All the big Dutch pension funds managed to boost their assets to at least 90% of their obligations by the end of the year, heading off the risk of cuts, according to definitive figures.

In November, social affairs minister Wouter Koolmees took steps to ensure most pension funds do not have to make cuts this year, two years ahead of a total overhaul of the system, by lowering the critical lower limit from 100% to 90%.

The giant civil service fund ABP saw its coverage ratio grow to 97.8%, nearly seven percentage points higher than at the end of the third quarter.

Healthcare fund Zorg en Welzijn boosted its coverage to 99.2%, while the two big engineering funds PMT and PME reached 98.8% and 98.7% respectively.

Without intervention, eight million pensioners would have had lower corporate pensions. Two big opposition parties had threatened to withdraw their support for pension system reforms unless the minister took action.

The plan for the transition to a new pensions system should be completed by the end of 2020 and that the cabinet aims to complete the legal framework for system reform by the start of 2022.