The funding level and the policy funding level are published around the 10th working day of each month.
Funding level on Augustus, 2025: 125.6%
Policy funding level on Augustus, 2025: 120.7%
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 to 125.6% at the end of August. During the month of August, the stock markets achieved positive returns. interest rates rose, which had a positive effect on the funding level due to the fact that the pension fund does not fully hedge its interest rate risk. On balance, the funding level result was positive.
Macroeconomic data published in August presented a robust picture of the American economy. Leading indicators, including the purchasing managers’ index for industry, picked up pace, signalling growth. US housing market figures were also above expectations. Such positive economic data resulted in markets assessing Fed interest rate cuts as being less likely, placing pressure on stock markets. However, in a speech later in the month, the Fed Chairman indicated that labour market developments justified an interest rate strategy adjustment, increasing the likelihood of a Fed interest rate cut. With stock markets in a buoyant mood, new record levels were reached at the end of the month.
Macroeconomic data also improved in Europe, although the picture is mixed. For example, German and French purchasing managers’ indices for industry are still below 50, a level that signals contraction. Politiek gezien laaide de onrust in Frankrijk weer op, waardoor de risico-opslag op Franse staatsleningen gedurende de maand opliep. De overheidsschuld in Frankrijk is hoog en het begrotingstekort neemt toe. De Franse aandelenmarkt stond als gevolg hiervan onder druk. Per saldo liet de Europese aandelenmarkt goede rendementen zien in de maand augustus.
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 Q2 | 2025 Q1 | 2024 | 2023 | 2022 | 2021 |
| Funding level | 123.7% | 120.9% | 117.1% | 117.4% | 120.0% | 117.3% |
| Policy funding level | 120.0% | 120.0% | 119.7% | 123.5% | 125.0% | 111.9% |
| Acturial interest rate | 2.7% | 2.6% | 2.2% | 2.3% | 2.6% | 0.6% |
| Annual return | -2.6% | -3.8% | 6.3% | 9.4% | -19.5% | 6.8% |
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’.