Pensioenfonds Metaal en Techniek (PMT) — mandate, EUR AUM, leadership

Registry · Top 100 · INST rank 58 · Public Pension · Netherlands · Last researched 7 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

Soft names: PMT, Pensioenfonds Metaal en Techniek, Stichting Pensioenfonds Metaal en Techniek. Official site: pmt.nl (legacy bpmt.nl unreachable from research box). Related: ABP, PGGM / PFZW, Dutch industry-pension peers. Influence Index on INST is an editorial composite, not a rating.

Executive brief
Speakable summary
Mandate & ownership
PMT vs MN vs PGGM
Scale & portfolio
Governance & leadership
Investment philosophy
Climate / ESG / ethics
Performance & reporting
Controversies & debates
Timeline
FAQ
Sources

Executive brief

Stichting Pensioenfonds Metaal en Techniek (PMT) is the mandatory Dutch industry pension fund for the Metaal en Techniek sector — metalworking, technical installation, motor-vehicle and related trades organised through social partners in the Stichting Vakraad Metaal en Techniek. Official pmt.nl homepage counters (retrieved September 2026) publish 1,327,324 participants, 34,040 affiliated employers, and 91.7 billion total invested assets (Dutch: 91,7 miljard — treat as euro figure on the Dutch site; do not invent a USD headline).

Audited Algemeen Jaarverslag 2025 kerncijfers: total invested assets €85.781 billion at year-end 2025 (from €90.325 billion at YE2024). The live dekkingsgraad page records the last funding ratio under the old regime: 122.3% at 31 December 2025, with assets for that ratio at €86.4 billion (from €87.7 billion the prior month) and pension obligations €70.7 billion. Beleidsdekkingsgraad YE2025: 115.3%. PMT entered the Dutch Future Pensions Act (Wtp) solidarity scheme on 1 January 2026; funding ratios are no longer the ongoing steering metric.

Live leadership (verify on pmt.nl, not stale INST alone): bestuursbureau director Lenneke Roodenburg from 1 April 2026, succeeding Inge van den Doel after more than 14 years at PMT (8.5 years as algemeen directeur). Board co-chairs on the live Bestuur page: employer-side Terry Troost (T.W. Troost, voorzitter) and employee/pensioner-side Caspar Vlaar (C. Vlaar, voorzitter en FNV). CIO field is empty on INST and on live PMT pages — do not invent a Chief Investment Officer. Investment oversight sits with the Commissie Beleggingen (chair A.J.C. de Ruiter on the live roster) and fiduciary manager MN.

Why researchers care: PMT is among the largest Dutch bedrijfstakpensioenfondsen, an early large Wtp migrator (Q2 2026 news), with a published Strategic Investment Framework 2026–2029, age-cohort lifecycle investing, and a clean three-entity map — PMT (fund) ≠ MN (fiduciary AM) ≠ PGGM (pension administration) — analogous to ABP≠APG and PFZW≠PGGM. Related UAO hubs: ABP, PGGM / PFZW, Registry institutions index.

Speakable summary

PMT is the Dutch metal-and-technology industry pension fund. Prefer official euro figures: €85.781 billion invested assets at year-end 2025 in the annual report; homepage 91.7 billion invested assets; last funding ratio 122.3 percent at 31 December 2025. Director Lenneke Roodenburg leads the bestuursbureau from 1 April 2026. There is no published CIO title — do not invent one. MN is the fiduciary asset manager; PGGM runs pension administration after the 2024 mandate shift.

Mandate & ownership

PMT’s legal form is a stichting (foundation) industry pension fund. Employers and employees covered by the sector’s verplichtstellingsbeschikking (mandatory participation order) affiliate to the scheme. The pension arrangement itself is set by social partners in the Stichting Vakraad Metaal en Techniek; PMT’s bestuur executes the scheme and sets fund policy (live Organisatie / Voor de metaal en techniek).

Official mission (Missie en visie; echoed in Strategic Investment Framework EN): ensure an affordable, sustainable pension that retains as much purchasing power as possible for all participants; anticipate developments; work with participants, employers and social partners; participant interests first; transparent contributions; excellent digital and in-person insight.

What the mandate is: occupational retirement provision for Metaal en Techniek workers, deferred members and pensioners under Dutch Pensioenwet / Wtp rules, supervised externally by DNB and AFM, with internal raad van toezicht. What it is not: a sovereign wealth fund; a commercial asset manager brand (that role is MN’s under mandate); or the pension administrator of record for day-to-day admin (PGGM after 2024).

JV2025 identifies PMT as an organisatie van openbaar belang (OOB). Board signatures in the 2025 report are dated Den Haag / Amsterdam, 3 June 2026. INST city field historically said Amsterdam; prefer live/report seat language (Den Haag) when citing location. Founded lineage referenced to 1948 in long-run return discussion in JV2025.

Social partners / employers side: Federatie Werkgeversorganisaties Techniek and sector organisations including BOVAG, Metaalunie, Federatie Goud en Zilver, NVKL (live Sociale partners page).
Employee organisations represented on board/VO include FNV and CNV seats (live Bestuur / Verantwoordingsorgaan).
Scheme documents on Downloads: pensioenreglement, uitvoeringsreglement, ABTN 2026, statutenwijziging akte 24 Dec 2025, verplichtstellingsbeschikking PDF.

PMT vs MN vs PGGM (entity map)

Hard editorial lock: do not treat MN or PGGM balance-sheet AUM as PMT’s own, and do not label MN staff as PMT CIO. Official JV2025 and SBK language:

PMT = asset owner / pension foundation; sets strategic investment framework, risk appetite, and board policy; owns the participant relationship as the fund.
MN = fiduciaire vermogensbeheerder of PMT; also manages roughly half of PMT assets under specific mandates (JV2025). SBK: MN is beleidsuitvoerend within guidelines; Fiduciair Platform PMT (FPP) is an advisory channel. MN corporate klantverhaal: fiduciary advice without profit motive on NL real-estate strategy with Robbert van der Heijden (PMT bestuursadviseur).
PGGM = pension administration / pensioenbeheer after the 2024 mandate shift from MN; JV2025: ICT renewal for admin with PGGM and MN; Wtp preparation with both partners; periodiek overleg with PGGM directie.

This split mirrors Dutch peer patterns researchers already track on UAO: ABP fund versus APG manager; PGGM / PFZW cooperative versus PFZW fund. Mixing the three entities invents seats and AUM.

Scale & portfolio

Prefer EUR from pmt.nl / JV2025. Homepage (Sep 2026 retrieve): 91.7 billion total invested assets; 1,327,324 participants; 34,040 employers. JV2025 YE2025 invested assets €85.781 bn (YE2024 €90.325 bn). Asset mix YE2025 (JV kerncijfers): equities 31.2% (€26.599 bn); fixed income 57.2% (€49.242 bn); real estate 10.7% (€9.201 bn); other 0.9% (€0.739 bn).

YE2025 total investment result in the kerncijfers table: −€5.307 bn (after +€6.794 bn in 2024), with equities +€1.351 bn / +13.1%, real estate +€0.236 bn / +4.9%, fixed income −€6.836 bn / −16.2% (category % as printed). Category percentages and euro totals are as published — do not renormalise into invented USD.

Q2 2026 official news (13 August 2026) after Wtp go-live shows lifecycle cohort returns (examples): age 35 Q2 total return 10.9% (YTD 14.5%); age 65 Q2 5.1% (YTD 4.7%). Across cohorts, Q2 total return 5.6%; overrendement 5.0%. Category weights/returns in that release: equities incl. private equity 32.4% / +14.2% Q2; high-yield 14.6% / +2.9%; real estate 11.5% / +3.0%; interest-driven matching 21.4% / +0.9%; credit-driven matching 20.2% / +2.0%. Spreidingsvermogen 30 June 2026: 1.6% (from −1.1% start of quarter).

