In the past month the (actual) funding ratio rose from 123.6% to 124.4%. As the return on investments was positive, the invested capital increased. The actuarial principles were adjusted in October. Important issues with this adjustment are the higher life expectations and the higher expense of provisions due the increased inflation. This increased the provisions. At the same time, the interest rates increased at the end of October, resulting in a decrease in the provisions. The increase in the invested capital was greater than the changes to the provisions. This has resulted in an increase of the coverage ratio. Provisions refer to the money that the pension fund has to reserve in order to be able to pay out all pensions in the future.

The actual funding ratio as of October, 2022 is 124.4%
The actual funding ratio is the monthly funding ratio. This ratio may show considerable fluctuations and immediately reflects consequences of financial developments.

Development of the actual funding ratio over the past 12 months

The policy funding ratio as of October, 2022 is 121.0%
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