In the past month the (actual) funding ratio rose from 122.2% to 125.3%. As the return on investments was negative, the invested capital decreased. As of the end of April, the interest rate has increased which resulted in a decrease in provisions. However, the decline of the invested capital was less than the decrease in provisions, so on balance the funding ratio has increased. Provisions refer to the money that the pension fund must reserve to be able to pay all future pensions.

The actual funding ratio as of April, 2022 is 125.3%
The actual funding ratio is the funding ratio measured at the end of the month. This funding ratio immediately shows the consequences of financial developments and can therefore fluctuate significantly, as shown in the chart below.

Development of the actual funding ratio over the past 12 months

The policy funding ratio as of April, 2022 is 115.1%
The policy funding ratio is the average of the last 12 actual funding ratios. The policy funding ratio is the most important funding ratio. Policy decisions on indexation and curtailment of your pension are based on this funding ratio. By using an average, this funding ratio shows less fluctuations than the actual funding ratio.

Development of the policy funding ratio over the past 12 months