The geopolitical and societal context in which pension funds operate is fundamentally changing. Security and resilience were long implicit preconditions underlying pension investing, but they can no longer be taken for granted. Developments in this area directly affect societal and economic stability and the ability of pension funds to generate long-term returns for their participants.

It is time for pension funds to take a position, both towards participants and towards a broader group of stakeholders, including the government. This knowledge paper aims to provide boards with tools to develop an informed position or an initial approach to investment policy. This enables a pension fund to independently determine its own direction and agenda, before potential political or societal developments begin to shape them.