Stichting Pensioenfonds Zorg en Welzijn (known as PFZW, formerly PGGM, translation: "Pension Fund for Care and Well-Being") is the second largest pension fund in the Netherlands. As of December 31, 2007, PFZW had total assets under management of €85 billion ($123 billion).
PFZW's predecessor, PGGM, was founded in June 1969 through the combination of several smaller Dutch pension funds in the healthcare industry. In 1970, PGGM assumed responsibility for the pensions of employees throughout the healthcare and social work sectors in the Netherlands. In 1972, PGGM moved to its current headquarters in Zeist, Netherlands.
PFZW is as a non-profit foundation, controlled by trade unions and employers from the healthcare and social work sectors. At the end of 2006, the governing board of what was then known as PGGM adopted a separation between its policy (structuring of pensions) and implementation (managing of assets and payment) functions. The pension fund (the foundation) continues to formulate pension policy, but was renamed Stichting Pensioenfonds Zorg en Welzijn (PFZW), and a newly created cooperative PGGM now manages the fund’s €85 billion of assets under management. This separation, which took effect in January 2008, was taken in response to new legislation passed in the Netherlands that would limit PGGM’s ability to offer related financial services.
Based on assets, PFZW is the second largest pension fund in the Netherlands, behind Stichting Pensioenfonds ABP. More broadly, PFZW stands in the top 5 of European pension funds and in the top 15 globally, based on both number of plan participants and assets under management.
In 2008, PGGM announced that it would divest itself of its holding in the NYSE-listed Chinese operator PetroChina (PTR). PGGM announced that it was making the decision due to the fact that the Chinese operator is involved in human rights violations in the Darfur region of Sudan.