“Lower interest rates affect the funding ratio and your pension”
Pension increases are subject to statutory rules and also depend on the funding ratio of our fund. The reference date for deciding whether your pension will be increased is 30 September 2026.
Much depends on the interest rates that pension funds use to discount their future commitments to their present value. Most of the pension payments we need to make lie far in the future. For our pension fund, the 30-year swap rate is the most important interest rate. This declined slightly in the second quarter, from 3.10% to 3.08%.
At the beginning of the quarter, interest rates rose due to high oil and gas prices. Later, interest rates decreased again as tensions in the Middle East eased.
This quarterly report has been carefully prepared. The final figures for 2026 will be published in the anual report. You cannot derive any rights from this report.