How we invest sustainably
Zwitserleven has a sustainable investment policy. Below is a brief description of how this works in practice.
First, we investigate whether companies may cause serious harm to people or the environment. We also check if they violate international agreements on human rights and labor rights. We only invest in companies after confirming that they comply with these criteria.
Second, we assess whether companies are, in our view, capable of transitioning to a sustainable business model. This means, for example, that they aim to operate fully climate-neutral by 2050 and no longer contribute to deforestation. You can read more about the criteria we evaluate and how this is done in our sustainable investment policy.
If we believe companies can transition to a sustainable business model, we engage in dialogue with them. For example, we discuss whether they need additional support, motivation, or incentives. You can read more about this below.
Third, we select companies that make a positive contribution to sustainability. This could include solutions to combat climate change or efforts to address other social issues.
We also work with partners who assist us in implementing our sustainability policy, depending on the type of investment.
Do you want to learn more? Read about it in our investment policy
Engaging with companies we invest in
If necessary, we engage with the companies we invest in to address specific issues. We, or our partners, can vote, ask questions, or submit proposals at shareholders' meetings. Engaging with companies is referred to as ‘engagement.’ All the aforementioned activities (voting, asking questions, submitting proposals, and engaging) are collectively referred to as ‘stewardship.’ When initiating stewardship activities, we set clear goals and milestones. This includes topics such as energy transition, social inclusion, and responsible governance. We then monitor these companies to check if sufficient progress is being made. If not, we address the decisions made or the lack of progress. You can learn more about this in our Stewardship Policy.
For example, in 2024, we engaged with several companies regarding their role in the energy transition. Through our fund manager Cardano, we influenced a large European utility company. We encouraged this company to tighten its CO₂ reduction targets and report progress more transparently. You can read more about this in the quarterly reports, which also include concrete examples.
View the investments
We continuously assess the investments in our portfolio, aiming to review each investment at least once a year. We share the results of our sustainability policy with our customers, and you can also find them here.
Sustainable investing within our products
The specific investment policy and its implementation depend on the type of pension product. Your employer decides which investment options are available. For defined contribution plans, your employer can choose HorizonBeleggen or Dynamisch Beleggen. Additionally, your employer may decide whether ProfielBeleggen and VrijBeleggen are also available to you. Are you retiring? And do you choose a Variabel Pensioen? Then a portion of your pension capital will continue to be invested.
Below, you can read how sustainability is incorporated into each of these products.
Not sure which type of product you have? Visit MijnZwitserleven to find more details about your pension product.
HorizonBeleggen
Sustainability ambition per fund
The overview below lists the funds and their sustainability ambitions.. Each fund contributes through its investments to the overall sustainability ambition of the pension scheme. A sustainability report is available for each fund. Whether these reports are relevant to a participant depends on their standard retirement date. The funds in the overview link to all the information about the fund. The sustainability reports are annexes to the prospectus. Through the overview with links to the funds, you can also find more information under Documents/Sustainability Information about, for example, methodologies, data sources, data processing, and due diligence.
For example, below you can see that up to 12 years before your standard retirement date, 73.1% is invested in the Zwitserleven Wereld Aandelenfonds. The Zwitserleven Wereld Aandelenfonds predominantly invests in sustainable index funds and also in an actively managed, sustainable global equity fund. To reduce investment risks, the investment in the Zwitserleven Wereld Aandelenfonds gradually decreases as a participant approaches retirement. The proportion of Zwitserleven Duration funds increases, thereby raising their share in the sustainability ambitions of the participant's investments. Investments in the Zwitserleven Duration funds mainly consist of bonds, money market instruments, and derivatives. While these specific investments promote ES characteristics, they are less suited for pursuing sustainable investment objectives. Therefore, the overall level of sustainability may decrease as a result.
