The Netherlands' five biggest pension funds – which account for more than half of its €900 billion system – took hits to their funding levels in the second quarter as markets sold off, threatening millions with a further round of cuts to pensions in 2014.

The largest fund, the €286 billion government-workers' fund ABP, reported a sharp drop in its solvency from 101% to 97%. Its president, Henk Brouwer, said: "We took a sharp rap because the stock markets underperformed, especially in the month of June... in addition, the interest-rate decreased, which means our liabilities increased."