The work of actually managing the pensions and assets has been outsourced:
- PGGM carries out the pension management
- BlackRock performs the asset management
The pension fund also outsources other work.
Pension administration manager
PGGM carries out the pension management. The pension management contract with PGGM includes a Service Level Agreement (SLA), containing arrangements about the contractual performances for a wide range of processes that PGGM handles for Philips Pensioenfonds. The pension fund receives regular updates on the realisation of the SLA targets. It also meets frequently with PGGM to discuss a variety of ongoing matters.
The pension fund has an Investment Management Agreement (IMA) with BlackRock, which includes specific guidelines and restrictions for its investments. The performances that the asset manager BlackRock realises on the investments are compared against a benchmark established by Philips Pensioenfonds. The pension fund regularly discusses the investment results with the asset manager. It also meets frequently with BlackRock to discuss a variety of ongoing matters.