SSPF ended 2025 with a positive fund result of €549 million. As a result, the fund’s general reserve increased from €6.1 billion to €6.7 billion.

At first glance, this may seem surprising because the total investment return for 2025 was -4.2%. However, that figure does not tell the whole story. Due to the way SSPF hedges its pension liabilities, the fund’s financial position actually improved.

This was also reflected in the funding ratio, which increased from 129% to 135.9%. As a result, SSPF remained financially strong and well prepared for the future.