Sustainability rating SFDR

In the so-called Principal Adverse Indicator Statement (the statement on adverse effects on sustainability), the fund sets out whether and how the adverse indicators prescribed by the regulator (Principal Adverse Indicators or PAIs) and the two voluntary indicators are incorporated into the investment policy. This statement from the fund can be found here: statement of adverse effects. (in Dutch)

The Principal Adverse Impact (PAI) report provides an annual account of the quantitative occurrence of these adverse effects. It is included in the fund’s annual report.

A highly visible and influential element of the regulations is the classification into three categories:

• Article 6 products do not have explicit sustainability objectives and may invest in shares that ESG products exclude, such as those of tobacco companies or coal producers.
• Article 8 (or ‘promoting E&S’) applies where a financial product, in addition to other characteristics, promotes environmental and social characteristics, or a combination of these characteristics, provided that the companies in which it invests adhere to good governance practices.
• Article 9 (or ‘products focused on sustainable investment’) applies to products that are specifically focused on sustainable investment and applies where a financial product has sustainable investment as its objective and an index has been designated as the reference benchmark.

Since early 2023, the pension fund has classified itself as an Article 8 fund. The associated reports were prepared by AF Advisors in 2025. The fund provides a retrospective account of the achievement of its objectives in its annual report. (click here for a more detailed description of SFDR).

Currently, over 93% of the fund’s investments are classified as Article 8 by the managers. This is identical to last year. For the Emerging Markets Local Bonds strategy, for which the fund is currently invested in a PIMCO Article 6 investment fund, alternatives were considered for 2023 and 2025. Although Article 8 funds are available, a switch to other areas (performance and fees) would result in a deterioration. It has therefore been decided not to make any changes.

The fund is closely monitoring the announced review of the SFDR framework, as this may have implications for classifications and reporting requirements in the coming years.