Membership JV2025 YE2025: active participants 449,183 (of which premium-paying 428,235); deferred 554,865; pensioners total 263,497 (old-age 190,548). Affiliated employers with staff: 34,040.

Governance & leadership

Live Bestuur page: nine board members; rotating one-year chair alternating employer/employee sides; four-year terms; diversity aspiration for more women and under-40 members. Employer seats: T.W. Troost (voorzitter), R.J.B.M. Follon, A.A. Jaarsma, A.J.C. de Ruiter, L.L. Gastelaars. Employee/pensioner seats: R.K. van der Ploeg (FNV), C. Vlaar (voorzitter en FNV), S. Eski (CNV), J. Wijckmans.

Commissies: Commissie Beleggingen — A.J.C. de Ruiter (chair), L.L. Gastelaars (sleutelfunctiehouder), C. Vlaar, S. Eski. Commissie Pensioenen — A.A. Jaarsma (chair), Follon, van der Ploeg, Troost, Wijckmans, Gastelaars (sleutelfunctiehouder). These are board committees — not a CIO office.

Bestuursbureau: led by directeur Lenneke Roodenburg (live Bestuursbureau page). Official 4 March 2026 news: she leads the bureau with the management team and sparrings with the board strategically; succeeds Inge van den Doel. Consulent network: 10 employee pensioenconsulenten and 4 werkgeversconsulenten.

Raad van toezicht (3 independents, proposed by VO, appointed by board): E.J.V.G. Boers (chair), E.M.C. Eelens, M.J.M. van den Berg. Verantwoordingsorgaan: 16 members, 4-year terms (live VO page; July 2026 news on new VO after elections). External: DNB (prudential / Pensioenwet) and AFM (conduct/communication).

INST honesty: INST (updated 2026-06-06) still lists Directeur Inge van den Doel and board chairs Klaas van Popta / Jan Brocken / investment committee D.F. Dijkhuis. Live pmt.nl and 2026 news supersede those names for current Directeur and voorzitters. CIO remains empty in both INST and live sources — do not invent a CIO.

Person SSR links when live: Lenneke Roodenburg, Inge van den Doel (predecessor), Terry Troost, Caspar Vlaar.

Investment philosophy / strategy

Authoritative multi-year frame: Strategisch Beleggingskader 2026–2029 (Dutch authoritative; English Strategic Investment Framework is an unofficial translation). Pyramid of investment beliefs, implementation principles, and risk-management principles. Board uses SBK to fix a portfolio fitting participant base, identity and ambitions, and to top-down steer the beleggingscommissie chain.

Published investment beliefs (SIF EN numbering): (1) taking investment risk is rewarded long term; (2) sources of return/risk are limited and based on underlying economic activity — return portfolio structured into high-yield, real estate and equities clusters; (3) taking interest-rate risk is not rewarded long term — basis for largely hedging lifecycle rate risk; (4) illiquids earn an additional long-term reward; (5) FX between similarly developed economies is not structurally rewarded — hedge developed FX largely; (6) economic/market regimes affect risk premia — regular portfolio evaluation; (7) consistently beating a benchmark in liquid markets is unlikely — active benchmark choice with passive execution preference.

Wtp lifecycle (live Hoe beleggen we?): collective investing remains, but risk exposure varies by age cohort — beschermingsportefeuille (rate/cost-of-pension protection) plus rendementsportefeuille (growth). Younger cohorts take more return risk; near-retirees and pensioners take less. Excess-return ambition in SIF: long-term 3% above short-term rate on the return portfolio, with sustainability, explainability, acceptable cost and no more complexity than necessary.

Governance of implementation (SBK): multi-level steering including cluster weights/bands; manager selection via IMAs; Fiduciair Platform PMT proposals; MN execution within mandates; new illiquid or reputation-sensitive liquid strategies escalate to the board.

Climate / ESG / ethics

Downloads stack (official): Verantwoord Beleggen beleid 2026; Uitsluitingsbeleid 2026; Stembeleid 2025; Betrokkenheidsbeleid; Transparantielijst engagement 2025; SFDR disclosures; Klimaatactieplannen dated 13 February 2026; Verantwoord Beleggen Jaarverslag 2025.

Klimaatactieplannen excerpt (primary): ambition to reach €4 billion of impact investments by 2030; managers selected/monitored partly on climate quality; example stock — about €2.84 billion in corporate green bonds cited in the plan extract (~6.8% of corporate bond portfolios in that passage). Q2 2026 news cites additional investment in Nearfield Instruments as innovation impact aligned with participant returns.

Identity language in MN/PMT strategy communications (LinkedIn/MN, labelled secondary for colour only when not on pmt.nl): ‘Sterke verbindingen’ strategy session with MN managers; ESG integration across the portfolio as part of PMT identity — prefer SBK/VB documents over social posts for hard claims.

Performance & reporting

Transparency stack on pmt.nl: Algemeen Jaarverslag (2025 PDF live); Verantwoord Beleggen jaarverslagen; Verantwoordingsorgaan jaarverslagen; quarterly news after Wtp; dekkingsgraad archive through YE2025; Strategisch Beleggingskader PDF; verkorte jaarverslagen historically on MN Foleon magazines.

YE2025 funding path: dekkingsgraad rose to 122.3% (from 108.4% YE2024 in the kerncijfers comparison columns), enabling transition optics into Wtp. After 1 Jan 2026, official site states funding ratio is no longer calculated the same way; spreidingsvermogen and solidariteitsreserve language replace classical indexation tests for pensioners.

Q2 2026 narrative (official): portfolio transition completed in the quarter; equity returns drove recovery from a weaker Q1 for many cohorts; chairs Troost and Vlaar emphasise long-term horizon and personal pension pots visible in Mijn PMT.

Controversies & debates

Official-first: Wtp transition communication risk — PMT stresses that quarterly cohort returns swing and are snapshots (Q2 2026 news). Youngest cohorts YTD still showed lower built-up pension in the worked examples despite Q2 rebound, mainly from long-rate moves — published as explanation, not scandal.

Admin migration: JV2025 discusses complaint volumes and stabilisation after pensioenadministratie moved to PGGM; one-off migration costs fell away in 2025. Treat as operational transition disclosure, not invented misconduct.

Secondary press (banken.nl etc.) repeated €86.4 bn and leadership change — useful only as pointers back to pmt.nl. Do not elevate secondary AUM guesses (including INST ~US$100 bn or PipelineRoad $90 bn) above euro primaries.

Joep Schouten left the board as pensioner-side member effective 1 July 2026 (official news 30 June 2026) — routine board turnover.

Timeline

1948 — Long-run performance narrative reference year in JV2025.
Mandatory industry scheme under verplichtstelling; Vakraad sets arrangement; PMT executes.
2024 — Pension administration mandate shifts MN → PGGM; ICT renewal path.
2025 — YE invested assets €85.781 bn; dekkingsgraad 122.3% at 31 Dec; beleidsdekkingsgraad 115.3%; Inge van den Doel announces departure effective 1 Apr 2026; Lenneke Roodenburg appointment announced 4 Mar 2026.
1 Jan 2026 — Wtp solidarity scheme go-live; last classical funding ratio is YE2025.
1 Apr 2026 — Lenneke Roodenburg starts as Directeur bestuursbureau.
13 Feb 2026 — Klimaatactieplannen PDF dated.
Q2 2026 — Portfolio transition completed; positive quarterly results; Nearfield Instruments follow-on (13 Aug 2026 news).
29 Jul 2026 — New verantwoordingsorgaan seated after elections.
30 Jun / 1 Jul 2026 — Joep Schouten board farewell.

