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The pension fund said it incurred a 4.8 per cent loss on its real estate investments through the unlisted indirect property fund run by CBRE. According to the Stichting Pensioenfonds van De Nederlandsche Bank, the active management of its investment portfolio – excepting the more than 44 per cent allocation to long-term government bonds – added 0.2 percentage points to its total return.
The scheme's board said it was modelling its policy for contributions, investments and indexation on the "economic reality" of market rates, rather than on the three-month average of the forward curve with the ultimate forward rate (UFR).
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