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Explanation: In this sentence, I would use 'performance': "the company undertakes to enter into and to maintain an insurance contract in performance of its pension commitments". In this sense, 'performance' refers to the fulfilment of a contractual obligation (which a 'pensioentoezegging' is, of course).
'Uitovering'/'uitvoeren' can often be rather tricky to translate. My general advice is to avoid using the words 'implement' or 'execute' wherever possible, as there is usually a better choice of word in idiomatic English. E.g. 'een project uitvoeren' = 'to run a project', 'een programma uitvoeren' = 'to administrate a programme', 'een uitvoeringsbesluit' = 'enabling legislation', 'uitvoering van een overeenkomst' = 'performance of a contract', etc., although 'een uitvoeringsorganisatie' = 'an executive agency/department'...