Two types of funding ratio:

  • the monthly nominal funding ratio, which is the current funding ratio in the month in question;
  • the policy funding ratio, which is the average funding ratio over the past 12 months.


Datum Policy funding ratio monthly funding ratio
July 2023 130,1% 131,5%
June 2023 129,8% 129,4%
May 2023 129,8% 128,8%
April 2023 129,9% 128,2%
March 2023 129.9% 126.2%
February 2023 129.8% 128.8%
January 2023 129.1% 123.4%

The funding ratio is the ratio between the amount of the assets we hold and our pension liabilities. The assets consist of the contributions we receive and the return we generate from our investments. The liabilities are the pensions we have to pay, both now and in the future. The amount of the liabilities depends (among other things) on the level of interest rates and life expectancy.