The Netherlands’ two biggest pension funds on Thursday report shortages in their reserves, says the Financieele Dagblad.

ABP, one of the world’s largest pension funds, reports a 9.8% loss on its investments, taking its reserves from €217bn at the end of 2007 to €195bn in the third quarter of 2008. ABP is responsible for civil service and teachers pensions.
The second fund is PFZW (formerly known as PGGM) which reported a 5.5% loss on its investments. Some two million health and care workers receive their pensions from PGGM.
Both funds invest around 40% of their reserves in shares.