The funding level and the policy funding level are published around the 10th working day of each month.
Funding level on March 31, 2025: 120.9%
Policy funding level on March 31, 2025: 120.0%
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 rose by 1.1 percentage points to 120.9% at the end of March. During March, equity markets achieved a negative return and interest rates rose, which had a positive effect on the funding level due to the fact that the pension fund hedges part of the interest rate risk. On balance, the funding level result was positive.
The ongoing unrest regarding trade tariffs resulted in a slump in the financial markets in March, with stock prices falling worldwide. Interest rates rose, which also resulted in a fall in bond prices. The prospect of new reciprocal import tariffs being announced on 2 April, dubbed ‘Liberation Day’ by President Trump, did little to boost financial market sentiment.
Economic growth forecasts were adjusted, with economic growth in the United States being adjusted downwards by the OECD. A growth of 2.2% is forecast for this year; 0.2 percentage points lower than forecast previously. Eurozone growth forecasts have also been adjusted downwards. Initially, a growth of 1.3% was forecast for this year but this has been adjusted to 1.0%.
As consumers were concerned about import tariffs and the consequences of these for inflation, consumer confidence fell. The US central bank did not change its key rates. In his explanation, the Federal Reserve Chair emphasised the persistent inflation and the highly uncertain economic outlook.
Financial markets were taken by surprise on 2 April by the magnitude and scope of the import tariffs announced by the Trump administration. The import tariffs are substantial, including 20% on goods from the EU and 54% on goods from China. 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.
The sharp fall in share prices, as well as the fall in the interest rate used to discount the pension fund’s liabilities, resulted in the pension fund’s funding level falling to 117.5% on 4 April, a drop of 3.4 percentage points since the end of March. The funding level on 4 April is actually higher than at the end of December, when this amounted to 117.1%.
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 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
| Funding level | 117.1% | 117.4% | 120.0% | 117.3% | 103.3% | 107.6% |
| Policy funding level | 119.7% | 123.5% | 125.0% | 111.9% | 98.4% | 105.7% |
| Acturial interest rate | 2.2% | 2.3% | 2.6% | 0.6% | 0.2% | 0.7% |
| Annual return | 6.3% | 9.4% | -19.5% | 6.8% | 6.5% | 16.9% |
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’.