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Pensioenfonds Zorg en Welzijn (PFZW)

The Netherlands

PFZW is the pension fund for the healthcare and welfare sector. It is the second largest pension fund in the Netherlands with AUM of €266 billion and over two million members. PFZW’s benefit administration and asset management operations are outsourced to PGGM.

Fund Results

Pensioenfonds Zorg en Welzijn (PFZW)

	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score 55	Rank 55	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank	Score	Rank
Overall	73	7	70	12	62	32	49	49	56	39	37	61	44	54	34	66	30	70	73	7	75	2	71	10	81	1	74	4	68	16	44	54	53	44	57	38	44	54	54	40	44	54	34	66	47	52	44	54	65	23	62	32	67	17	53	44	52	48	65	23	64	27	63	30	54	40	31	68	62	32	35	62	47	52	28	71	23	74	26	72	35	62	31	68	24	73	15	75	69	15	74	4	70	12	65	23	67	17	75	2	54	40	64	27	39	60	40	59	54	40	53	44	58	36	64	27	49	49	74	4	67	17	71	10	62	32	66	21	65	23	70	12	53	44	58	36	48	51	63	30	72	9	67	17	35	62	35	62	66	21
Cost	65	14	60	19	55	29	31	58	54	34	40	50	58	23	53	36	40	50	49	40	63	16	59	21	81	2	70	11	73	8	57	26	79	3	58	23	57	26	59	21	55	29	47	43	63	16	55	29	56	28	40	50	65	14	20	68	45	44	24	65	43	48	26	63	21	67	22	66	54	34	31	58	40	50	26	63	28	62	7	73	9	72	14	70	13	71	6	74	73	8	75	6	89	1	71	10	76	5	78	4	19	69	48	42	29	61	45	44	36	55	44	47	41	49	51	39	39	54	61	18	49	40	66	13	35	56	58	23	45	44	74	7	32	57	60	19	53	36	55	29	68	12	55	29	4	75	31	58	52	38
Governance	83	15	95	2	90	8	80	21	60	46	45	65	59	49	52	55	40	67	92	6	94	4	95	2	97	1	92	6	82	18	30	73	48	61	66	43	46	63	69	38	60	46	46	63	72	32	53	54	93	5	86	13	75	28	70	36	69	38	87	10	67	42	87	10	75	28	49	59	51	56	39	68	63	45	43	66	32	72	12	74	70	36	50	57	34	71	6	75	66	43	73	31	54	53	60	46	78	25	71	33	79	24	83	15	57	50	35	69	49	59	55	52	84	14	78	25	75	28	80	21	81	19	87	10	80	21	77	27	90	8	81	19	71	33	68	40	57	50	50	57	71	33	68	40	35	69	48	61	83	15
Performance	76	14	69	26	60	42	73	18	69	26	27	75	49	61	29	74	43	68	82	8	80	10	68	29	87	4	87	4	73	18	45	65	52	55	77	13	57	49	63	37	55	51	36	71	51	58	69	26	46	64	61	39	70	23	64	36	38	70	70	23	70	23	65	35	61	39	45	65	83	6	45	65	74	17	41	69	35	72	49	61	53	54	59	43	52	55	50	59	61	39	73	18	67	30	63	37	59	43	82	8	50	59	76	14	34	73	48	63	59	43	55	51	59	43	79	11	58	48	75	16	67	30	67	30	72	21	72	21	59	43	66	33	52	55	54	53	57	49	83	6	94	1	89	2	88	3	66	33	79	11
Responsible Investment	78	10	67	25	50	42	20	55	46	44	42	47	15	61	8	66	3	71	77	11	73	17	72	18	71	19	59	38	55	41	48	43	42	47	36	52	20	55	20	55	11	64	9	65	8	66	5	69	74	16	71	19	68	24	65	30	65	30	88	1	83	3	83	3	67	25	14	62	67	25	28	54	18	58	4	70	0	72	39	50	14	62	6	68	0	72	0	72	83	3	83	3	81	7	76	12	62	36	79	9	76	12	58	39	43	46	38	51	67	25	65	30	44	45	42	47	17	60	88	1	81	7	76	12	70	22	67	25	75	15	70	22	64	34	58	39	33	53	71	19	65	30	63	35	18	58	0	72	60	37

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Fund Insights

Canada, The Netherlands lead the way on pension transparency

Canada is a standout in the transparency of pension fund reporting, topping the list of countries for the third year in a row. The top five countries were rounded out by The Netherlands, Australia, Sweden and the United Kingdom.

GPTB 2023: The funds that excelled

The highest scoring funds overall in the 2023 Global Pension Transparency Benchmark were also among the biggest improvers. Both Norway’s Government Pension Fund Global and AustralianSuper increased their scores by 14 points and were the biggest improvers in the top 10. Others included CDPQ, CalPERS, and PFZW.

PFZW nails down costs; economies of scale pay off

Dutch fund PFZW manages to keep a lid on costs which fell to 0.42 per cent of invested capital last year, comfortably below its target of no more than 0.50 per cent of assets. Economies of scale pay off despite private markets accounting for well over three quarters of total.

PGGM’s private equity priorities: Impact, Paris-alignment and co-investment

After four years as CIO at ABP, Diane Griffioen has joined PGGM as head of private equity where her focus is on driving Paris-alignment, impact and co-investment across the €23 billion portfolio.