Rabobank Pensioenfonds

Chief Investment Officer Chris Doornekamp leads the investment function, with Executive Director Jack Jonk managing portfolio execution. The board of trustees, chaired by Loek Sibbing, retains ultimate fiduciary authority over asset allocation and manager selection. The governance split between the board and the investment team follows standard Dutch pension fund structure — the board sets policy and risk budgets, while the CIO and staff implement within those parameters.

It is a collective defined contribution plan, the dominant pension structure in the Netherlands. Members accrue individual pension accounts, but investment and longevity risks are pooled across participants. This hybrid architecture means the fund manages assets with a long-duration liability profile similar to a DB plan but without a guaranteed benefit promise — investment outcomes directly affect participant accounts.

The fund holds direct residential assets — including a portfolio of lifetime homes in Enschede — and participates in commercial and mixed-use real estate through Bouwinvest, a real estate investment manager co-owned by Rabobank and several large Dutch pension funds. This dual approach combines direct property ownership with institutional pooled vehicles, giving the fund exposure to Dutch residential and commercial markets while retaining governance over specific assets.

Rabobank is the sponsoring employer and founder of the pension fund. The fund is legally separate from the bank, governed by its own board of trustees under Dutch pension law. Rabobank employees and employees of affiliated cooperatives and subsidiaries form the participant base, but the fund's assets are ring-fenced from the bank's balance sheet.

Yes. The fund holds a global climate infrastructure allocation and has been a signatory to the UN Principles for Responsible Investment since 2015. It participates in the Platform Carbon Accounting Financials for portfolio carbon measurement and engages with the VBDO sustainability benchmark, which assesses Dutch institutional investors on ESG integration, governance, and transparency.

Commodities serve as an inflation-sensitive sleeve within the broader real-asset allocation, complementing the fund's direct property and infrastructure holdings. The fund's commodity program is part of its strategy to manage long-duration pension liabilities, which are particularly exposed to Dutch inflation expectations given the indexation mechanisms common in collective DC plans.

As a Dutch pension fund, Rabobank Pensioenfonds publishes annual reports, governance statements, and periodic participant communications on its website, including asset allocation breakdowns and responsible investment disclosures. It participates in the VBDO benchmark, which applies public scoring criteria to transparency and ESG implementation.