Dutch pension funds have gone down in value by €140bn over the previous six months, according to calculations by broadcaster RTLZ.

Poor investments have resulted in the giant civil service pension fund ABP losing €28bn, while the healthcare fund Zorg en Welzijn is down by €16bn, the broadcaster’s research shows.

Pension funds have between 50% and 60% of their assets invested in shares and stock exchanges have shown a steady decline over the previous months, RTLZ says. The Amsterdam blue chip AEX index, for example, went down 14% over the second and third quarter.

Nevertheless, both funds still have assets of over €500bn, the broadcaster points out.