Dutch pension funds had an average coverage ratio of 104% at the end of August, with no improvement on the July ratio, according to figures published on Tuesday by human resources advisory group Aon Hewitt.

The static figure means the funds are still below the minimal required coverage ratio of 104.3%.

‘If the minimal requirement is not reached, there may have to be further cuts to pension payouts,’ Aon Hewitt told news agency ANP.

That the coverage ratio remained the same in August is the result of a slight rise in interest rates. However, funds lost money on government bonds and on investments.