You can review this in the overview below:
Sustainability ambition of funds in HorizonBeleggen
Currently, the following Zwitserleven funds promote ecological and social sustainability characteristics (ES characteristics):
| Investment Fund | Share in HorizonBeleggen Neutral Profile |
|---|---|
| Zwitserleven Wereld Aandelenfonds | Up to 12 years before pension target date: 73.1%. Gradually reduced to 24.6% for standard fixed pension and to 41.2% for standard variable pension. |
| Zwitserleven Selectie Fonds | Up to 12 years before pension target date: 14.9%. Gradually reduced to 5.4% for standard fixed pension and to 9.1% for standard variable pension. |
| Zwitserleven Duration funds |
This category consists of the following funds:
Up to 12 years before pension target date: 0.0%. Gradually increased to 58.0% for standard fixed pension and 37.7% for standard variable pension. |
| Zwitserleven Credits Hypotheken Mixfonds | Up to pension target date: 12.0% for both standard fixed and standard variable pensions. |
ProfielBeleggen
With ProfielBeleggen (‘Profile Investing’), you can invest in five different lifecycles: Conservative, Defensive, Neutral, Ambitious and Offensive.
Currently, the following Zwitserleven funds promote ecological and social sustainability characteristics (ES characteristics). Below you can review the share of the sustainability ambition in the pension investments for each investment profile.
For the Neutral lifecycle, the allocation of Zwitserleven funds is identical to the distribution for HorizonBeleggen. The other lifecycles have a different asset mix.
Sustainability ambition share for the Neutral profile
| Investment Fund | Share in Neutral Profile |
|---|---|
| Zwitserleven Wereld Aandelenfonds | Until 12 years before the standard retirement date: 73.1%. Gradually reduced to 24.6% for standard fixed pension and to 41.2% for standard variable pension. |
| Zwitserleven Selectie Fonds | Until 12 years before the standard retirement date: 14.9%. Gradually reduced to 5.4% for standard fixed pension and to 9.1% for standard variable pension. |
| Zwitserleven Duration funds |
Consists of the following funds:
Until 12 years before the standard retirement date: 0.0%. Gradually increased to 58.0% for standard fixed pension and 37.7% for standard variable pension. |
| Zwitserleven Credits Hypotheken Mixfonds | Up to pension target date: 12.0% for both standard fixed and standard variable pensions. |
You can see this in the charts below:
Sustainability ambition share for the Conservative profile
For Conservative, investments are made earlier in Zwitserleven Duration funds. This means that the sustainability reports of these funds are already relevant to the sustainability ambitions of this lifecycle starting 18 years before the pension target date.
| Investment Fund | Share in Conservative Profile |
|---|---|
| Zwitserleven Wereld Aandelenfonds | Up to 18 years before the standard retirement date: 73.1%. Gradually reduced to 0.0%. This final percentage may be higher if the participant chooses to prepare for a variable pension income, depending on the extent of this choice. |
| Zwitserleven Selectie Fonds | Up to 18 years before the standard retirement date: 14.9%. Gradually reduced to 0.0%. This final percentage may be higher if the participant chooses to prepare for a variable pension income, depending on the extent of this choice. |
| Zwitserleven Duration funds |
Consists of the following funds:
Up to 18 years before the standard retirement date: 0.0%. Gradually increased to 88.0% for standard fixed pension. If the participant chooses to prepare for a variable pension income, the percentage depends on the extent of that choice. |
| Zwitserleven Credits Hypotheken Mixfonds | Up to pension target date: 12.0%. |
You can see this in the chart below:
Sustainability ambition share for the Defensive profile
For Defensive, investments are made earlier in Zwitserleven Duration funds. This means that the sustainability reports of these funds are already relevant to the sustainability ambitions of this lifecycle starting 15 years before the pension target date.
| Investment Fund | Share in Defensive Profile |
|---|---|
| Zwitserleven Wereld Aandelenfonds | Up to 15 years before the standard retirement date: 73.1%. Gradually reduced to 10.9%. This final percentage may be higher if the participant chooses to prepare for a variable pension income, depending on the extent of this choice. |
| Zwitserleven Selectie Fonds | Up to 15 years before the standard retirement date: 14.9%. Gradually reduced to 4.1%. This final percentage may be higher if the participant chooses to prepare for a variable pension income, depending on the extent of this choice. |
| Zwitserleven Duration funds |
Consists of the following funds:
Up to 15 years before the standard retirement date: 0.0%. Gradually increased to 73.0% for standard fixed pension. If the participant chooses to prepare for a variable pension income, the percentage depends on the extent of that choice. |
| Zwitserleven Credits Hypotheken Mixfonds | Up to pension target date: 12.0%. |
You can see this in the chart below:
Sustainability ambition share for the Ambitious profile
For the Ambitious lifecycle, investments are switched later to Zwitserleven Duration funds. As a result, the sustainability reports for those funds become relevant to the lifecycle sustainability ambitions only starting 10 years before the pension target date.
