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Investment returns January, February and March 2024

In the first three months of 2024, most investment returns were positive. Investments in equities in particular got off to a good start this year. This was especially the case in developed markets such as America and Europe. The return on this category was +6.6% in the first three months.

The investment portfolio with government and corporate bonds ('medium income') also had a positive result: +0.4%. The long-term government bond portfolio ('fixed income long') had a negative return of -1.8%. Taken together, this means that almost all age groups of StiPP had positive returns. Only the elderly do not, but for them protection of the expected pension benefit is more important. Divided across the various portfolios, these were the returns in the first quarter.

Across the various portfolios, these were the returns in the first quarter:

Real assets (e.g. shares)

6,6%

Medium income (e.g. government and corporate bonds)

0,4%

Fixed income long (government bonds)

-1,8%

Total portfolio (average)

3,3%

Returns and participation values by age category

Below you can see the investment results for your age group. If you click on one of the age categories, you can see the development of the participation value and the investment return over the past years and the months of this year. From the age of 57, you can choose whether you want to invest for a stable pension or a variable pension.

For those age groups, you will therefore see two choices. If it says (S), it is the results of that age group with a stable investment profile. If it says (V), it is the results of the variable investment profile.

21 to 46 years old  
47 to 51 years old  
52 to 56 years old  
57 to 58 years (S) 57 to 58 years old (F)
59 to 60 years (S)

59 to 60 years old (F)

61 to 62 years (S) 61 to 62 years old (F)
63 to 64 years (S) 63 to 64 years old (F)
65 years and older (S)

65 years and older (F)

What is a participation value?

A participation is your share in the investment fund of your specific age group within the pension fund.

Read more about it here

What are the benefits of investing?

The money from your pension pot is invested by StiPP. Every month, we review the total investment results. Are the results positive? Then money will be added to your pension pot. Are the results negative? Then some money goes out. StiPP wants to achieve a good return for its participants from investing, but in a way that takes into account the world around us. You can find more information about this on Does StiPP invest in a socially responsible way?

StiPP invests in various asset classes. In this way, we spread the investment risks and strive for an optimal return. How much we invest in which category for you depends on your age. When you're young, we take on more investment risk. The older you get, the less risk we take. Unless you choose to invest a bit riskier. This can be done via 'Investing for a variable pension'. You can find more information about this on 'How does StiPP invest'.

E-Newsletter

The amount of your pension depends on the investment returns of the fund. StiPP therefore publishes the investment results every quarter via this website and in an e-newsletter. It will provide you with more information about how StiPP invests the pension money and we will answer a question about investing and pensions. Would you also like to receive this e-newsletter? Then log in to My StiPP Pension. There, under My Data > Change data > Subscriptions and communication, you indicate that you want to receive the financial developments newsletter.

Sign up for the e-newsletter

Notes on previous quarters

Fourth quarter 2024
In the last quarter of 2023, stock markets rose and interest rates fell. As a result, the investments have increased in value. The older participants notice this the most because they invest proportionally more in government bonds. Other market developments, such as real estate and equities in emerging countries, also contributed to the positive results. All in all, the portfolios of all participants have increased in value.
Third quarter 2023
In the third quarter of 2023, all portfolios ended in the negative. The main reason for the changes is the increased interest rates. The oldest age group notices this the most.
Second quarter 2023
In the second quarter of 2023, almost all portfolios ended in positive territory. This was mainly due to the return on equities in the so-called developed countries. The youngest participants benefit the most from this result on shares.
First quarter 2023
In the first quarter of 2023, the portfolios all ended in positive territory. This means that all age groups have had a positive start to the year: pension capital has increased. The youngest participants benefit the most from the positive returns. This is due to the increases in the stock markets.
Fourth quarter 2022
Interest rates continued to rise in the fourth quarter of 2022. The pension capital of the oldest participants was hit the hardest by rising interest rates. What does this mean for the pension benefits of participants who are about to retire? Fortunately, not much. The expected pension benefit for participants in the oldest age group (65-66 years) has remained virtually unchanged. This is because the high interest rate ensures that a higher monthly pension can also be purchased with the accrued pension capital. Do you have a small pension? Then the pension will be bought off. Your pension capital has become less valuable due to the negative returns. This means that the surrender amount has become lower. However, you can still choose to have your pension paid out monthly. Watch our animation in which we explain how we invest.

Looking at the results of the returns in the various portfolios of the past quarter: The "corporate securities portfolio" achieved a positive result, thanks to European equities. The "fixed income" portfolios were negatively impacted by rising interest rates. The "fixed income long" portfolio (which only includes government bonds) was clearly more affected by this than the other fixed income portfolio and had a return of -3.4% this quarter.  As a result, the older age groups had negative returns this quarter, while the younger age groups benefited from the stock market and thus experienced positive returns.
Third quarter 2022
Interest rates continued to rise in the third quarter of 2022. And the stock markets continued to fall. As a result, all portfolios ended in the negative. Once again, the 'Long Income Fixed' portfolio (which includes government bonds) was hit hardest by rising interest rates and fell the hardest. The values of the shares in the 'Commercial securities' portfolio and those of the bonds in the 'Medium income' portfolio also fell further. The distribution between the portfolios is different in each age group. As a result, the return achieved is also different in each age group. As in the previous quarter, investment returns were negative for all age groups.

The pension capital of the oldest participants was hit the hardest by rising interest rates. What does this mean for the pension benefits of participants who are about to retire? Fortunately, not much. The expected pension benefit for participants in the oldest age group (65-66 years) has remained virtually unchanged. This is because the high interest rate ensures that a higher monthly pension can also be purchased with the accrued pension capital. Do you have a small pension? Then the pension will be bought off. Your pension capital has become less valuable due to the negative returns. This means that the surrender amount has become lower.
Second quarter 2022
Interest rates continued to rise in the second quarter of 2022. Equity markets continued to fall. As a result, all portfolios ended in the negative. The 'Long Income' portfolio was hit hardest by rising interest rates and fell the hardest. The value of the shares in the 'Commercial securities' portfolio and the bonds in the 'Medium income' portfolio also fell further.

The distribution between the portfolios is different in each age group. As a result, the return achieved is also different in each age category. Investments yielded less for all age groups. The oldest participants were most affected by rising interest rates.

A small ray of hope for participants who are retiring now: the high interest rate ensures that a relatively higher monthly pension can be purchased with the accrued pension capital. Unfortunately, participants who surrender their pension on their retirement date saw their surrender value decrease.
First quarter 2022
All asset classes showed a negative result. The value of the shares in the 'Commercial securities' portfolio and the bonds in the 'Medium income' portfolio decreased. After long periods of interest rate declines, interest rates rose sharply in the first quarter of 2022. Interest rates and value work in opposite directions: when interest rates rise, bond prices fall. As a result, the 'Long Income' portfolio, which only includes euro government bonds, showed the largest decline. The distribution between the portfolios is different in each age group. As a result, the return achieved is also different in each age group.

For members in the highest age group (65-66), this does not mean that their future pension has deteriorated. On the contrary. The rise in interest rates has also made pension purchases less expensive. On balance, therefore, pension purchases for older participants improved last quarter.
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