Yvette Hennen, Risk & Investment Officer: "The Return Module delivered a return of 11.8% in 2025, outperforming its benchmark return of 10.3%. This module is designed at taking on more risk in exchange for a greater potential return (but also a higher risk that returns may be lower than expected)." Leon Verboon, Investment Analyst: "The Return Module is invested primarily in equities. Equities in emerging markets were among the strongest contributors to performance in 2025. Currency hedging also had a positive impact on returns. The result reflects both market performance and the contribution of SNPS’s active investment approach. Not only do they track the market, but they also make their own investment decisions in line with the fund’s policy in order to achieve additional returns."