| Investment Fund | Share in Ambitious Profile |
|---|---|
| Zwitserleven Wereld Aandelenfonds | Up to 10 years before the standard retirement date: 77.3%. Gradually reduced to 26.6%. This final percentage may be higher if the participant chooses to prepare for a variable pension income, depending on the extent of this choice. |
| Zwitserleven Selectie Fonds | Up to 10 years before the standard retirement date: 14.7%. Gradually reduced to 8.3%. This final percentage may be higher if the participant chooses to prepare for a variable pension income, depending on the extent of this choice. |
| Zwitserleven Duration funds |
Consists of the following funds:
Up to 10 years before the standard retirement date: 0.0%. Gradually increased to 57.1% for standard fixed pension. If the participant chooses to prepare for a variable pension income, the percentage depends on the extent of that choice. |
| Zwitserleven Credits Hypotheken Mixfonds | Up to pension target date: 8.0%. |
You can see this in the chart below:
Sustainability ambition share for the Offensive profile
For the Offensive lifecycle, investments are switched later to Zwitserleven Duration funds. As a result, the sustainability reports for those funds become relevant to the lifecycle sustainability ambitions only starting 8 years before the pension target date.
| Investment Fund | Share in Offensive Profile |
|---|---|
| Zwitserleven Wereld Aandelenfonds | Up to 8 years before the standard retirement date: 80.5%. Gradually reduced to 30.1%. This final percentage may be higher if the participant chooses to prepare for a variable pension income, depending on the extent of this choice. |
| Zwitserleven Selectie Fonds | Up to 8 years before the standard retirement date: 14.5%. Gradually reduced to 9.9%. This final percentage may be higher if the participant chooses to prepare for a variable pension income, depending on the extent of this choice. |
| Zwitserleven Long Duration Fonds |
Consists of the following funds:
Up to 8 years before the standard retirement date: 0.0%. Gradually increased to 55.0% for standard fixed pension. If the participant chooses to prepare for a variable pension income, the percentage depends on the extent of that choice. |
| Zwitserleven Credits Hypotheken Mixfonds | Up to pension target date: 5.0%. |
You can see this in the chart below:
How do we work towards sustainable investments?
Cardano, as the fund manager of the Zwitserleven funds, applies its sustainability policy (in English) to the funds and assesses whether the companies, governments, and institutions in which investments are made comply with the environmental, social, or governance (ESG) principles outlined in that policy.
To meet our sustainability goals, the fund manager uses:
- ESG scores
- Exclusion policy
- Engagement policy
- Voting policy at shareholders' meetings
The sustainability reports of the funds explain how and to what extent the investments of the funds are environmentally sustainable and how they contribute to the following environmental objectives:
- Climate change mitigation
- Climate change adaptation
- Sustainable use and protection of water and marine resources
- The transition to a circular economy
- Pollution prevention and control
- Protection and restoration of biodiversity and ecosystems
The investments in the funds that the fund manager designates as environmentally sustainable contribute to one of the six environmental objectives mentioned in European regulations. These investments must not significantly harm any of the other environmental objectives at the same time. This is referred to as the ‘do no significant harm’ principle. The ‘do no significant harm’ principle applies only to the underlying investments of the financial product (the investment fund) that consider the EU criteria for environmentally sustainable economic activities. The underlying investments of the remaining part of this financial product do not consider the EU criteria for environmentally sustainable economic activities.
VrijBeleggen
With the VrijBeleggen investment option, the participant is personally responsible for composing their portfolio. We determine the investment profile based on the questionnaire they complete. The participant is allowed to deviate from the recommended investment profile when selecting their investments.
Within VrijBeleggen, participants can choose from other Zwitserleven funds that differ from those included in HorizonBeleggen, DynamischBeleggen, and ProfielBeleggen. VrijBeleggen also offers options to invest in ASN, BNP Paribas, Vanguard funds, and iShares by Blackrock.
A complete list of all available funds, along with their sustainability ambitions, can be found in the overview below. The sustainability ambition is also determined by the participant's fund selection. Only if the participant chooses investment funds that promote ecological and/or social characteristics or have a sustainable objective, and continuously invests in one or more of these funds throughout the period, can a pension scheme with VrijBeleggen be considered a product that promotes ecological and/or social characteristics.
