The funding level and the policy funding level are published around the 10th working day of each month.
Funding level on April 30, 2026: 131.5%
Policy funding level on April 30, 2026: 127.5%
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 funding ratio of the pension fund increased by 3.8 percentage points in April, reaching 131.5% at the end of the month. During April, share markets achieved a positive return. Interest rates rose, which had a positive effect on the funding level as the pension fund does not hedge part of the interest rate risk. On balance, the funding level result was positive.
In early April, the United States and Iran reached a provisional two-week ceasefire, temporarily averting a direct escalation in the Middle East. Initially, Iran also pledged to keep the Strait of Hormuz open for commercial shipping for as long as the ceasefire held. However, this pledge was withdrawn after a few days. Financial markets responded positively. Share markets rose and oil and gas prices initially fell. Towards the end of the month, however, oil and gas prices increased again, partly due to the lack of progress in negotiations between the United States and Iran. Share markets, however, maintained their upward trend. The S&P 500 even climbed back above its pre-war level and reached a new record high.
The main driver of the positive sentiment in share markets was the publication of corporate earnings. Semiconductor companies in particular reported strong results, leading to significant increases in their share prices. Share prices of energy companies also rose due to higher oil prices. Shares in emerging markets showed the strongest gains.
There continues to be a great deal of uncertainty about the duration and further impact of the war. If the war continues for a longer period of time, the consequences may persist longer and impact inflation and growth (stagflation). If the war turns out to be of short duration, and especially if the disruption of the energy supply quickly comes to an end, the impact could turn out better than expected and energy prices could drop 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 | 2026 Q1 | 2025 | 2024 | 2023 |
| Funding level | 127.7% | 129.8% | 117.1% | 117.4% |
| Policy funding level | 126.4% | 124.0% | 119.7% | 123.5% |
| Acturial interest rate | 3.0% | 3.2% | 2.2% | 2.3% |
| Annual return | 1.0% | -2.3% | 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’.