The actual funding ratio fell slightly in the past month: from 124.4% to 124.2%. As the return on investments was positive, the invested capital increased. Interest rates fell as of the end of November, which caused an increase in provisions. On balance, this caused a slight decrease in the funding ratio. The 8.73% surcharge is effective from 1 January 2023 and will be reflected in the funding ratio from December 2022. 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 November, 2022 is 124.2%
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 November, 2022 is 122.1%
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.