Sustainability ambitions of funds in VrijBeleggen
Information about the funds
Read below for more information about the Zwitserleven funds, ASN funds, Vanguard funds, and the iShares by BlackRock.
Zwitserleven funds
Zwitserleven funds are managed by Cardano. Cardano has outlined ESG principles in its Sustainable Investment Policy. For all Zwitserleven funds, Cardano assesses whether the businesses, governments, and institutions being invested in comply with the ESG principles. Based on this, Cardano classifies the funds as either responsible or sustainable funds.
In funds that invest responsibly, minimum standards for behavior are set and/or limited sustainability objectives are defined. For the sustainable funds, in addition to financial objectives, strict sustainability goals are formulated.
In the prospectus of Zwitserleven Investment Funds, Chapter 11 indicates for each fund whether it qualifies as a sustainable fund.
The Zwitserleven funds that participants can choose from in VrijBeleggen are predominantly funds that promote sustainability characteristics. One fund has sustainable investing as its objective.
ASN funds
ASN excludes sustainability risks as much as possible in its funds. They do this exclusively through positive selection. This means that ASN only selects approved countries and companies to invest in. For the selection process, ASN has an extensive policy and protocol. This aligns with international views on sustainability and treaties, such as the United Nations' Sustainable Development Goals (SDGs). ASN publishes which companies, institutions, and countries are approved per fund and explains why. ASN’s funds qualify as funds that have sustainable investments as their objective. Read more about this on the ASN website.
Vanguard funds
Vanguard is the fund manager for Zwitserleven’s (PPI) Vanguard funds. For the funds available under VrijBeleggen, Vanguard does not apply any policies or processes that take sustainability risks into account. These funds do not promote sustainability characteristics and do not aim for sustainable investments. However, Vanguard does publish a factsheet with ESG information about these funds. You can read more about it on Vanguard's website.
iShares of BlackRock
BlackRock is the fund manager of iShares. BlackRock does not apply any policies or processes that take sustainability risks into account in the fund available for VrijBeleggen. The Zwitserleven PPI iShares Government Bond Index Fund does not promote sustainability characteristics and does not aim for sustainable investments. However, BlackRock does publish a factsheet with ESG information about this fund. You can read more about it on the Zwitserleven PPI iShares Government Bond Index Fund and on the BlackRock website.
Sustainability Risks and the Impact on Returns for HorizonBeleggen, DynamischBeleggen, and ProfielBeleggen
We are pleased to provide you with more insight into how Cardano incorporates (integrates) sustainability risks into investment decisions, and the effect this has on expected returns. A sustainability risk is an event or circumstance related to ESG factors that may potentially have a (negative) impact on the investment value. Cardano assesses whether there are sustainability risks associated with the companies or institutions in which the Zwitserleven funds invest. For example, if these companies or institutions handle sustainability aspects irresponsibly or carelessly.
Cardano measures sustainability risks based on data from independent data providers and Value at Risk data related to climate risks. Cardano examines these risks at the level of individual companies or sectors, as well as the sustainability risks that may occur in specific countries or regions.
The main sustainability risks are related to:
- Production, distribution, and use of fossil fuels
- Management of chemicals and waste, land use, water use
- Physical effects of climate change and extreme weather events
- Behavior and integrity of organizations
- Irresponsible treatment of employees and stakeholders of a company or institution (e.g., customers, local communities)
- These risks can reduce the returns of the Zwitserleven funds.
You can find more detailed information about this in the prospectus of Zwitserleven Investment Funds. Chapter 8.6 contains general information about sustainability risks, and Chapter 11 provides information on specific funds and the potential effects on returns. For the funds in HorizonBeleggen, DynamischBeleggen, and ProfielBeleggen, this information from the prospectuses is consolidated in the overview of sustainability risks for HorizonBeleggen, DynamischBeleggen, and ProfielBeleggen.
How Does Cardano Integrate Sustainability Risks into Its Investment Policy?
Cardano evaluates whether companies, governments, and institutions in which Zwitserleven funds invest comply with ESG principles. This is done using its fundamental investment principles and material sustainability drivers.
Do companies, governments, and institutions demonstrate that they can manage key sustainability risks and/or seize sustainability opportunities? The extent to which they demonstrate this determines their classification within Cardano's sustainability framework. This classification determines whether the responsible, sustainable, or impact funds are allowed to invest in these companies, governments, and institutions. Responsible, sustainable, or impact is a scale that highlights the increasing focus on sustainability.