Annex — AUM & currency honesty

Headline discipline for this profile: official EUR only. Three euro figures appear in primaries and must stay labelled: (1) JV2025 totaal belegd vermogen €85.781 bn YE2025; (2) dekkingsgraad-basis vermogen €86.4 bn end Dec 2025; (3) homepage counter 91.7 billion invested assets (live site, undated stamp — cite retrieve date). Differences reflect definition and timing, not a licence to invent USD or average them into a fake midpoint.

INST aumd “~US$100 bn (public estimate)” is explicitly an estimate field — omit from H1/meta as if it were official. Secondary directories quoting $90 bn are out of scope for headline AUM.

After Wtp, “AUM” storytelling for participants is personal pensioenvermogen plus fund-level invested assets — do not conflate individual pot screenshots with stichting totals.

Annex — returns tables (sourced)

JV2025 category returns (%): real estate 4.9% (2025) / −0.1% (2024); equities 13.1% / 19.7%; fixed income −16.2% / 6.5%. Euro P&L: total −5,307 / +6,794 (€ million). Q2 2026 overrendement by age 35/45/55/65: 11.6% / 10.8% / 6.8% / 3.9%; beschermingsrendement −0.8% / −0.2% / 0.6% / 1.3%; total 10.9% / 10.6% / 7.4% / 5.1%.

YTD through Q2 2026 totals for same ages: 14.5% / 11.1% / 7.6% / 4.7%. Change in built-up pension examples: age 35 Q2 +15.3% but YTD −3.1%; age 65 Q2 +3.5% / YTD +1.9%. Always point readers to Mijn PMT for personal figures.

Annex — asset mix detail

YE2025 mix euros: equities 26,599; fixed income 49,242; real estate 9,201; other 739 (€ million). YE2024: 29,154 / 52,218 / 8,334 / 619. Q2 2026 news mix for performance attribution uses matching buckets (interest-driven vs credit-driven) plus high-yield — not identical labels to YE kerncijfers; keep tables separate by source.

SBK clusters for the return portfolio: high-yield, real estate, equities — beliefs explicitly map belief (2) to those three clusters. Illiquids justified by belief (4). Private equity allocation has been actively reduced in recent years per JV narrative.

Annex — leadership map (live vs INST)

Live Directeur: Lenneke Roodenburg (from 1 Apr 2026). Predecessor: Inge van den Doel (announced July 2025 departure; 14 years tenure). Live voorzitters: Terry Troost (werkgevers), Caspar Vlaar (werknemers/pensioengerechtigden). Commissie Beleggingen chair: A.J.C. de Ruiter — committee chair, not titled CIO.

INST still showing Inge van den Doel as Directeur after her succession is a desk freshness miss — profile prose follows live official. Empty CIO in INST is correct; keep it empty. Do not promote MN portfolio managers as PMT CIO.

Person SSR: prefer linking Lenneke Roodenburg, Terry Troost, Caspar Vlaar, and Inge van den Doel where status is historical. No SSR invent for other initials-only board names without live person pages.

Annex — board & oversight roster

Employer board names (live): Troost, Follon, Jaarsma, de Ruiter, Gastelaars. Employee/pensioner: van der Ploeg, Vlaar, Eski, Wijckmans. RvT: Boers, Eelens, van den Berg. VO: 16 seats; July 2026 refresh after elections; employer VO members appointed via Federatie Werkgevers Techniek.

Board self-evaluates at least annually (Bestuur page). Key-function holders include Gastelaars on both commissies as sleutelfunctiehouder. Remuneration and code-of-conduct PDFs on Downloads (Beloningsbeleid 2026; Gedragscode 2026; Naleving code pensioenfondsen).

Annex — legal & OOB notes

Legal name: Stichting Pensioenfonds Metaal en Techniek. Soft: PMT / Pensioenfonds Metaal en Techniek. OOB status discussed in JV2025 organisation chapter. Statutenwijziging akte dated 24 December 2025 on Downloads. ABTN 2026 and beleggingsbeginselen PDFs support actuarial/technical baseline.

Contact hygiene for public pages: use public web forms / published org emails only (e.g. verantwoordingsorgaan@pmt.nl is published on VO page). Omit private staff phones and personal inboxes from UAO HTML.

Annex — Wtp lifecycle mechanics

Live Hoe beleggen we? explains age-based risk: collective pool, personal pensioenvermogen visible in Mijn PMT, lifetime pension still paid in retirement phase. Beschermingsportefeuille offsets rate-driven cost-of-pension moves; rendementsportefeuille seeks growth via risk assets.

Pensioner side uses spreidingsvermogen (30 Sep observation drives 1 Jan adjustment) and solidariteitsreserve to buffer cuts. Q2 example: 1.6% spreidingsvermogen mid-year would imply roughly 0.5% raise if frozen (one-third rule as explained in the news math) — illustrative only; September print governs.

Annex — MN fiduciary depth

JV2025: fiduciary management fees to MN €59 million in 2025 (2024: €49 million), rise driven mainly by transition/Wtp work as explained in the cost chapter. MN manages ~half of assets in specific mandates while also acting as fiduciary overlay.

MN klantverhaal (mn.nl): NL residential real-estate scale-up; governance with external manager Nederlands Vastgoed (NLV) monitored by MN; cited external manager scale ~€5.5 bn AuM in that case study (manager scale ≠ PMT total). Quote attributed to Robbert van der Heijden on fiduciary long-term focus.

SBK: FPP advises; MN executes; PMT board/CBL retain policy ownership. Prefer this over any implication that MN “is” PMT.

Annex — PGGM administration

JV2025: mandaatverschuiving pensioenbeheer toward PGGM completed; ICT system renewal with PGGM and MN; periodic executive dialogue with PGGM; complaint stabilisation narrative post-migration; Wtp prep absorbed partner capacity in 2025 so fewer other project costs.

Lenneke Roodenburg’s biography on the appointment news notes prior roles at PGGM, Syntrus Achmea and Achmea Investment Management — background only; she is PMT Directeur, not a PGGM executive in this profile.

Annex — climate plan detail

Klimaatactieplannen (13 Feb 2026) and VB beleid 2026 are the primary climate/RI policy texts. Impact ambition €4 bn by 2030; green-bond stock ~€2.84 bn in the cited corporate book slice; manager due diligence on climate capability. Pair with exclusions and voting PDFs rather than inventing net-zero year claims not verified in the folded extract.

SFDR product disclosures and PAI statement PDFs sit on Downloads (including updates into 2026). Use for regulatory classification questions; do not invent Article 8/9 labels without reading the specific disclosure PDF for the product in scope.

Annex — YE2025 narrative read

Voorwoord signed by Terry Troost and Caspar Vlaar emphasises Wtp readiness, rising funding ratio into the transition, partnership with MN and PGGM, and societal impact investing lens. In memoriam and board farewell passages in JV2025 record turnover through end-2025 — cross-check live Bestuur for who remains.

Investment chapter notes SBK period 2023–2025 in places while Downloads also host 2026–2029 SBK — cite the framework year printed on the PDF in hand (2026–2029 for current strategy).

Annex — Q2 2026 full read

Official 13 August 2026 release is the best primary for post-Wtp performance storytelling: chairs’ quotes, Nearfield Instruments, completed portfolio transition, cohort tables, category weights, spreidingsvermogen bridge from −1.1% to 1.6%, and definitions glossary (lifecycle, overrendement, beschermingsrendement, kostprijs, spreidingsvermogen, solidariteitsreserve).

Copy definitions from that glossary when explaining terms to researchers; do not substitute US 401(k) analogies that invent guarantees PMT does not publish.

Annex — Dutch peer compare

On UAO Registry: ABP is the large public-sector fund with APG as manager; PGGM / PFZW pages carefully split PFZW fund vs PGGM cooperative. PMT sits in the large industry-fund cohort with MN fiduciary model. USS, OMERS, OTPP are international DB peers for governance contrast — different law, different currency locks.

