How we remunerate our people

The employees who work for PGGM Investments are employed by PGGM N.V. and are therefore subject to PGGM N.V.’s remuneration policy. Our remuneration policy is part of the material topic of good employment practices. It is careful, controlled and sustainable and fits with our strategy, risk appetite, cooperative objectives and core values. The interests of the client are key and the long-term interests of PGGM Investments and relevant laws and regulations are taken into account.  

Responsible remuneration policy

We aim for healthy financial business operations, in which we are conscious of our societal responsibility. This is reflected in our remuneration policy, which is transparent and responsible. It is our policy objective to remunerate at the median of the appropriate reference markets. These reference markets are: the Dutch financial services market, the Dutch asset management market and the back- and mid- office market of Dutch asset managers. PGGM Investments benchmarks its internal remuneration levels periodically against these reference markets.  

One-year Variable Income 

We use one-year variable income only for employees working in a front-office position in the investment chain. This type of variable income is capped at 20% of the base salary of an employee. Other employees are not eligible for this type of variable income.

Deferred Variable Income 

In addition to the one-year variable income there is the possibility of granting deferred variable income (DVI) to employees with a front-office position in the investment chain. DVI is a long-term incentive. This is paid out after a multi-year deferral period after the year in which the key performance indicators (KPIs) applicable to attaining the DVI were achieved. No particularities may have arisen since the granting of the DVI which could prompt discussion as to whether the remuneration should still be granted. The to be awarded DVI on an annual basis is kept at 80% of the base salary of an employee. The KPIs for the one-year variable income and DVI must be aligned to the objectives of the clients, PGGM Investments, the business unit and the department, and must be based on at least 50% non-financial criteria. 

Collective Labour Agreement

A CLA pay rise of 2% took place on 1 July 2021. It was agreed with the trade unions in the CLA for 2022 and 2023 that salaries will be collectively increased in July 2022 and July 2023. The pay rise for both 2022 as 2023 will be 2.75%.


Employees who do not receive any form of individual variable income can be awarded a gratuity on account of exceptional dedication and/or performance.

New performance and remuneration philosophy

PGGM Investments revised its performance and remuneration philosophy in 2021. Remunerating in line with the market and more focus on personal development and growth, with attention to performance appropriate to the context of the work are becoming the key elements of this philosophy. Unlinking the yearly increase of the base salary from individual performance scores for all employees not working in a front-office position are a result of this new performance and remuneration philosophy. For front-office positions, the yearly increase of the base salary and individual performance scores are still linked. 

Remuneration in figures

The table shows the remuneration paid out to our employees in 2020 and 2021. The remuneration policy can be found on PGGM Investments’ website.