The funding level and the policy funding level are published around the 10th working day of each month.
Funding level on September 30, 2026: 138.7%
Policy funding level on September 30, 2026: 132.2%
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
The pension fund’s funding level rose in September by 1.5 percentage points and amounted to 138.7% as at end September. During September, equity markets achieved a positive return. Interest rates rose, which had a positive effect on the funding level since SPF does not hedge part of the interest rate risk. Mortality assumptions, which are used for such things as pension valuations, have also been revised. This resulted in a further funding level increase.
The so-called leading indicators are presenting a robust picture of the economy and are forecasting economic growth in both Europe and the United States. Ongoing investment in artificial intelligence is providing a significant boost to growth.
Inflation figures are showing an upward trend, with debt levels also continuing to rise. Combined with strong economic figures, this is leading to rising interest rates. Interest rates in Europe have risen to levels not seen since the eurozone crisis. Increased risks in France have resulted in a further widening of the yield gap between French and German government bonds to 140 basis points (bps); the highest since 2012. Interest rates are also rising to levels above 5% in the United States (10-year Treasury yield); the highest levels in 20 years. The IMF is urging strict adherence to budgetary discipline to prevent debt-to-GDP ratio problems resulting from rising interest rates.
Shares continue to perform well, based on optimism surrounding artificial intelligence. The generally positive earnings surprises have contributed to a more constructive market sentiment.
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 | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2024 | 2023 |
| Funding level | 133.3% | 127.7% | 129.8% | 126.5% | 117.1% | 117.4% |
| Policy funding level | 129.2% | 126.4% | 124.0% | 121.1% | 119.7% | 123.5% |
| Acturial interest rate | 3.0% | 3.0% | 3.2% | 2.9% | 2.2% | 2.3% |
| Annual return | 6.3% | 1.0% | -2.3% | -1.9% | 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’.