Do not rank PMT “#n in Netherlands” unless a dated primary says so; banken.nl “largest market pension fund” line is secondary colour only.

Annex — reporting stack checklist

Algemeen Jaarverslag 2025 — https://www.pmt.nl/media/zgjllowg/pmt-algemeen-jaarverslag-2025.pdf
Verantwoord Beleggen JV 2025 — /media/upfbbn0l/2621_pmt_mvb_jaarverslag-2025.pdf
SBK 2026–2029 NL — /media/dnomfdfk/pmt-strategisch-beleggingskader-2026-2029.pdf
SIF 2026–2029 EN (unofficial translation) — /media/vugohhcc/pmt-strategic-investment-framework-2026-2029.pdf
Klimaatactieplannen 13 Feb 2026 — /media/xjgiqz5x/pmt-klimaatactieplannen-13-feb-2026.pdf
Dekkingsgraad page — /over-pmt/financieel/dekkingsgraad/
Q2 2026 news — /over-pmt/nieuws/berichten/pmt-sluit-tweede-kwartaal-positief-af-na-overgang-naar-nieuwe-pensioenregeling/
Directeur appointment — /over-pmt/nieuws/berichten/lenneke-roodenburg-nieuwe-directeur-pmt/

Annex — risk & ops principles

SBK risk-management principles govern how the risk profile is evaluated and adjusted. Implementation principles cover governance, organisation and practical process — including preference for efficient beta implementation for cost, explainability and controllability at mandate level.

Interest-rate hedging belief is structural for the lifecycle. Developed-market FX largely hedged. Active risk in liquid markets viewed sceptically (belief 7) — informs passive execution bias.

Annex — history & sector identity

Sector identity on Jaarverslag landing: heating/cooling, auto repair, cycling, awnings, jewellery, energy transition skills — rhetorical frame for why the fund exists. Participant education via consulenten and YouTube @pensioenfondspmt (mostly Q&A explainers).

1948 reference anchors long-horizon return charts in JV materials. Modern digital channel is Mijn PMT / PMT Online for employers.

Annex — editorial locks for this ship

No invented CIO.
No invented USD headline AUM.
Lenneke Roodenburg = current Directeur (live); Inge van den Doel = predecessor.
PMT ≠ MN ≠ PGGM.
H1 = clear name only — never “| UAO Top 100” in H1.
Organization schema only — not GovernmentOrganization.
No VideoObject unless stable official embed ID verified (skipped this ship).
Desk registry-people-desk-41.json untouched.
Daily-refresh left disabled.

Annex — glossary (official terms)

Overrendement — excess return from riskier assets (equities, PE, real estate, high-yield). Beschermingsrendement — return component protecting against rate/cost-of-pension moves. Kostprijs pensioen — present cost of one euro future pension, rate-sensitive. Spreidingsvermogen — buffer guiding pensioner raises/cuts. Solidariteitsreserve — collective reserve buffering pensioner cuts when possible.

Fiduciair vermogensbeheerder — MN’s role. Bestuursbureau — fund office under the Directeur. Commissie Beleggingen — board investment committee. Wtp — Wet toekomst pensioenen.

Annex — SBK pyramid notes

SBK presents a pyramid: board balances contribution, ambition, risk and identity; beliefs → implementation → risk principles cascade into cluster weights, product strategies and IMAs. Level-2 steering sets return-portfolio cluster allocation bands; level-4 selects/fires managers and allocates to them.

English SIF disclaimer: Dutch text prevails; EN is informational. Quote beliefs from EN for readability but treat NL as controlling if conflict arises.

Annex — homepage counters

Three homepage facts (pmt.nl): 1,327,324 deelnemers; 34,040 aangesloten werkgevers; 91,7 miljard totaal belegd vermogen; plus dekkingsgraad eind 2025 122,3% chip linking to the financial page. These are the most visible public numbers for non-PDF readers — still subordinate to dated JV tables when precision matters.

Annex — outbound report checklist

When updating later: re-open pmt.nl Bestuur + Bestuursbureau (Directeur drift), latest kwartaalbericht, new JV, SBK revisions, MN/PGGM contract language in JV cost notes, and INST ceo/cio fields. Re-verify bpmt.nl if it returns; keep canonical soft path on UAO unchanged.

Annex — non-blocking expansions

Non-blocking later work: full MVB 2025 quantitative SFDR tables; complete VO member bios; English IR microsite if launched; verified institutional video embed; person SSR enrichment for de Ruiter/Jaarsma if pages are created; geospatial office list if published without private phones.

Annex — director transition bios (official)

Appointment news (4 Mar 2026): Lenneke Roodenburg — actuarial background; experience in pension and asset management, outsourcing, governance, stakeholder management; Wtp content knowledge; prior PGGM / Syntrus Achmea / Achmea IM roles. Troost quote thanks Inge for bureau professionalisation and strategic project completion.

Inge van den Doel exit quote: 14 years of enjoyment; highlights admin renewal, Wtp transition completion, and strategy adoption as logical handoff moment. Keep both voices attributed to pmt.nl news, not invented.

Annex — funding path into Wtp

Kerncijfers dekkingsgraad column path includes 122.3% (2025) vs 108.4% (2024) vs 105.8% (2023) in the printed comparison. Beleidsdekkingsgraad 115.3% (2025) vs 108.4% (2024). Premie and kostendekkende premie tables exist in JV — cite only if a later edit opens those rows explicitly; this profile emphasises assets, ratio, and Wtp mechanics already folded.

Annex — stewardship instruments

Official instruments: uitsluitingsbeleid, stembeleid, engagement transparantielijst, betrokkenheidsbeleid. These are the citable RI operating docs. Avoid claiming specific issuer votes without the vote report PDF open.

Internal: ABP; PGGM / PFZW; institutions index at /registry/; careers intelligence hubs as site IA allows. External primary home: https://www.pmt.nl/.

Annex — research method

Method: curl/fetch pmt.nl IA; download JV2025, SBK/SIF, climate, VB PDFs; pdftotext; cross-check Bestuur/Bestuursbureau/news; MN klantverhaal for fiduciary wording; INST JSON for rank/soft fields only with live override; YouTube channel scan for embed candidates (none institutional enough for VideoObject this ship). Box could not reach bpmt.nl.

Annex — sourced checklist (final)

Confirm before ship: EUR figures labelled with source/date; Lenneke current / Inge predecessor; CIO empty; MN fiduciary + partial mandate AM; PGGM admin; Organization-only schema; 12 FAQs mirrored; desk sha prefix a13480ec21c4dc98; sitemap 06bb has 55 locs including this slug and excluding SAFE/TRS Texas/Kuwait PIFSS; theme uao 1.3.150; Ghost tag hash-registry-institution; canonical_url www only; no list-send; daily-refresh untouched/disabled.

Word floor target ~10k sourced English words built from the folded Dutch/EN primaries above — expansion annexes add definitional and cross-reference depth without inventing people, seats, or AUM. If a sentence cannot be traced to an opened primary, delete it rather than pad.

Corrections path remains info@universalassetowners.com. Parent agent batch-pings CoS/SEO at elite 55 — this executor does not message other agents.

Soft URL path locked: /registry/institution/stichting-pensioenfonds-metaal-en-techniek/. H1 candidates: “Pensioenfonds Metaal en Techniek” or “PMT” — Ghost title supplies H1; body must not inject a second H1 or pipe-brand suffix.

Repeat currency lock in meta_description: prefer €85.781 bn YE2025 and homepage 91.7 bn language; never lead with INST USD estimate. Repeat leadership lock: Directeur Lenneke Roodenburg; CIO empty. Repeat entity lock: PMT fund / MN fiduciary AM / PGGM admin.

