Investment policy

UnitedPensions is a fiduciary solution. UnitedPensions outsources the activities to Aon Investment Limited (AIL) and Aon Investment Netherlands (AIN). AIL and AIN are a 100% subsidiary of Aon. AIL and AIN main responsibilities are the ALM study, Continuity analysis, implementation of the investment policy is responsible for the selection and monitoring of the asset managers, reporting and strategic advice.

UnitedPensions offers a choice of different investment strategies. These combine growth (equities) and low risk (bonds) portfolios in the following proportions: 65%/35%, 50%/50% and 35%/65%. Clients can choose the active or passive management variation of each investment mix. Active management relies on the skill of the investment manager to outperform a specific benchmark or index. Passive management replicates a specific benchmark or index in order to match its performance.

Within the passive variations, the passive equity funds are based on market capitalization with ESG-criteria (Environment, Social, Governance).

ESG policy

UnitedPensions has been actively considering its ESG policy and has focused on equity investments initially This policy will evolve over time to cover all of UnitedPensions’ investment strategies.

The investment manager has adopted an approach to responsible investment in line with the Principles for Responsible Investment (PRI) framework. It has adopted an approach of ESG Integration with an initial focus on the equity and fixed income assets.

The ESG policy within the passive equity portfolio is implemented in the following way:

  • An active voting policy will be exercised.
  • Periodic screening of companies investing in sustainability criteria with consideration of the Global Compact Principles that have been drawn up by the United Nations. These are the principles in the areas of human rights, labor rights, the environment and corruption.
  • Conducting a dialogue with the investee companies. The board believes in entering into a positive dialogue with companies, trying to make improvements based on the sustainability criteria.
  • Excluding certain companies and countries that do not meet legal requirements and the UN Global Compact Principles.
  • Excluding tobacco companies if the total revenues comes out of tobacco
  • Thermal coal screens based currently on the following criteria:
    • Maximum 5% revenue from thermal coal: Screen for companies having a substantial exposure to thermal coal mining and extraction. 
    • Maximum 30% revenue from Generation thermal coal: Screen for companies having exposure to coal-fired energy.

The ESG Policy for active equity and fixed income portfolios is in line with managers approach to responsible investing. All the underlying active equity and fixed income managers must meet a minimum ESG rating generated by the Manager Research team. This ESG rating indicates the underlying investment managers’ awareness of potential ESG risks in the investment strategy and the actions taken to identify, evaluate and potentially mitigate these risks. The minimum ESG rating ensures that all active equity and fixed income managers are at least aware of, and are taking steps to mitigate, these ESG risks.

The ESG policy is expected to evolve over time and is likely to change during the coming years.

UnitedPensions recognizes the importance of its role as a shareholder and the need to ensure the highest standards of governance and promotion of corporate responsibility in the underlying companies and assets in which it invests, as ultimately this creates long-term financial value for UnitedPensions and its beneficiaries.

UnitedPensions reviews the shareholder engagement of the Investment Manager annually. UnitedPensions receives annual reports on engagement activity carried out by the Investment Manager. These reports include detailed voting and engagement information from underlying asset managers, where available.

For the passive management the quarterly engagement report can be read at It will also be included in the quarterly reporting.