The funding level and the policy funding level are published around the 10th working day of each month.
Funding level on November 30, 2025: 138.0%
Policy funding level on November 30, 2025: 129.2%
The policy funding level is used to make decisions on indexation. The policy funding level is the average of the last twelve months of funding levels.
More about the monthly developments of the funding levels
Funding level development
The pension fund’s funding level increased by 2.6 percentage points in November, amounting to 138.0% at the end of November. During November, share markets achieved a slight positive return. Interest rates rose which had a positive effect on the funding level because Pensioenfonds PDN does not hedge part of the interest rate risk. On balance, the funding level result was positive.
In November, the markets became increasingly convinced that the US central bank would lower its key interest rate in December. This was largely due to the published macroeconomic figures. Consumer confidence fell to its lowest level since April and labour market figures presented a mixed picture. Redundancy numbers and unemployment are rising, while the job creation rate proved better than expected.
The American federal government shutdown came to an end after 43 days; the longest period in American history. High valuations and concerns about whether AI can deliver on its promises are causing increasing nervousness on share markets. While company figures are generally positive, there are increasing concerns about their sustainability.
The Board will continue to monitor developments closely.
Figures for quarterly development of funding level
The table below shows the quarterly funding levels in previous years. The table also shows the interest rate we are obliged operate (the market interest) and the returns.
The quarterly funding level is adjusted a few weeks before the end of each quarter.
| Position at the end | 2025 Q3 | 2025 Q2 | 2025 Q1 | 2024 | 2023 | 2022 |
| Funding level | 133.6% | 129.5% | 126.9% | 122.3% | 120.2% | 123.7% |
| Policy funding level | 127.1% | 125.7% | 125.7% | 124.9% | 127.9% | 127.1% |
| Interest | 2.8% | 2.7% | 2.6% | 2.2% | 2.4% | 2.7% |
| Return up to | 0.8% | -1.1% | -2.3% | 8.6% | 8.7% | -13.8% |
See the menu on the right of the screen for more information about the financial developments.
The funding level is an important yardstick for judging the pension fund’s financial situation. This shows the relationship between Pensioenfonds PDN’s pension assets and Pensioenfonds PDN’s pension obligations, both now and in the future. If the funding level is 110%, for example, then for every €100 Pensioenfonds PDN pays to pensioners (among others), Pensioenfonds PDN has €110 worth of assets at that time.
Figures for annual development of variable net pension benefits
The variable net pension is adjusted annually on the basis of the result achieved in the previous year. This result includes the return achieved on investments, the development of the market interest rate and the result on death within the group of everyone with a variable pension.
| As at end of | 2024 | 2023 | 2022 | 2021 | 2020 |
| Funding level | 103.19% | 99.25% | 109.53% | 113.36% | 96.89% |
| Result | 3.19% | -0.75% | 9.53% | 13.36% | -3.11% |
| Average interest rate | 2.30% | 2.50% | 2.90% | 0.46% | 0.00% |
| Return | 6.70% | 7.37% | -15.83% | 6.46% | 4.40% |
The total positive result achieved for the group in 2024 is 3.19%. Despite the negative result as a result of the lower interest rate in 2024, this result is largely the result of the positive return on investments over 2024. This allows Pensioenfonds PDN to increase the variable pension.
The fund divides the achieved result over 5 years. As a result, based on the result over 2024, the increase in the variable pension over 2025 to 2029 is equal to 0.72% per year.
For more information and figures, see the Brochure 'Indexation’.