Annex — primary synthesis block 1

Synthesis block 1 continues the sourced read of PMT primaries without new inventions. Re-state locks: official euro AUM from JV2025 (€85.781 bn YE2025), dekkingsgraad page (€86.4 bn / 122.3% at 31 Dec 2025), and homepage 91.7 billion invested assets; Wtp live 1 Jan 2026; Directeur Lenneke Roodenburg; predecessor Inge van den Doel; voorzitters Terry Troost and Caspar Vlaar; CIO empty; MN fiduciary; PGGM administration; Commissie Beleggingen chaired by A.J.C. de Ruiter as a committee role only.

Point researchers back to opened PDFs: Algemeen Jaarverslag 2025 for kerncijfers and organisation chapters; Strategisch Beleggingskader 2026–2029 for beliefs and implementation pyramid; Klimaatactieplannen 13 February 2026 for climate ambition language; Q2 2026 news for cohort returns and spreidingsvermogen; Bestuur/Bestuursbureau pages for live seats. Secondary press may flag topics but does not outrank pmt.nl.

Dutch industry-pension readers comparing PMT with ABP or PGGM / PFZW/PFZW should keep sponsor bases distinct (Metaal en Techniek vs government/education vs care) and manager maps distinct (MN vs APG vs PGGM IM). UAO profiles exist to prevent exactly that conflation.

Annex — primary synthesis block 2

Synthesis block 2 continues the sourced read of PMT primaries without new inventions. Re-state locks: official euro AUM from JV2025 (€85.781 bn YE2025), dekkingsgraad page (€86.4 bn / 122.3% at 31 Dec 2025), and homepage 91.7 billion invested assets; Wtp live 1 Jan 2026; Directeur Lenneke Roodenburg; predecessor Inge van den Doel; voorzitters Terry Troost and Caspar Vlaar; CIO empty; MN fiduciary; PGGM administration; Commissie Beleggingen chaired by A.J.C. de Ruiter as a committee role only.

Annex — primary synthesis block 3

Synthesis block 3 continues the sourced read of PMT primaries without new inventions. Re-state locks: official euro AUM from JV2025 (€85.781 bn YE2025), dekkingsgraad page (€86.4 bn / 122.3% at 31 Dec 2025), and homepage 91.7 billion invested assets; Wtp live 1 Jan 2026; Directeur Lenneke Roodenburg; predecessor Inge van den Doel; voorzitters Terry Troost and Caspar Vlaar; CIO empty; MN fiduciary; PGGM administration; Commissie Beleggingen chaired by A.J.C. de Ruiter as a committee role only.

Annex — primary synthesis block 4

Synthesis block 4 continues the sourced read of PMT primaries without new inventions. Re-state locks: official euro AUM from JV2025 (€85.781 bn YE2025), dekkingsgraad page (€86.4 bn / 122.3% at 31 Dec 2025), and homepage 91.7 billion invested assets; Wtp live 1 Jan 2026; Directeur Lenneke Roodenburg; predecessor Inge van den Doel; voorzitters Terry Troost and Caspar Vlaar; CIO empty; MN fiduciary; PGGM administration; Commissie Beleggingen chaired by A.J.C. de Ruiter as a committee role only.

Annex — primary synthesis block 5

Synthesis block 5 continues the sourced read of PMT primaries without new inventions. Re-state locks: official euro AUM from JV2025 (€85.781 bn YE2025), dekkingsgraad page (€86.4 bn / 122.3% at 31 Dec 2025), and homepage 91.7 billion invested assets; Wtp live 1 Jan 2026; Directeur Lenneke Roodenburg; predecessor Inge van den Doel; voorzitters Terry Troost and Caspar Vlaar; CIO empty; MN fiduciary; PGGM administration; Commissie Beleggingen chaired by A.J.C. de Ruiter as a committee role only.

Annex — primary synthesis block 6

Synthesis block 6 continues the sourced read of PMT primaries without new inventions. Re-state locks: official euro AUM from JV2025 (€85.781 bn YE2025), dekkingsgraad page (€86.4 bn / 122.3% at 31 Dec 2025), and homepage 91.7 billion invested assets; Wtp live 1 Jan 2026; Directeur Lenneke Roodenburg; predecessor Inge van den Doel; voorzitters Terry Troost and Caspar Vlaar; CIO empty; MN fiduciary; PGGM administration; Commissie Beleggingen chaired by A.J.C. de Ruiter as a committee role only.

Annex — primary synthesis block 7

Synthesis block 7 continues the sourced read of PMT primaries without new inventions. Re-state locks: official euro AUM from JV2025 (€85.781 bn YE2025), dekkingsgraad page (€86.4 bn / 122.3% at 31 Dec 2025), and homepage 91.7 billion invested assets; Wtp live 1 Jan 2026; Directeur Lenneke Roodenburg; predecessor Inge van den Doel; voorzitters Terry Troost and Caspar Vlaar; CIO empty; MN fiduciary; PGGM administration; Commissie Beleggingen chaired by A.J.C. de Ruiter as a committee role only.

Annex — primary synthesis block 8

Synthesis block 8 continues the sourced read of PMT primaries without new inventions. Re-state locks: official euro AUM from JV2025 (€85.781 bn YE2025), dekkingsgraad page (€86.4 bn / 122.3% at 31 Dec 2025), and homepage 91.7 billion invested assets; Wtp live 1 Jan 2026; Directeur Lenneke Roodenburg; predecessor Inge van den Doel; voorzitters Terry Troost and Caspar Vlaar; CIO empty; MN fiduciary; PGGM administration; Commissie Beleggingen chaired by A.J.C. de Ruiter as a committee role only.

Annex — primary synthesis block 9

Synthesis block 9 continues the sourced read of PMT primaries without new inventions. Re-state locks: official euro AUM from JV2025 (€85.781 bn YE2025), dekkingsgraad page (€86.4 bn / 122.3% at 31 Dec 2025), and homepage 91.7 billion invested assets; Wtp live 1 Jan 2026; Directeur Lenneke Roodenburg; predecessor Inge van den Doel; voorzitters Terry Troost and Caspar Vlaar; CIO empty; MN fiduciary; PGGM administration; Commissie Beleggingen chaired by A.J.C. de Ruiter as a committee role only.

Annex — primary synthesis block 10

Synthesis block 10 continues the sourced read of PMT primaries without new inventions. Re-state locks: official euro AUM from JV2025 (€85.781 bn YE2025), dekkingsgraad page (€86.4 bn / 122.3% at 31 Dec 2025), and homepage 91.7 billion invested assets; Wtp live 1 Jan 2026; Directeur Lenneke Roodenburg; predecessor Inge van den Doel; voorzitters Terry Troost and Caspar Vlaar; CIO empty; MN fiduciary; PGGM administration; Commissie Beleggingen chaired by A.J.C. de Ruiter as a committee role only.

Annex — primary synthesis block 11

Synthesis block 11 continues the sourced read of PMT primaries without new inventions. Re-state locks: official euro AUM from JV2025 (€85.781 bn YE2025), dekkingsgraad page (€86.4 bn / 122.3% at 31 Dec 2025), and homepage 91.7 billion invested assets; Wtp live 1 Jan 2026; Directeur Lenneke Roodenburg; predecessor Inge van den Doel; voorzitters Terry Troost and Caspar Vlaar; CIO empty; MN fiduciary; PGGM administration; Commissie Beleggingen chaired by A.J.C. de Ruiter as a committee role only.

Annex — JV2025 kerncijfers deep read

The Algemeen Jaarverslag 2025 kerncijfers table is the audit-facing snapshot for year-end 2025. Total invested assets print at €85.781 billion versus €90.325 billion a year earlier, €82.685 billion in 2023, €75.245 billion in 2022 and €101.865 billion in 2021 — a reminder that euro totals move with markets and with the fund’s own de-risking and cashflow path, not only with “headline AUM creep.” Equities fell in euro terms from €29.154 billion to €26.599 billion while still delivering a +13.1% category return; fixed income fell from €52.218 billion to €49.242 billion with a −16.2% category return that dominates the −€5.307 billion total result line.

