In the past month, the (actual) funding ratio rose from 119.3% to 119.8%. As the return on investments was positive, the invested capital increased. In November, the interest rate has decreased which resulted in an increase in provisions. The board's decision to increase pensions by 0.12% as of 1 January 2024 has also been included in determining the provisions. On balance, this caused an increase in the funding ratio. Provisions refer to the money that the pension fund must reserve to be able to pay all future pensions.

Financial situaton

The actual funding ratio as of November, 2023 is 119.8%
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, 2023 is 118.1%
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