Policy ratios
Funding ratios
The funding ratio reflects the pension fund’s financial situation. It is the ratio between the fund’s assets and the pension commitments. A funding ratio of 100% implies that the assets are at the same level as the pension commitments. The higher the funding ratio, the healthier the fund.
When calculating the funding ratio, Heineken’s subordinated loan is valued at the market value and indicated as equity capital up to a maximum of 50% of the total equity capital or the minimum equity capital, whichever is the lowest.
The current funding ratio
The current funding ratio denotes the ratio between the HPF’s commitments and assets at a given time.
The policy funding ratio
The policy funding ratio is based on the average funding ratio over the past 12 months.
Pension commitments
The pension commitments are determined by the Board at the close of each calendar year and published in the Annual Report. The pension commitments are estimated throughout the year.
The pension commitments decrease when interest rates increase. With a higher interest rate, you have to reserve less capital in order to be able to meet the pension obligations in the future. This can also be seen in the higher funding ratio.
The current funding ratio over the last 12 months*
| Month | Funding ratio |
| January 2023 | 126.8% |
| December 2022 | 128.9%** |
| November 2022 | 144,4% |
| October 2022 | 152.2% |
| September 2022 | 149,4% |
| August 2022 | 144,6% |
| July 2022 | 133.5% |
| June 2022 | 145.5% |
| May 2022 | 143.0% |
| April 2022 | 140.5% |
| March 2022 | 131.2% |
| February 2022 | 121.5% |
| Policy funding ratio (average 12 months) | 138.5% |
* Due to circumstances, adjustments to the funding ratio may take place afterwards in order to calculate a correct policy funding ratio. For example, we have investment funds where we receive the valuation later. These will then be incorporated into the funding ratio with retroactive effect.
In addition to the valuation of some investment funds, the adjustment of the new AG mortality table was also retroactively processed in September 2022. In order to maintain a connection between the current funding ratios and the policy funding ratio, we adjust the current funding ratios on the website.
** The indexation of 14.33% has been incorporated in the technical provision on 31-12-2022. Without this indexation, the funding ratio would have been 18.5% higher.