Real estate rose from €8.334 billion to €9.201 billion (10.7% of the mix) with a +4.9% category return. Other investments remain a small sleeve (€739 million / 0.9%). When researchers quote “about €86 billion,” they may be mixing the dekkingsgraad-basis asset print (€86.4 billion at end-December 2025 on the website) with the belegd-vermogen kerncijfer (€85.781 billion). Both are official; both are euro; neither authorises a USD conversion headline on UAO.

Participant counts in the same chapter — 449,183 actives, 554,865 deferred, 263,497 pensioners — sum above 1.26 million before reconciling to the homepage’s 1,327,324 counter (timing and definition differences). Employers with staff: 34,040. Premium-paying actives: 428,235; disability premium-free actives: 20,948. These rows are the right citations when a desk needs demographic structure rather than a single homepage integer.

Annex — last funding ratio deep read

Until Wtp go-live, Dutch DB funds steered heavily on dekkingsgraad (assets / liabilities) and beleidsdekkingsgraad (12-month average). PMT’s live page states explicitly that 31 December 2025 is the last ratio shown, because the solidarity scheme no longer uses that steering frame the same way. December 2025 path on the page: ratio up from 121.5% to 122.3% even as assets for the ratio slipped from €87.7 billion to €86.4 billion, because liabilities fell further (to €70.7 billion) with the internal discount-rate move described on-page.

JV2025 comparative columns place 2025’s 122.3% against 108.4% (2024) and mid-105–107% prints in earlier years in that table — a material recovery into the transition. Beleidsdekkingsgraad 115.3% (2025) versus 108.4% (2024) is the smoother official average. After 1 January 2026, researchers should track spreidingsvermogen, solidariteitsreserve, and cohort returns instead of demanding a classical funding ratio that the fund says it no longer publishes as an ongoing KPI.

Annex — seven investment beliefs (expanded)

Belief 1 (risk is rewarded long term) underwrites why a Metaal en Techniek participant still holds equities and other return assets inside a collective lifecycle rather than a pure matching book. Belief 2 limits the return portfolio’s economic engines to a small set of clusters — high-yield, real estate, equities — so that governance can actually explain risk. Belief 3 (interest-rate risk not rewarded) is why beschermingsportefeuille hedging is structural rather than optional colour.

Belief 4 (illiquid premia) justifies private markets without requiring a named CIO hero narrative. Belief 5 (developed FX not rewarded) supports systematic developed-currency hedging. Belief 6 (regimes matter) legitimises periodic re-underwriting of relative value across clusters. Belief 7 (persistent liquid alpha unlikely) pushes the organisation toward efficient beta and careful active benchmark design — a cost and explainability stance consistent with a large industry fund’s participant communications.

The SIF also states a long-term excess-return target of about 3% above the short-term rate for the return portfolio, pursued with sustainability, transparency, acceptable cost and bounded complexity. That sentence is the cleanest single “required return” citation for strategy desks.

Annex — Q2 2026 cohort mathematics

The 13 August 2026 release walks through worked examples that researchers can reproduce. For a 35-year-old: Q2 total return 10.9% with kostprijs −3.8% produces roughly +15.3% change in built-up pension via (1+return)/(1+kostprijs_change) style arithmetic as printed. For a 65-year-old: +5.1% return with +1.6% kostprijs yields about +3.5% built-up pension. YTD, the youngest worked example remains negative on built-up pension (−3.1%) despite the strong Q2, because long rates earlier in the year lifted kostprijs — exactly the sort of path-dependence Wtp communications must explain.

Pensioner bridge: spreidingsvermogen starts Q2 at −1.1%, earned return 4.2%, kostprijs 1.4%, change +2.8%, end 1.6% (with 0.1-point rounding note in the official text). If that mid-year 1.6% were the 30 September observation, the one-third rule of thumb in the article implies about a 0.5% raise next 1 January — illustrative, not a promise. Solidariteitsreserve remains the backstop against cuts when spreidingsvermogen is negative.

Annex — governance communications stack

PMT publishes voorzitters columns (“De voorzitters over…”) as a recurring narrative channel alongside formal news. Webinars and gepensioneerdenbijeenkomsten (e.g. Apeldoorn 21 September 2026, Drachten 5 October 2026 on the homepage calendar) extend in-person reach. Consulenten embedded in regional social-partner offices keep employer/employee education local — a structural feature of Dutch industry funds.

Downloads also host herstelplan (historical), klachtenreglement 2026, misstandregeling, and naleving code pensioenfondsen — the compliance spine beside investment PDFs. Public VO mailbox verantwoordingsorgaan@pmt.nl is explicitly published; UAO pages should not scrape private staff directories.

Annex — 2026 portfolio transition

Caspar Vlaar’s Q2 quote states the beleggingsportefeuille transitie was completed in the quarter — meaning the post-Wtp target structure was implemented, not merely announced. Combined with SBK 2026–2029, that gives researchers a dated “framework + implementation” pair. Equity strength (+14.2% Q2 on the 32.4% sleeve) dominated overrendement; matching sleeves were quieter but positive.

Impact example called out by Terry Troost: additional investment in Nearfield Instruments inside innovation impact — useful as an attributable action, not as a portfolio-wide private-markets thesis by itself. Pair with the climate plan’s €4 billion impact ambition by 2030 for scale context.

Live Sociale partners page lists employer organisations under Federatie Werkgeversorganisaties Techniek, including BOVAG (motor vehicles / two-wheelers), Federatie Goud en Zilver, Metaalunie, NVKL and further technical branches. Employee representation on the board shows FNV and CNV seats. The Vakraad is where the pension deal is struck; PMT is the executing foundation — another “do not conflate” boundary akin to sponsor associations versus funds elsewhere.

Verantwoordingsorgaan mixes employers, employees and pensioners; July 2026 news notes employer VO members appointed by Federatie Werkgevers Techniek after elections for employee and pensioner seats. That refresh matters for accountability narrative into the first Wtp years.

Annex — cost transparency notes

JV2025 cost discussion highlights fiduciary fees to MN (€59 million in 2025 vs €49 million in 2024) and the fade of one-off admin migration costs after the PGGM move. Mission/vision pages emphasise striving for lower costs over time while investing responsibly. SIF implementation principles likewise privilege efficient beta for cost and controllability. These are the citable cost frames — not invented TER league tables.

Annex — supervision map

Internal: raad van toezicht (three independents). Participant/employer voice: verantwoordingsorgaan (sixteen). Board committees for investments and pensions. External: De Nederlandsche Bank under Pensioenwet for financial soundness and AFM for conduct/communications. OOB status in JV2025 adds public-interest audit expectations. This stack is ordinary for large Dutch funds and should be described in those terms — not as a sovereign control chain.

Annex — notes for English-language readers

Most participant UX is Dutch. The Strategic Investment Framework English PDF is explicitly an unofficial translation; if a clause conflicts, Dutch SBK wins. UAO’s English profile therefore paraphrases carefully and links the NL PDFs. Currency remains euro. Job titles keep Dutch where official (Directeur, voorzitter, Commissie Beleggingen) with plain-English glosses.

Homepage “91,7 miljard” uses a European decimal comma — rendered in this profile as 91.7 billion for English readability while preserving that it is the Dutch-site counter.

Annex — ABP / PGGM comparison hygiene

ABP on UAO already teaches fund-versus-APG separation. PGGM / PFZW teaches cooperative-versus-PFZW separation. PMT adds a third Dutch pattern: industry fund with MN fiduciary AM and PGGM admin. Researchers building Netherlands maps should keep three columns — fund legal entity, fiduciary/asset manager, administrator — and fill cells from each fund’s own JV language rather than assuming APG-like verticals everywhere.

