The funding level and the policy funding level are published around the 10th working day of each month.
Funding level on March 31, 2026: 127.7%
Policy funding level on March 31, 2026: 126.4%
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 level fell by 2.8 percentage points to 127.7% at the end of March. During March, equity markets realised negative returns. Interest rates rose, which had a positive effect on the funding level since SPF does not hedge part of the interest rate risk. On balance, the funding level result was negative.
On Saturday, 28 February, the United States and Israel jointly attacked Iran. Iran is responding by launching missile and drone attacks on neighbouring countries and Israel. As a result of the war, the export of oil and gas from the Gulf region through the Strait of Hormuz has largely come to a halt. This has caused oil and gas prices to shoot up. Equity markets dropped by almost 7% in March, whereby the equity markets in especially the Pacific and emerging markets experienced the largest drop. As a result of concerns about increasing inflation, interest rates rose. Expectations concerning the policy interest rates of central banks also rose. While at the beginning of the year the ECB was expected to reduce interest rates, the expectation is now that the policy interest rate will be increased over the course of 2026.
The figures on consumer confidence in Europe show that consumer sentiment has deteriorated. Geopolitical tensions and the volatility of energy markets are creating increasing uncertainty. Job market figures in the US were disappointing. The number of jobs decreased significantly and the unemployment rate increased.
There continues to be a great deal of uncertainty about the duration and further impact of the war. If the war continues for a longer period of time, the consequences may persist longer and impact inflation and growth (stagflation). If the war turns out to be of short duration, and especially if the disruption of the energy supply quickly comes to an end, the impact could turn out better than expected and energy prices could drop again.
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’.