The funding level and the policy funding level are published around the 10th working day of each month.
Funding level on December 31, 2025: 131.3%
Policy funding level on December 31, 2025: 124.2%
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 increased by 1.4 percentage points in December and amounted to 131.3% as at end December. During December, share markets achieved a slight positive return and interest rates rose, which had a positive effect on the funding level since SPF hedges part of the interest rate risk. On balance, the funding level result was positive.
On 5 December 2025, the board took a provisional decision to grant a supplement to current and former members and pensioners with effect from 1 January 2026. The board will take a final decision on this at the end of January, which will depend, among other things, on the level of SPF's policy funding level at the end of the year. The supplement for 2025 has therefore not yet been included in the funding level at the end of December. The supplement will cause the funding level at the end of December to fall.
The labour market in the United States is slowing down, with the unemployment rate rising to its highest level in four years. Inflation was lower than expected. The US central bank (Fed) reduced the key interest rate for the third time in 2025. The market expects the Fed to respond to labour market weakness by cutting interest rates further in 2026.
The European Central Bank (ECB) maintained its key interest rate and the market expects the ECB to leave the interest rates unchanged in the coming period. Long-term interest rates are rising as a result of the increasing financing needs of European governments. Various eurozone economies’ growth forecasts for the coming years were raised.
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’.