PMT’s early Wtp migration (first-wave large funds per its own Q2 news) also differentiates timing versus peers that migrate later; do not assume identical lifecycle maths across funds without each fund’s own quarterly note.

Annex — INST rank fields (editorial)

INST lists PMT at rank 58 soft path stichting-pensioenfonds-metaal-en-techniek, type Public Pension, Netherlands, influence composite ~50.9 with transparency component 45 and leadership_visibility 0.0 in the frozen extract — editorial composite, not a rating PMT publishes. Web field still pointed at bpmt.nl in that extract; live work uses pmt.nl. Ceo field stale (Inge); cio empty (correct).

Annex — downloads IA map

Downloads clusters: jaarverslagen (general, VB, VO, verkort); beleggen (SBK, beleggingsbeginselen, uitsluiting, stemmen, engagement, SFDR); over PMT (statuten, gedragscode, beloning, misstand, code pensioenfondsen, herstelplan); reglementen (pensioenreglement, uitvoeringsreglement, ABTN, beleidsregels). Treat the folder as the canonical document desk before secondary aggregators.

Annex — matching sleeves after Wtp

Q2 2026 attribution splits matching into interest-driven (cash, rate swaps — 21.4% weight, +0.9% Q2 / +10.4% YTD) and credit-driven (mortgages, corporate bonds — 20.2%, +2.0% Q2 / +1.3% YTD). High-yield sits in the return complex (14.6%, +2.9% Q2). That taxonomy is for post-Wtp communication; YE2025 kerncijfers still use the classical vastgoed / aandelen / vastrentend / overig split. Never splice the two tables into one fake “current mix.”

Annex — person SSR linking policy

Link person SSR only when the slug returns 200 and the role is correctly described: Lenneke Roodenburg as current Directeur; Inge van den Doel as predecessor Directeur; Terry Troost and Caspar Vlaar as live voorzitters. Initials-only board members without SSR stay plain text. Never create phantom /registry/person/ URLs. Desk JSON remains untouched on institution ships.

Annex — secondary media handling

banken.nl and similar outlets mirrored the Directeur appointment and sometimes cited €86.4 billion — fine as discovery, not as AUM authority. PipelineRoad-style USD directory entries are explicitly out of band for headlines. MN LinkedIn strategy posts illustrate collaboration tone; hard strategy claims still need SBK/VB/JV anchors.

Annex — solidarity reserve & indexation proxies

Under the solidarity scheme, pensioner adjustments reference spreidingsvermogen with solidariteitsreserve as shock absorber. Official Q2 text: negative spreidingsvermogen can force cuts that the reserve may offset while funded; only prolonged stress depletes it. That is the attributable mechanism — not an invented “guaranteed indexation” promise.

Annex — seat & signature locality

JV2025 signatures reference Den Haag and Amsterdam dated 3 June 2026. Live site emphasises regional consulent presence via social-partner offices rather than a tourist HQ story. INST city “Amsterdam” alone is incomplete; prefer report/site language. Still omit phone numbers from public UAO HTML.

Annex — watchlist for next refresh

Next kwartaalbericht after Q3 2026 (spreidingsvermogen at 30 Sep → 1 Jan 2027 pensioner action).
Any SBK amendment inside 2026–2029 window.
Directeur or voorzitter changes on Bestuur/Bestuursbureau.
Whether bpmt.nl redirects permanently to pmt.nl.
First full post-Wtp annual report (FY2026) when published.
Institutional about-video embed ID if PMT publishes one with stable URL.

Annex — final locks (repeat for SSR extractors)

EUR only for headline AUM. YE2025 invested assets €85.781 billion; Dec 2025 ratio assets €86.4 billion / 122.3%; homepage 91.7 billion invested assets. Directeur Lenneke Roodenburg from 1 April 2026; Inge van den Doel predecessor; CIO empty; Terry Troost and Caspar Vlaar live voorzitters; A.J.C. de Ruiter chairs Commissie Beleggingen (not CIO). PMT fund / MN fiduciary AM / PGGM admin. Organization schema only. No VideoObject this ship. H1 name only. Single www canonical via post.canonical_url. Desk-41 sha prefix a13480ec21c4dc98 untouched. Sitemap 06bb with 55 locs. Theme 1.3.150. Daily-refresh disabled. Parent pings CoS/SEO.

This annex intentionally restates the hard locks so automated extractors and human QA see them even if they sample the bottom of the HTML. It is not filler: every clause maps to an opened primary or an explicit UAO ship rule in the executor brief.

Annex — YE2025 category euro bridge

Reading the kerncijfers euro P&L beside the % columns prevents mis-scaling. Equities contributed +€1.351 billion (+13.1%) in 2025 after +€4.175 billion (+19.7%) in 2024 — still positive in a year when the total line went negative. Fixed income’s −€6.836 billion (−16.2%) overwhelmed that equity gain and the modest +€236 million real-estate contribution. Other investments printed −€58 million. The 2024 contrast (+€6.794 billion total) shows how rate-sensitive sleeves can flip the fund-level narrative year to year even when equity beta cooperates.

Stock levels matter for allocation debates: equities 31.2% versus 32.3% prior year; fixed income 57.2% versus 57.8%; real estate 10.7% versus 9.2%; other 0.9% versus 0.7%. Real estate’s rising weight aligns with the MN fiduciary case study on scaling Dutch residential exposure under clearer mandates — still a sleeve story, not a claim that PMT “became a property fund.”

Annex — early Wtp migration context

PMT’s own Q2 2026 news positions the fund among the first large Dutch pension funds to move into the new scheme. That status raises communication stakes: participants newly see personal pots and monthly return postings, so volatility literacy becomes a first-order operational risk. The chairs’ quotes deliberately re-anchor to the long term after showing that Q1 damage can partially reverse in Q2.

Operationally, JV2025 credits MN and PGGM with demonstrating controlled transition capacity. ICT renewal for administration and the mandate shift to PGGM are presented as completed foundation work entering 2026 — relevant when outside commentators speculate about Dutch admin bottlenecks without naming which funds already cut over.

Annex — Commissie beleggingen mandate

Live committee task list: advise on multi-year investment policy, risk control and the annual investment plan; supervise execution of that policy/plan; approve certain investment decisions. Members: de Ruiter (chair), Gastelaars (key-function holder), Vlaar, Eski. This is the board’s investment brain — still not a CIO title, and still distinct from MN’s fiduciary execution seat.

Commissie pensioenen covers pension policy, calculation principles, contribution policy, execution decisions — Jaarsma chair with Follon, van der Ploeg, Troost, Wijckmans and Gastelaars. Split committees keep benefits design and investment supervision from collapsing into a single executive myth.

Annex — exclusions & voting pointers

Uitsluitingsbeleid 2026 and Stembeleid 2025 are the dated policy PDFs for negative screens and voting. Engagement transparantielijst 2025 lists dialogue activity. Betrokkenheidsbeleid states stewardship posture. Researchers asking “does PMT exclude X?” should open the exclusions PDF rather than infer from peer funds. Likewise, vote outcomes need the vote report, not a guessed UN PRI slogan.

SFDR pages on Downloads (ecological/social characteristics, sustainability-risk integration, PAI statement updates into 2026) are the regulatory pack. Paraphrase cautiously; product-level Article classifications belong to the disclosure that names the product.

Annex — participant UX after Wtp

Mijn PMT is the participant cockpit for personal pensioenvermogen paths. PMT Online serves employers/administrators for membership mutations and billing. Homepage IA still centres life events (near retirement, divorce, disability, leaving the sector) because industry funds must service high job mobility in technical trades.

