The funding level and the policy funding level are published around the 10th working day of each month.
Funding level on January 31, 2026: 130.4%
Policy funding level on January 31, 2026: 125.0%
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 in January by 0.6 percentage points and amounted to 130.4% as at end January. Share markets achieved a positive return in January. 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 US central bank kept key rates steady. The American economy is experiencing robust growth and there are also signs of labour market stability. On the other hand, inflation remains high, mainly due to the effects of import tariffs. However, this is largely considered to be a temporary effect. Robust macroeconomic figures combined with inflation trends have lowered market expectations of further interest rate cuts.
Market volatility initially increased in January, partly due to geopolitical tensions relating to Greenland. President Trump had threatened to acquire Greenland and announced new import tariffs, after which Europe prepared countermeasures. President Trump’s announcement ruling out a military takeover was met with relief by the financial markets, after which shares resumed their upward trend.
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 Q3 | 2025 Q2 | 2025 Q1 | 2024 | 2023 | 2022 |
| Funding level | 126.5% | 123.7% | 120.9% | 117.1% | 117.4% | 120.0% |
| Policy funding level | 121.1% | 120.0% | 120.0% | 119.7% | 123.5% | 125.0% |
| Acturial interest rate | 2.9% | 2.7% | 2.6% | 2.2% | 2.3% | 2.6% |
| Annual return | -1.9% | -2.6% | -3.8% | 6.3% | 9.4% | -19.5% |
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’.