The funding level and the policy funding level are published around the 10th working day of each month.
Funding level on February 28, 2026: 130.5%
Policy funding level on February 28, 2026: 125,9%
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
SPF’s funding level increased by 0.1 percentage points in February and amounted to 130.5% as at the end of that month. During February, equity markets achieved a positive return. Interest rates fell, which had a negative effect on the funding level since SPF hedges part of the interest rate risk. On balance, the funding level result was positive.
US growth was lower than expected, mainly due to declining consumption and lower government spending. The number of unemployment benefit payments was higher than anticipated. There were, however, some positive surprises, such as a strong increase in new jobs and a smaller rise in inflation. Core inflation (i.e. inflation excluding developments in energy and food prices) actually declined.
The European Central Bank left its policy rate unchanged for the fifth consecutive time. Inflation in the eurozone fell to its lowest level since September 2024, partly due to the strength of the euro. Growth in the eurozone was higher than expected.
The US Supreme Court ruled that the import tariffs were largely unlawful. According to the Court, President Trump requires approval from Congress to impose such tariffs. Oil prices rose towards the end of the month as geopolitical tensions in the Middle East escalated.
From Saturday, 28 February, Israel and the United States have been carrying out strikes on Iran. The conflict is causing turmoil in the financial markets. Energy prices increased, fuelling concerns about rising inflation. Equity prices and bond prices fell. As a result, the pension fund’s funding level decreased by around 1.5 percentage points in the first week of March.
There is currently considerable uncertainty about the duration and further impact of the war. If the conflict continues for a longer period, the effects may also persist for longer, with consequences for inflation and growth (stagflation). If the war proves to be short-lived, and especially if the disruption to energy supplies ends quickly, the impact may be more limited and energy prices could fall again.
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 Q4 | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 | 2023 |
| Funding level | 129.8% | 126.5% | 123.7% | 120.9% | 117.1% | 117.4% |
| Policy funding level | 124.0% | 121.1% | 120.0% | 120.0% | 119.7% | 123.5% |
| Acturial interest rate | 3.2% | 2.9% | 2.7% | 2.6% | 2.2% | 2.3% |
| Annual return | -2.3% | -1.9% | -2.6% | -3.8% | 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’.