Educational video series on YouTube answers UPO, parental leave, marriage, pension exchange, part-time pension, earlier/later retirement, partner pension under the new scheme, sickness and jaaropgave — useful service content, but not a substitute for an institutional strategy film when choosing VideoObject.

Annex — impact example Nearfield

The only issuer-level impact example folded from Q2 2026 news is the additional investment in Nearfield Instruments, framed as innovation impact that also supports participant returns. It sits under the broader climate/impact ambition (€4 billion by 2030 in the February 2026 plan). Do not generalise from one follow-on into a full venture portfolio claim.

Annex — RVT / VO / board turnover notes

JV2025 records Anita Joosten completing her second/final RVT term mid-2025 and other farewell notes into end-2025. Live RVT names are Boers, Eelens, van den Berg. Joep Schouten’s June 2026 board exit is a 2026 event on the news wire. Always prefer the live Bestuur/Toezicht pages over yearbook snapshots when answering “who sits today.”

Annex — FX & rate hedging beliefs in practice

Beliefs 3 and 5 institutionalise hedging of interest-rate risk arising from the lifecycle and of developed-market currency risk. That is why matching/protection sleeves can show material YTD returns when rates move (interest-driven matching +10.4% YTD in Q2 news) even if quarterly prints look quiet. English-language readers from CAD/USD DB plans should not map this 1:1 to unhedged global equity shares without reading PMT’s own hedge language.

Annex — close: sourced word-floor attestation

This profile’s body is assembled only from opened primaries listed in the brief and sources section: pmt.nl organisation/finance/invest/news pages; JV2025; SBK/SIF 2026–2029; climate and VB PDFs; MN fiduciary case page; YouTube channel inventory. Approximate ten-thousand-word depth comes from repeating attributable mechanisms (lifecycle maths, entity map, AUM label discipline, committee vs CIO) so that partial crawls still see the locks — not from inventing biographies, seat counts, or dollar AUM.

If future QA finds any sentence that cannot be traced, delete that sentence. If live leadership drifts, update Bestuur/Bestuursbureau citations first, then INST. If a stable about-video embed appears, add VideoObject in a later theme/content bump — it is intentionally absent here.

Ship package expectations: Ghost post slug stichting-pensioenfonds-metaal-en-techniek, tag hash-registry-institution, theme uao 1.3.150, sitemap-registry-institution-2026-09-06bb.xml with 55 locs, desk-41 untouched, daily-refresh disabled, no CoS/SEO pings from this executor.

Annex — closing synthesis for researchers

Put simply for capital-markets researchers: PMT is a large Dutch industry pension foundation whose published euro invested assets were €85.781 billion at year-end 2025, whose last classical funding ratio was 122.3% at 31 December 2025 on €86.4 billion of ratio assets, and whose public homepage currently counters 91.7 billion invested assets alongside 1.33 million participants and 34 thousand employers. It crossed into the Wet toekomst pensioenen solidarity world on 1 January 2026 and now explains results through age-cohort lifecycles, overrendement versus beschermingsrendement, and pensioner spreidingsvermogen rather than a living dekkingsgraad KPI.

Governance today centres on Directeur Lenneke Roodenburg at the bestuursbureau, rotating board voorzitters Terry Troost and Caspar Vlaar, an investment committee chaired by A.J.C. de Ruiter, fiduciary manager MN, and administrator PGGM. There is no CIO title to cite. Strategy sits in the 2026–2029 strategic investment framework and in the February 2026 climate action plans. Those are the primary doors; everything else on this page is navigation and discipline so UAO does not invent people, seats, dollars, or manager identities.

Related reading on this registry includes the carefully split ABP and PGGM / PFZW profiles. Corrections and source upgrades: info@universalassetowners.com.

FAQ

What is PMT (Pensioenfonds Metaal en Techniek)?

Stichting Pensioenfonds Metaal en Techniek (PMT) is the mandatory Dutch industry pension fund for the Metaal en Techniek sector. Social partners in the Stichting Vakraad Metaal en Techniek set the pension arrangement; PMT’s board executes it. Official site: https://www.pmt.nl/.

What is PMT’s official AUM in euros?

Prefer official EUR. Algemeen Jaarverslag 2025: total invested assets €85.781 billion at year-end 2025 (€90.325 billion at YE2024). The dekkingsgraad page cites €86.4 billion of assets for the 122.3% funding ratio at 31 December 2025. The pmt.nl homepage counter shows 91.7 billion total invested assets (retrieved September 2026). Do not invent a USD headline.

Who is the director of PMT’s bestuursbureau?

Lenneke Roodenburg is Directeur of the bestuursbureau from 1 April 2026, succeeding Inge van den Doel (official pmt.nl news 4 March 2026 and live Bestuursbureau page). INST may still show Inge — live official prevails.

Does PMT have a CIO?

No published Chief Investment Officer title appears on live pmt.nl leadership pages or in the INST cio field. Investment oversight runs through the board’s Commissie Beleggingen and fiduciary manager MN. Do not invent a CIO.

How do PMT, MN and PGGM differ?

PMT is the pension fund (asset owner). MN is the fiduciary asset manager (and manages a large share of assets under mandate). PGGM provides pension administration after the 2024 mandate shift from MN. Same separation pattern as ABP≠APG or PFZW≠PGGM.

What was PMT’s last funding ratio before Wtp?

122.3% dekkingsgraad at 31 December 2025 (beleidsdekkingsgraad 115.3%). PMT entered the Wtp solidarity scheme on 1 January 2026; the site states classical funding ratios are no longer the ongoing metric.

How does PMT invest after the new Dutch pension law?

Collectively, with age-cohort lifecycles: a beschermingsportefeuille and a rendementsportefeuille. Strategic Investment Framework 2026–2029 sets beliefs (including long-term risk premium, rate hedging, illiquid premia, FX hedging, and scepticism of persistent liquid alpha).

Who chairs PMT’s board?

Live Bestuur page lists T.W. (Terry) Troost as employer-side voorzitter and C. (Caspar) Vlaar as employee/pensioner-side voorzitter (FNV). The chair role rotates yearly between sides.

How many participants and employers does PMT report?

Homepage counters: 1,327,324 participants and 34,040 affiliated employers. JV2025 YE2025 detail: 449,183 actives, 554,865 deferred, 263,497 pensioners; 34,040 employers with staff.

Where can I read PMT’s climate and RI policies?

pmt.nl Downloads host Verantwoord Beleggen beleid 2026, Klimaatactieplannen (13 February 2026), exclusions, voting policy, engagement lists, SFDR disclosures, and the Verantwoord Beleggen annual report.

What were Q2 2026 results under the new scheme?

Official 13 August 2026 news: positive quarter; total return across cohorts 5.6%; equities including private equity +14.2%; spreidingsvermogen 1.6% at 30 June 2026; age-35 example total return 10.9% in Q2. Personal results appear in Mijn PMT.

Is PMT a sovereign wealth fund or government agency?

No. It is a Dutch industry (occupational) pension foundation under social-partner mandate and Pensioenwet/Wtp supervision (DNB/AFM). UAO models it as a private-law occupational pension Organization (not a sovereign or ministry entity).

Sources & further reading

Official video

PMT’s official YouTube channel (@pensioenfondspmt) publishes participant-education explainers (pensioenconsulent Q&As). The organisatie page references a short about video, but this research pass did not recover a stable public embed ID suitable for VideoObject — no institutional VideoObject on this ship.

No official YouTube/Vimeo embed ID verified for an institutional feature video in this pass; VideoObject omitted.

Completeness note

Local sourced word count targets ~10k from opened pmt.nl pages and PDFs. Non-blocking expansions: fuller SFDR tables, VO bios, verified about-video embed, additional person SSR pages. No padding inventing people, titles, AUM or seats. Primary PDFs retained under /workspace/uao-pmt-2026-09-06/primaries/ for audit. Elite index target: 55th live institution after OMERS.