Finances
The funding ratio is an important measure of the financial situation of the pension fund. The funding ratio indicates the extent to which the pension assets at a given moment are sufficient to meet all future pension obligations (in particular the pension payouts).
Funding ratio
+12.7% growth
The funding ratio is a measure of SPF's financial position, expressed as a percentage. This percentage represents the ratio between SPF's assets and all financial liabilities, now and in the future. The higher the funding ratio, the more certain it is that SPF can pay out the promised pensions.
Policy funding ratio
+4.3% growth
The policy funding ratio is the average funding ratio over the last 12 months.
Download funding ratio calculation pdf
Download funding ratio calculation pdfBased on the level of this policy funding ratio, it is also determined whether a pension fund is in a deficit situation and must submit a recovery plan to De Nederlandsche Bank. In a recovery plan, a fund indicates how it expects to achieve a higher funding ratio in the coming years. The policy funding ratio determines whether or not indexation is granted.
As of 1 January 2025, SPF was in a reserve deficit (because the policy funding ratio (119.7%) is lower than the required funding ratio (120.0%)) and as a result SPF submitted a recovery plan to DNB in 2025. As of 1 January 2026, SPF no longer had a reserve deficit (because the policy funding ratio (124.0%) is higher than the required funding ratio (119.8%) and therefore SPF does not need to submit a recovery plan in 2026.
Based on the indexation policy, the board decided in 2025 to grant indexation as of 1 January 2026 to active participants and pension beneficiaries as well as former participants, based on the financial situation of the fund as at the end of 2025. The fund grants an indexation of 39.3% of the maximum benchmark. This means an indexation of 1.65% for active participants and an indexation of 1.01% for former participants and pension beneficiaries.
SPF tries to increase the pension of pension beneficiaries and former participants each year in line with price increases and to increase the pension of active participants in line with wage increases. This is SPF's ambition and this is called indexation. This is only possible if the financial situation of the pension fund is good enough.
More information about indexation can be found on the SPF website.
Indexation for pensioners and deferred participants
SPF aims to increase pensions every year and allow them to grow in line with price or wage increases. This is called indexation or granting of supplements.
Indexation for active participants
SPF aims to increase pensions every year and allow them to grow in line with price or wage increases. This is called indexation or granting of supplements.