2024 cost level

The costs SPF incurs concern pension management, asset management and transaction costs. We explain the level of these costs for 2024 below.

Pension management costs

Pension management costs include the administration of everyone’s accrued pension, paying pension benefits and keeping members informed. The pension management costs amounted to €403 per member in 2024. These costs increased by €52 per member compared with 2023 due to the additional costs associated with the transition to the new pension, higher costs charged by regulators and interest groups, increased communications and general costs increases due to inflation.

Asset management costs

Asset management includes costs for daily investment management, the administration associated with these investments, financial risk management and policy advice. In 2024, asset management costs amounted to 0.49% of the assets invested. These costs fell by 0.07% compared with 2023, which was mainly a result of lower management costs in the infrastructure portfolio, as well as an increase in invested assets.

Transaction costs

Transaction costs are costs incurred by the pension fund when buying and selling and include the associated costs of administrative processing. These costs increased in 2024 by 2 basis points to 0.09% of the average invested assets. This increase was mainly a consequence of investment portfolio changes that were made to protect the funding level in view of the transition to the new pension.

Total costs

Although there are differences in the various cost categories, the total cost level as a percentage of the average invested assets has not increased.