The giant ABP civil service pension fund boosted its assets to above the legally required minimum in October, helping to head off the threat of further pension cuts.

The fund must have a coverage ratio of over 105% by the end of the year or it will be forced to reduce pension payouts for the second year running.

The coverage ration reached 106.2% in October. This means it has €106.2 in assets for every €100 it has to pay in pensions.

ABP has some 2.8 million members and is one of the biggest pension funds in the world.