PGGM Investments


New pension agreement


Ready for the future

PGGM Investments is facing major challenges. In a market in which digital developments follow each other at a rapid speed, consumers’ wishes and expectations are also changing. Only the very best service is good enough. To be able to keep pace with the changing market and changing client needs, and be able to add value for our stakeholders in the long term as well, we need to set up our organisation accordingly. We do this by making the most of the opportunities and possibilities offered by new technologies. By investing in the growth and development of our people and optimising our processes and digital systems. 


The impact of the
new pension agreement

As part of the Pension Federation, PGGM Investments provided input during the first half of 2020 for the outline memorandum on the new pension contract. In this, we focused on possible implementation consequences of the new pension contract and provided input on the desired elaboration of the pension contract for our clients.

Impact on our clients’ investment policy

We see that the main points of the new pension agreement will in all likelihood have a material impact on our clients' investment policy. Because of the emphasis on personal entitlements, we expect a shift from managing risk to achieving return. Normally, risk was weighed against return in strategic investment decisions, risks were minimised with a particular return expectation.

Impact on
business operations

We expect that the transition to the new pension scheme will have a limited impact on the business operations at PGGM Investments. After the publication of the definitive outline memorandum, the possible implementation consequences of the new pension contract and the Premium Schemes (Improvements) Act (WVP) were extensively analysed, …


At the same time, we must be careful not to get ahead of things. Despite the new Pension Agreement, there is still a great deal of uncertainty about the effects for our clients’ investment policy. The contours of the new system are clear, but a great deal still has to be worked out in detail. Pension funds will, in turn, make a number of choices when it comes to, for example, the form of the new contract and how the investment policy is shaped.

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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