IBP BRABO OFP impressed the judges with its disciplined approach and capacity to “punch above its weight”. Strong governance and lean operations underpin solid returns relative to the fund’s liability profile. With a long heritage and only €100m in assets, it resolved a four-decade inflation challenge through its pioneering conditional reserve revaluation mechanism – a prudent, rule-based framework that protects solvency while restoring members’ purchasing power, making it particularly commendable. The fund is recognised for combining careful management with inventive solutions that enhance member value.

Pensio B deserves the joint top award for Belgium for its remarkable 18-month transformation, combining innovation, governance excellence, and strong social impact. Entrusted with 160,000 construction-sector affiliates, it has built out a strengthened, diverse investment team and implemented a sophisticated in-house/external management model that has delivered positive returns in 16 of the last 17 years. Its innovative risk dashboard, robust ESG and impact focus, and commitment to Belgian society – through investments like affordable housing – demonstrate a fund that is modern, responsible, and shaping the sector’s future.

Pensioenfonds Metaal stood out for expertise in long-term DC investments and early, consistent engagement in unlisted infrastructure. The fund balances financial returns with local economic and social impact, delivering stable, sustainable outcomes. ESG integration is embedded thoughtfully, and risk is managed appropriately. The judges praised the fund’s combination of financial acumen, innovative positioning, and social responsibility, presenting a model for other pension institutions to emulate.