The funding level and the policy funding level are published around the 10th working day of each month.
Funding level on May 31, 2026: 133.0%
Policy funding level on May 31, 2026: 128.4%
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
SPF’s funding ratio rose by 1.5 percentage points in May, standing at 133.0% at the end of the month. During May, the equity markets posted positive returns. Interest rates fell, which had a negative impact on the funding ratio as SPF does not hedge part of its interest rate risk. On balance, the impact on the funding ratio was positive.
The war between Iran and the United States continued to dominate the news in May. News reports on the progress of the negotiations were mixed, and by the end of the month it appeared that diplomatic progress had been made with the reaching of a draft agreement. However, it remains uncertain whether the negotiations will ultimately be successful.
The cautiously positive reports of a possible extension of the ceasefire boosted the stock markets throughout May and caused capital market interest rates to fall. AI-related shares also continue to drive the stock markets to new record highs. All eyes are now on SpaceX’s IPO in mid-June.
The European Commission has lowered its growth forecasts for the eurozone. Consumer confidence is waning. Inflation expectations are rising. Declining growth combined with rising inflation means the European Central Bank faces a difficult choice. The ECB is expected to raise interest rates at its June policy meeting in order to curb inflation.
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 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 | 2023 |
| Funding level | 129.8% | 126.5% | 123.7% | 120.9% | 117.1% | 117.4% |
| Policy funding level | 124.0% | 121.1% | 120.0% | 120.0% | 119.7% | 123.5% |
| Acturial interest rate | 3.2% | 2.9% | 2.7% | 2.6% | 2.2% | 2.3% |
| Annual return | -2.3% | -1.9% | -2.6% | -3.8% | 6.3% | 9.4% |
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 | 2025 | 2024 | 2023 | 2022 | 2021 |
| Funding level | 101.72% | 102.17% | 99.93% | 103.96% | 111.27% |
| Result | 1.72% | 2.17% | -0.07% | +3.96% | +11.27% |
| Average interest rate | 3.10% | 2.30% | 2.50% | 2.90% | 0.45% |
| Return | -/-4.77% | 4.90% | 8.94% | -23.22% | 3.15% |
The total positive result achieved for the group in 2025 is 1.72%. Despite the negative result as a result of the lower interest rate in 2025, this result is largely the result of the positive return on investments over 2025. 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 2025, the increase in the variable pension over 2026 to 2029 is equal to 0.39% per year.
For more information and figures, see the Brochure 'Indexation’.