The funding level and the policy funding level are published around the 10th working day of each month.
Funding level on February 28, 2025: 119.8%
Policy funding level on February 28, 2025: 119.9%
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 0.8 percentage points in February and amounted to 119.8% as at end of that month. During February, equity markets achieved a positive return. The interest rate used to calculate the value of the pension fund's pension liabilities hardly changed. On balance, the funding level result was positive.
Donald Trump has shaken up the world order quite a bit in his first month as US president. Import duties of 25% were announced for Canada and Mexico, and Europe and China also faced import duties. Several countries announced countermeasures. With this approach, Trump is further straining geopolitical relations. A consultation between Trump and Ukrainian President Zelenski degenerated into a row at the end of the month. Consumer confidence decreased in the United States Consumers are worried about import duties and their impact on inflation.
The geopolitical developments created increased volatility on the financial markets. Especially in the US, stock markets fell, with shares of the so-called "Magnificent Seven" companies taking a step back. In other regions, it was mainly European equities that performed best and still ended the month on a positive note. Interest rates sank, causing bond yields to show positive returns.
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 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
| Funding level | 117.1% | 120.6% | 121.7% | 119.1% | 117.4% | 120.0% | 117.3% | 103.3% | 107.6% |
| Policy funding level | 119.7% | 121.0% | 122.3% | 122.7% | 123.5% | 125.0% | 111.9% | 98.4% | 105.7% |
| Acturial interest rate | 2.2% | 2.3% | 2.6% | 2.4% | 2.3% | 2.6% | 0.6% | 0.2% | 0.7% |
| Annual return | 6.3% | 6.2% | 0.7% | 1.7% | 9.4% | -19.5% | 6.8% | 6.5% | 16.9% |
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’.