The funding level and the policy funding level are published around the 10th working day of each month.
Funding level on April 30, 2025: 118.8%
Policy funding level on April 30, 2025: 119.9%
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 fell in April by 2.1 percentage points to 118.8% at the end of April. This was due to both negative returns on the equity markets and falling interest rates, and the fact that the pension fund does not hedge the entire interest rate risk.
Financial markets were taken by surprise on 2 April by the magnitude and scope of the import tariffs announced by the Trump administration. High tariffs apply to countries with which the United States has a large trade deficit. Several countries responded by imposing import tariffs on American goods. The trade war escalation resulted in panic on the financial markets. Share prices fell sharply following the announcement, with market volatility rising considerably to levels last seen in early 2020 during the COVID-19 pandemic, and before that in 2008. Interest rates fell as a result of the run on safe government bonds. The US dollar fell sharply and commodity markets were also hit hard by increasing fears of a recession, while oil prices nosedived.
Before the tariffs came into effect, President Trump actually decided to postpone the tariffs on those countries that did not announce countermeasures. A previously set 10% tariff on all trading partners remains in force. Financial markets responded positively to this news. The S&P 500 rose by almost 10%; the highest one-day gain since 2008. However, the trade dispute with China escalated, with both China and the United States imposing further tariffs on each other’s imports.
The Board is closely monitoring ongoing developments.
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 Q1 | 2024 | 2023 | 2022 | 2021 |
| Funding level | 120.9% | 117.1% | 117.4% | 120.0% | 117.3% |
| Policy funding level | 120.0% | 119.7% | 123.5% | 125.0% | 111.9% |
| Acturial interest rate | 2.6% | 2.2% | 2.3% | 2.6% | 0.6% |
| Annual return | -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’.