The funding level and the policy funding level are published around the 10th working day of each month.
Funding level on July 31, 2025: 124.8%
Policy funding level on July 31, 2025: 120.3%
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 1.1 percentage points to 124.8% at the end of July. During July, share markets achieved a positive return and interest rates rose, which had a positive effect on the funding level due to the fact that the pension fund hedges part of the interest rate risk. On balance, the funding level result was positive.
Equity markets continued to perform well, benefiting from favourable corporate results and better-than-expected macroeconomic figures. Shares in technology companies set new records. The United States achieved progress in trade talks, with a basic tariff deal of 15% being agreed with Japan. The European Union also agreed a trade deal, with maximum tariffs of 15%. Although this tariff is higher than the current 10% tariff, the deal is an improvement on the previously announced tariff of 30% that was to be introduced on 1 August. Both Japan and the European Union have also promised to invest more in the United States.
Inflation figures presented a mixed picture. Core inflation rose in the United States but the increase in producer prices declined. This, combined with macroeconomic figures that paint a robust picture of the US economy, has reduced expectations that the US central bank will lower its policy interest rate. The European Central Bank left policy interest rates unchanged, bringing an end to the current cycle of interest rate cuts that began last year.
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’.