25 november 2021
Working closely with index provider FTSE Russell and asset manager BlackRock, Pensioenfonds Detailhandel is making its third significant sustainable investment based on UN SDGs, with a EUR 3 billion allocation in the credit market. The custom built FTSE Euro Credit SDG-Aligned Index, which is used as the benchmark for the new passively managed fund, is one of the first of its kind.
The new index is designed to provide a diversified bond benchmark. In 2019 and 2020, the pension fund collaborated with the same partners to introduce indices for developed and emerging market equities portfolios representing a value of over EUR 11 billion. With the EUR 3 billion allocation to the credit market, almost half of the assets under management of Pensioenfonds Detailhandel are now in line with selected SDGs.
Pensioenfonds Detailhandel aims to provide a good pension to its 1.2 million participants and is convinced that responsible investing also means creating long term value. The pension fund encourages the companies in which it invests to deal responsibly with their employees, society and the environment. A recent survey by Maastricht University among the fund’s participants showed that there is great support for making the investment portfolios more sustainable.
The FTSE Euro Credit SDG-Aligned Bond Index measures the performance of fixed-rate, EUR denominated, investment-grade credit bonds, incorporating a tilting methodology that adjusts index weights according to the specified UN’s SDG framework. The SDGs considered most important by the participants of Pensioenfonds Detailhandel are included in this index:
• Decent work and economic growth (SDG 8)
• Responsible consumption and production (SDG 12)
• Climate action (SDG 13)
• Peace, justice and strong institutions (SDG 16)
This results in a benchmark that achieves the following when compared with the market-capitalisation weighted ‘parent’ index for corporate bonds only:
• Carbon emissions reduction 69%
• Green Bond allocation increase 69%
• Fossil Fuel Reserves reduction 62%
Henk van der Kolk, Chairman of Pensioenfonds Detailhandel: “We still have a lot to do, but this is a very positive step: about half of our investment portfolio is now in line with the SDGs.”
Monique Donders, Country Head BlackRock Netherlands: “We are pleased to help Pensioenfonds Detailhandel reach yet another milestone on their journey to link their entire portfolio to SDGs. More robust sustainability data in the fixed income space is allowing asset owners to access more ambitious sustainable credit asset portfolios. The implementation of this SDG-aligned euro credit mandate is one of the first of its kind anywhere. It speaks to their determination to create ground-breaking solutions in order to respond to the specific sustainability priorities of their members.”
Arne Staal, CEO FTSE Russell: “By building a customised benchmark that applies specific UN Sustainable Development Goals to the Euro Credit market, FTSE Russell is continuing its long and cutting-edge partnership with Pensioenfonds Detailhandel. The FTSE Euro Credit SDG-Aligned Bond Index applies a simple and transparent set of criteria that increases the fund’s exposure to bonds issued by companies and sub sovereign entities scoring highly on issues such as decent working conditions, climate action and sustainable consumption and production.
“FTSE Russell is building the next generation of sustainable fixed income indices that meet diverse investment objectives such as climate risk mitigation, ESG screening or alignment with UN SDGs.”
Detailhandel is een BPFv met eind Q2 2021 een belegd vermogen van € 31.319 miljoen waarvan 0% herverzekerd en 0% voor risico deelnemer.
Het fonds heeft een deelnemersbestand met in 2020 310.044 actieve bijdragers en 120.090 pensioengerechtigden. De beleggingen voor risico pensioenfonds hadden in Q2 2021 een rendement van 3%.
Eind Q2 2021 had het fonds een beleidsdekkingsgraad van 109.7% terwijl de vereiste dekkingsgraad op dat moment 118.0% bedroeg. De fiduciair manager van het fonds is BlackRock en de pensioenadministratie wordt uitgevoerd door Capgemini.
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