The funding level and the policy funding level are published around the 10th working day of each month.
Funding level on September 30, 2025: 126.5%
Policy funding level on September 30, 2025: 121.1%
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 September by 0.9 percentage points and amounted to 126.5% as at end September. During September, equity markets achieved a positive return. Interest rates fell slightly, which had a negative effect on the funding level due to the fact that the pension fund does not fully hedge part of the interest rate risk. On balance, the funding level result was positive.
Growth in the American economy was adjusted upwards in the second quarter to 3.8% on an annual basis. The American economy thus continues to do surprisingly well, with consumer spending in particular showing an increase.
The picture in Europe is less robust. Industry is shrinking and the Manufacturing Purchasing Managers’ Index decreased, particularly in Germany and France. The picture was similar in the United Kingdom. In France, declining confidence as a consequence of the political situation in the country has not helped.
The US central bank reduced the key interest rate for the first time this year. Although inflation remains above the 2% target, the weakening of the labour market is considered to be a greater threat. Market expectations declined with respect to further interest rate cuts in the United States. The market is currently taking one or two further interest rate cuts into account for this year. The European Central Bank (ECB) did not change its key interest rates for the second consecutive time. According to the ECB President, inflation is moving towards the 2% target, but inflation risks have not yet disappeared. A further interest rate cut seems unlikely until 2026.
Global equities made positive returns in September, with emerging market equities performing particularly well. The price of gold reached a new record high as a consequence of persistent inflationary pressure and concerns about public finances.
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 Q2 | 2025 Q1 | 2024 | 2023 | 2022 | 2021 |
| Funding level | 123.7% | 120.9% | 117.1% | 117.4% | 120.0% | 117.3% |
| Policy funding level | 120.0% | 120.0% | 119.7% | 123.5% | 125.0% | 111.9% |
| Acturial interest rate | 2.7% | 2.6% | 2.2% | 2.3% | 2.6% | 0.6% |
| Annual return | -2.6% | -3.8% | 6.3% | 9.4% | -19.5% | 6.8% |
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’.