The funding level and the policy funding level are published around the 10th working day of each month.
Funding level on July 31, 2026: 136.2%
Policy funding level on July 31, 2026: 130.2%
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 2.9 percentage points to 136.2% at the end of July. During July, equity markets achieved a negative return and interest rates rose, which had a positive effect on the funding level since SPF hedges part of the interest rate risk. On balance, the funding level result was positive.
Oil prices rose following mounting tensions between the United States and Iran. The US government announced new import tariffs of between 10 and 25 per cent on goods from around 60 countries. Stock markets presented a mixed picture in July. US stock markets fell, as did stock markets in emerging economies, while stock markets in Europe and the Pacific rose.
The European Central Bank (ECB) maintained its key interest rate at 2.25%. Whether the ECB raises its policy rate in September partly depends how rising oil prices impact inflation expectations.
US inflation fell slightly. The consumer price index was 3.5 per cent year-on-year in June, whilst producer prices fell by 0.3 per cent. The likelihood of the US central bank increasing interest rates has decreased.
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’.