- Funds that invest responsibly impose minimum behavioral requirements and/or formulate limited sustainability goals.
- Sustainable funds define strict sustainability goals in addition to financial objectives.
- Impact funds have an additional aim beyond financial objectives and strict sustainability goals. They create demonstrable positive social added value in line with the UN's sustainable development goals.
Instruments
To ensure that the investment policy of the Zwitserleven funds meets ES characteristics, Cardano applies several instruments. These instruments are also used in funds that aim for sustainable investments. The instruments are:
- Exclusion policy
- Use of ESG scores
- Engagement policy
- Voting policy at shareholders' meetings
In the prospectus of Zwitserleven Investment Funds, you can see in Chapter 11 per fund whether it is a responsible, sustainable, or impact fund. It also details the minimum requirements, strict sustainability goals, and the measurable positive social added value pursued.
In Chapters 4.2, 4.2.3, 4.3, and 4.4, you can read more about the exclusion policy, the use of ESG scores, the engagement policy, and the voting policy at shareholders' meetings. This is the current list of companies excluded by Cardano. The excluded government bonds and the reasons for their exclusion are listed in this list.
You can find Cardano's ESG scoring policy for companies here. There is also a current overview of ongoing engagement dialogues. Here, you can also find the voting policy and a regional explanation.
View Cardano’s quarterly responsible investment report on the Cardano website under Sustainability Reports.
Sustainability Risks and the Impact on Returns for VrijBeleggen
The extent to which sustainability risks are considered in VrijBeleggen is determined by the fund manager of the funds selected in VrijBeleggen.
For the Zwitserleven funds, Cardano takes sustainability risks into account in the same manner as previously outlined for HorizonBeleggen, DynamischBeleggen, and ProfielBeleggen. For the investment funds managed by ASN Impact Investors (ASN funds), BNP Paribas, Vanguard, and BlackRock (iShares), you can find information on this in the prospectuses of these investment funds. These prospectuses can be found above under VrijBeleggen in the overview of fund names.
Adverse Effects on Sustainability in HorizonBeleggen, DynamischBeleggen, and ProfielBeleggen
In HorizonBeleggen, DynamischBeleggen, and ProfielBeleggen, the main adverse effects on sustainability factors are taken into account, including the negative sustainability impacts of investment decisions. Sustainability factors include ecological, social, and employment matters, the respect for human rights, and the fight against corruption and bribery. We aim to mitigate the principal adverse effects of investments within the pension scheme for HorizonBeleggen, DynamischBeleggen, and ProfielBeleggen. Cardano, as the manager of the Zwitserleven funds, has established sustainability policies aligned with various international treaties and best practices, such as:
- the UN Global Compact,
- the UN Guiding Principles on Business and Human Rights, and
- the OECD Guidelines for Multinational Enterprises
As the manager of the Zwitserleven funds, Cardano applies instruments such as exclusion, screening/selection, engagement, and the exercise of voting rights. Furthermore, we collect information on the "principal adverse effects" indicators as defined in European regulations. This provides insight into the impact of investments on greenhouse gas emissions, biodiversity, water resources, waste, social issues, and working conditions. Through the annual uniform pension statement, it is possible to review how this was addressed during the financial year, including quantitative data where available.
Adverse Effects on Sustainability in VrijBeleggen
The extent to which the main adverse effects on sustainability factors are considered in VrijBeleggen is determined by the fund manager of the funds selected in VrijBeleggen.
For the Zwitserleven funds, Cardano takes the main adverse effects into account in the same way as previously outlined for HorizonBeleggen, DynamischBeleggen, and ProfielBeleggen. For the investment funds managed by ASN Impact Investors (ASN funds), BNP Paribas, Vanguard, and BlackRock (iShares), you can find information on this in the prospectuses of these investment funds.
Adverse Effects on Sustainability for Zwitserleven as an Entity
The brand and trade name Zwitserleven is used by the life insurance company SRLEV N.V. and by Zwitserleven PPI N.V. At the entity level, meaning for SRLEV N.V. and Zwitserleven PPI N.V., we also provide information on how the main adverse effects are taken into account. This information differs in some respects between SRLEV N.V. and Zwitserleven PPI N.V.
This website text was last modified on June 15, 2026.