The funding level and the policy funding level are published around the 10th working day of each month.
Funding level on October 31, 2025: 127.6%
Policy funding level on October 31, 2025: 121.9%
The policy funding level is used to make decisions on indexation. The policy funding level is the average of the last twelve months of funding levels.
Click here for more information about the monthly development of the funding level.
Funding level evolution
The pension fund’s funding level increased by 1.1% percentage points in October and amounted to 127.6% as at end October. During October, share markets achieved a positive return. Interest rates fell slightly, which had a negative effect on the funding level because SPF does not hedge part of the interest rate risk. On balance, the funding level result was positive.
The United States and China have agreed to pause the trade war for a year, easing tensions between the two superpowers for now. The financial markets are generally optimistic, with shares reaching new record highs following good corporate figures. Inflation figures also contributed to the sense of optimism, as the United States’ published inflation rate in September was lower than expected. The US central bank reduced the key interest rate for the second time in 2025. As expected, the ECB left its key interest rate unchanged at 2%.
In terms of macroeconomic developments, there was not much to report in October. The US government shutdown was still in place at the end of October as the Democrats and Republicans were unable to reach agreement on the budget.
The Board will continue to monitor developments closely.
The table below shows the quarterly funding levels in previous years. The table also shows the interest rate we are obliged operate (the market interest) and the returns.
The quarterly funding level is adjusted a few weeks before the end of each quarter.
| Position at the end | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 | 2023 | 2022 |
| Funding level | 126.5% | 123.7% | 120.9% | 117.1% | 117.4% | 120.0% |
| Policy funding level | 121.1% | 120.0% | 120.0% | 119.7% | 123.5% | 125.0% |
| Acturial interest rate | 2.9% | 2.7% | 2.6% | 2.2% | 2.3% | 2.6% |
| Annual return | -1.9% | -2.6% | -3.8% | 6.3% | 9.4% | -19.5% |
See the menu on the right of the screen for more information about the financial developments.
The funding level is an important yardstick for judging the pension fund’s financial situation. This shows the relationship between SPF’s pension assets and SPF’s pension obligations, both now and in the future. If the funding level is 110%, for example, then for every €100 SPF pays to pensioners (among others), SPF has €110 worth of assets at that time.
The variable net pension is adjusted annually on the basis of the result achieved in the previous year. This result includes the return achieved on investments, the development of the market interest rate and the result on death within the group of everyone with a variable pension.
| As the end of | 2024 | 2023 | 2022 | 2021 | 2020 |
| Funding level | 102.17% | 99.93% | 103.96% | 111.27% | 104.67% |
| Result | 2.17% | -0.07% | +3.96% | +11.27% | +4.67% |
| Average interest rate | 2.30% | 2.50% | 2.90% | 0.45% | 0.00% |
| Return | 4.90% | 8.94% | -23.22% | 3.15% | 8.14% |
The total positive result achieved for the group in 2024 is 2.17%. Despite the negative result as a result of the lower interest rate in 2024, this result is largely the result of the positive return on investments over 2024. This allows SPF to increase the variable pension.
The fund divides the achieved result over 5 years. As a result, based on the result over 2024, the increase in the variable pension over 2025 to 2029 is equal to 0.48% per year.
For more information and figures, see the Brochure 'Indexation’.