Layering in approach
According to Petra, it was exciting on the pension market this year. “There was a lot of movement and there was (and is) also a fair amount of geopolitical uncertainty in the broader context. A turbulent time. The list of funds that wanted to enter in 2025 was considerably longer at the beginning of the year (25 funds and circles in December ’23) than it is now. Where two funds will actually do this. These frontrunners have taken all the steps, made communication and transition plans and received approval, they are ready. That is positive. The bulk of funds that will enter will follow in 2026 and 2027. Many funds first want to have the basics in order before they take the next steps and actively communicate about the new scheme. There is a certain layering in the activity at funds: first everything in order internally, then externally and then further deepening and further development.”
More innovation
Daniël still finds innovation a bit meagre: “Because there is so much to do around the implementation of the Wtp, innovation is being put on the back burner at some funds. That’s a shame, because it is so important right now. And: more and more is possible. For example, at Yellowtail Conclusion we are now using AI to build conversation technology for the pension portal for participants. Instead of using plain text, participants are helped through the portal via a chat. And with VisionAI we ensure that pension funds can set up more efficient processes and perform cross-checks on the documentation received.”
Strategic issues
Daniël sees the application of this technology at pension funds as broader than just more efficient processes: “Funds also have to deal with strategic issues, particularly from a legislative perspective. Such as the Digital Operational Resilience Act (DORA), the European regulation that requires financial organisations to better manage their IT risks. This entails risks for directors. That is why we launched a director/asset management portal for our most important clients last year, giving directors much more control over (cyber) risks. That is one less thing to worry about for these funds in this already hectic period.”
From internal to external
Petra: “That’s the great thing about Yellowtail Conclusion: because we know exactly what’s happening in the market, we know how to apply new technology in the most logical place for our clients and their participants. Of course, the intention is that all those portals and applications are used. Mobilizing employers and participants still poses a major challenge for pension funds and pension providers. Some funds and employers are procrastinating. They are gambling that they will have more time. Or they prefer to wait and see first so that the initial teething problems are resolved before they start sailing. In my opinion, communication about what is going to happen around the Wtp to participants could really be improved. If you don’t say anything, you can be sure that the moment will come as a surprise. Perhaps the exact impact cannot (yet) be shared, but the choices that have been made can be explained. Parties are still too busy internally.”
Transparency and trust
Daniël agrees: “When I look at platforms like LinkedIn, I see a lot of discussion about the Wtp and the communication about it. There are many open proponents and opponents, both among experts and politicians. That creates extra uncertainty – and trust is already not that great. More transparency and more trust in the system, that is important for the activation of employers and participants. You can also build transparency and trust through technology. Getting participants behind the wheel through new technology. That is what our team is working on every day.”
Positive trend
Petra concludes: “It is interesting to see how everything is moving. At the funds, but also increasingly towards the participants. I think it is positive that the rollout of the Wtp is now coming from politics to the participants after years of preparation. Commercials from the Pension Federation can be heard on the radio and the first ‘end products’ are now visible. For example, that participants can log in to portals and that there is actually more choice guidance. I am confident that the implementation of the new regulations will succeed on time. In any case, we are ready with the right people to deliver the technology with which funds can take the next step in this transition.”
