PGGM Investments

About us

A good pension in a sustainable world


Maximum value creation through excellent execution

Learning organisation




Financial business operations: control of costs


We are PGGM Investments.

A fixed value in health care and welfare. We work for good, affordable and sustainable pensions for the participants of our clients.


At the end of 2020, PGGM Investments managed a total of over €268 billion in assets for its clients. We invest in pursuit of a high and stable return at an acceptable level of risk. Best-in-class asset management is our guiding principle. On behalf of our clients, we invest for the long term. We aim to create long-term value for people and the environment.


Message from the Chief Investment Management

2020: an eventful year in many respects. The major turbulence that 2020 had, with multiple crises in health, the economy, the financial markets and all the social issues that ensued posed very extraordinary challenges for us as an asset managers. It started with the stabilising our clients’ investments during the price declines at the beginning of the pandemic and the rapid switch to home working. Later on this was accompanied by trying to make sense of the long-term impact of the COVID-19 crisis on asset management. We succeeded in the first and are still working on the latter.


Geraldine Leegwater

Geraldine Leegwater, Chief Investment Management PGGM

PGGM Investments as a company

As a pension investor, our clients and their participants are our first priority. To them we offer distinctive service provision and innovative products. PGGM Investments invests the collective pension assets of the participants of the PFZW, BPF Schilders and Smurfit Kappa pension fund and some of the pension assets of Stichting Pensioenfonds Huisartsen, Pensioenfonds Architecten and BPF Beveiligers. The investment policy is determined by our clients, where long-term value creation and good risk management are key. 

Fiduciary management

Through fiduciary management, we support our clients in their role as principal across the board.

Asset management

As asset manager we provide our clients in all investment markets with a solution based on the investing knowledge we have in house or which is also/better available at external managers.

Sustainable investing

We want to be a leading figure in sustainable investing by aiming for long-term value creation. We therefore take into account the impact our investments have on people and the environment.

Our company

Ultimately, our internal specialist investment teams perform the work. More than 427 professionals work at our office in Zeist, or, this year, mainly from home.

Our strategy

We provide a good pension in a liveable world. We add value for our clients by helping them - now and in the future - realise their pension ambitions. It is also our ambition to be and remain the pre-eminent asset manager for the health care and welfare sector through excellent execution. Together with PFZW, we support the financial future of people who work in this sector and contribute towards a healthy and vital sector. 


PGGM Investments has formulated four goals by which we want to realise our ambitions. These goals form the common thread throughout our integrated annual report:

  1. A good pension in a liveable world.
  2. Maximum value creation through excellent execution. 
  3. Learning organisation.
  4. Financial business operations: control of costs.

In dialogue with our stakeholders

We work for our clients: the pension funds and their employers and participants. We also have other important stakeholders. We see our stakeholders as people or groups who are influenced by our actions and who have an influence on our organisation and service provision. We asked our most important stakeholders about their interests and needs. We remain in dialogue with them about the material topics. In our value creation model we express how we create value for our individual stakeholders.

How we create value

The value creation model provides insight into which economic, social and environment-related capitals we use, how PGGM Investments adds value to that and what that yields for our clients, our clients’ participants, our employees and society as a whole.

Business model

Our business model is key in the value creation model. It ties in seamlessly with our vision and value and shows what we do.

Our impact

As one of the biggest pension providers in the Netherlands, with assets under management of over €268 billion, we have a major impact on our environment and society.


With these outputs, we create value. Value for our clients and their participants by investing for them, for the companies and markets in which we invest by enabling them to grow and inspiring them to move in the right direction.


To ensure our business model functions optimally, we need important sources, such as people and a good financial basis.


The activities in our business model have different internal and external outcomes.


Our material topics

In order to safeguard that our policy is properly geared to the requirements and wishes of our most important stakeholders, we created a materiality matrix in 2020. That contains the topics that are of material importance to us and to which our key stakeholders (our clients, peers, employees, NGOs, etc.) attach the most value. The horizontal axis describes what impact PGGM Investments has on a particular topic. The vertical axis refers to the relevance of the topics for our most important stakeholders. The topics at the top right corner are the most material. Read more here about how we determined our material topics.

material matrix

Our clients

During the period under review, PGGM Investments had six pension funds as clients: PFZW, Stichting Pensioenfonds voor Huisartsen (SPH), Stichting Bedrijfstakpensioenfonds voor het Schilders-, Afwerkings- en Glaszetbedrijf (BPF Schilders), Stichting Pensioenfonds Smurfit Kappa Nederland, Stichting Bedrijfstakpensioenfonds voor de Particuliere Beveiliging, and Stichting Pensioenfonds voor de Architectenbureaus (Pensioenfonds Architectenbureaus).

PGGM Investments


31-12-2020 (in mln)  


€ 253,900 

BPF Schilders

€ 8,636 

PF Architecten

€ 3,271 


€ 1,148 

Smurfit Kappa pf

€ 820

BPF Beveiliging

€ 515 

APF Volo*

€ 0 


€ 268,293

* The contract of this client has not been renewed

Our clients’ investment policy

We are the overall manager of the assets of PFZW, the second largest pension fund in the Netherlands. Therefore, PFZW’s investment policy largely determines how we invest. 


Financial return is always the priority. It is our clients’ primary responsibility to provide their participants with a good and affordable pension. However, our clients embrace a sustainable vision on investing and accept a responsibility to contribute positively to this world. They do this from the belief that responsible investing and a good return create value in the long term and as such result in a better ratio of risk to return. As a result of this, clients are willing to make choices in their investment decisions. For example, they do not invest in tobacco products or controversial weapons.

PFZW Investment Policy 2025: a stricter sustainability policy

Harrie Dielen, Manager Investment Strategy: ‘As PFZW’s 2020 investment policy neared its end date, it was time for a follow-up.

Correspondence address


P.O. Box 117
3700 AC Zeist


Visiting address

Noordweg Noord 150
3704 JG Zeist


The original PGGM Investments annual report 2020 and its financial and non-financial statements were drafted in Dutch. This website is an English translation of the original Dutch document. In case of any discrepancies between the English and the Dutch text, the latter will prevail.


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