Improved lifecycles.
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Improved lifecycles.

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We invest the pension contributions in accordance with our sustainable investment policy. We thus contribute to a better world and strive to provide participants with the best possible pension, at a responsible degree of risk. We are adjusting the lifecycles in our HorizonBeleggen and ProfielBeleggen investment forms in November 2022. Our reasons for doing this and the implications for participants are explained here.

Study of the relationship between risk and return

We regularly assess the relationship between investment risk and return in all the lifecycles together with an independent adviser. If this shows that the lifecycles can be improved, we make the necessary adjustments. We do this to ensure the quality and performance of the lifecycles.

New in the lifecycles

The study showed that we can improve the expected return and sustainability of lifecycles by adding new mutual funds and adjusting the course of the lifecycles. This will include taking a limited interest in microfinance. This fund provides loans to micro, small and medium-sized enterprises in developing countries and emerging economies. This is a unique addition to lifecycles and one of the improvements we are implementing in November. It will also take a stake in a fund that invests in Dutch mortgages.

The changes at a glance:

  • The lifecycle will be expanded to include the asset classes of microfinance and mortgages.
  • In the risk reduction phase, we are adding the Ultra Long Duration fund.
  • The reduction of investment risk will start earlier or later, depending on the chosen investor profile.

The investments in mortgages and microfinance offer better risk diversification, while the Ultra Long Duration fund offers even better protection against interest-rate movements. The addition of microfinance also improves the sustainability of the lifecycle.

Investment risk reduction in HorizonBeleggen and ProfielBeleggen

Currently, in all lifecycles, risk reduction begins 15 years before the retirement date. This will change: the point at which we will start to reduce your investment risk will depend on your investment form and your investor profile.


In the HorizonBeleggen investment form, we invest in the lifecycle with the Neutral profile. After the change, we will start reducing your investment risk from 12 years before your retirement date. This used to be 15 years before the retirement date.


In the ProfielBeleggen investment form, we invest in the lifecycle that corresponds to the participant’s chosen investor profile. After the change, the point at which we start to reduce your investment risk will also change. This used to be 15 years before the retirement date. After the change, this will depend on the investor profile.

Investor profile  Start of risk reduction
Conservative 18 years before retirement date
Defensive 15 years before retirement date (unchanged)
Neutral 12 years before retirement date
Ambitious 10 years before retirement date
Offensive 8 years before retirement date

Risk reduction will start later for the Neutral, Ambitious and Offensive investor profiles. This means we will invest in equity funds for longer. This will be offset by better risk diversification. If a participant is already in the risk reduction phase of the Neutral, Ambitious or Offensive profile, the change will lead to a greater reallocation of their accrued capital, because the participant is already in the risk reduction phase in the current lifecycle and risk reduction will now start later in the new lifecycle. No action is needed by the participant for this, but a participant can always reset their investor profile or choose a different investment form in MijnZwitserleven.

Risk reduction will begin earlier for the Conservative investor profile. This may also cause a greater change in accrued capital if the participant is now close to the current reduction phase.

Small change in investment charges

As we are changing the allocation and adding new funds, there will be minor changes to the fund charges. The fund charges will increase by an average of 0.01% a year. This is amply compensated for by the higher expected final pensions.

Participants will receive notification from us

From mid-October, participants will receive a letter from us in MijnZwitserleven or by surface mail.

This article is published on 04 October 2022

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