The funding level and the policy funding level are published around the 10th working day of each month.
Funding level on June 30, 2026: 133.3%
Policy funding level on June 30, 2026: 129.2%
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 increased by 0.3 percentage points to 133.3% at the end of June. During June, share markets achieved a positive return and 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.
The stock markets were buoyed by the ongoing rally in AI shares. Quarterly figures generally exceeded expectations, meaning the AI rally is still in full swing. The fact that there are also concerns about a possible AI bubble shows that even strong operating results are not always enough to further improve market sentiment.
In the US, inflation rose to 4.1 per cent on a year-over-year basis in May. Core inflation, excluding energy and food prices, rose to its highest level since October 2023. The US central bank is keeping a close eye on inflation trends. The likelihood of an interest rate increase by the Fed has increased.
In the eurozone, inflation stands at 3.2 per cent, well above the ECB’s target. This prompted the ECB to raise its key interest rate – the first increase in nearly three years.
The provisional agreement on a ceasefire in the conflict between the United States and Iran led to a sharp fall in the price of oil.
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’.