.8% to adjust for rising inflation.

The timing of the statement by the retirement scheme, whose members work in the Dutch care and welfare sectors, was not unusual – Dutch pension funds typically announce indexations in late October or early November in time for the following year. What was unexpected was the size of the adjustment, which

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