The Netherlands pension system is beginning to reduce one of Europe’s most reliable sources of demand for long-dated debt as a broad regulatory shift changes how Dutch pension funds manage their assets and liabilities. ING Groep NV estimates that nearly €600 billion ($699 billion) of assets have already been affected by the change, with more than €900 billion expected to follow early next year. Under the old defined-benefit pension system, Dutch funds were required to hedge the interest-rate sensitivity of long-term pension liabilities by using long-dated bonds and swaps to match assets with payments extending decades into the future [...]