Pensioners can expect a pay cut of between 5% and 10% from April 2013, according to the financial head of the APG pension fund in Trouw on Tuesday.

‘When I look at Dutch pension funds’ current financial situation, I can only conclude that many of them will have to take a decision to make cuts,’ Andre ten Damme told the paper.
The Dutch central bank will decide on December 31 if the recovery plans submitted by funds which are in trouble go far enough. And a ‘large number’ will have to make cuts in 2013, Ten Damme said.
Many pension funds have a coverage ratio of below the required 105%, which means they do not have enough assets to meet all their obligations.
ABP itself, one of the biggest pension funds in the world, has already said it will not put up pensions in line with wage developments next year.