The funding level and the policy funding level are published around the 10th working day of each month.
Funding level on August 31, 2026: 137.2%
Policy funding level on August 31, 2026: 131.1%
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 increased by 1.0 percentage point to 137.2% at the end of August. During August, stock markets achieved a positive 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.
Geopolitical tensions led to higher energy prices. Oil prices rose as a result of the situation in the Strait of Hormuz. The declining prospects of a ceasefire between the United States and Iran and the announcement of new sanctions against Iran also contributed to a tense atmosphere. Inflation expectations rose and interest rates went up.
The expectation that the US central bank will raise the policy rate at its next meeting increased. The European Central Bank, too, signalled that a further interest rate hike may be necessary if inflation remains above its target for longer.
In the United States, attempts were made to ease the pressure on long-term interest rates through plans for additional buybacks of long-term government bonds. However, this had only a short-lived effect. As market parties grew concerned about the high-budget deficits in the United States, the value of the US dollar came under pressure.
Equity-market volatility remains low despite geopolitical tensions and rising energy prices. This sentiment is supported by strong corporate earnings and continued enthusiasm around artificial intelligence.
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 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2024 | 2023 |
| Funding level | 133.3% | 127.7% | 129.8% | 126.5% | 117.1% | 117.4% |
| Policy funding level | 129.2% | 126.4% | 124.0% | 121.1% | 119.7% | 123.5% |
| Acturial interest rate | 3.0% | 3.0% | 3.2% | 2.9% | 2.2% | 2.3% |
| Annual return | 6.3% | 1.0% | -2.3% | -1.9% | 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’.