Five pension funds are refusing to follow central bank instructions and cut payouts to pensioners in an effort to boost their assets, the Volkskrant reports on Tuesday.

The engineering sector fund PME, plus the Ballast Nedam, GITP, Helvoet and Total corporate funds say they do not believe a cut in pensions is necessary, the paper says. It bases its claims on telephone interviews with 14 funds which came under the central bank spotlight over the summer.
The funds were supposed to present a recovery plan to the central bank by October 1, because their coverage ratios have fallen well below the necessary 105%. This means they do not have enough assets to meet all their obligations.
But the corporate funds told the Volkskrant they are confident coverage levels can be restored.
In particular, PME’s resistance is important for the pension sector in general, the paper says. The pension fund covers 147,000 engineering workers.