Higher premiums and lower payouts appear have helped boosted Dutch pension fund assets and average coverage ratios now surpass the official 105% level, according to consultancy group Aon Hewitt.

In total, 68 pension funds announced cuts from April 1 in order to boost their assets. This, Aon Hewitt said, accounted for one percentage point of the rise.

Nevertheless, there is no real reason for optimism, the consultancy said. The bulk of the improvement in coverage ratios is largely due to a new way of calculating interest rates. Without the change, coverage ratios would still average 99%, the advisory group said.