ABP, the €237bn pension scheme for Dutch government workers, recovered to full funding at the end of 2010 for the first time in 12 months, as good investment returns, and a fall in its estimated liabilities in the fourth quarter, offset a rise in predictions for life expectancy.

ABP said it made a profit of €6.3bn in the fourth quarter on its investments, mostly thanks to its equity holdings. Its investments in developed countries and in emerging markets both rose by about 9.5% during the three months. Smaller holdings in private equity, inflation-linked assets and infrastructure also did well.