With the advent of the Future Pensions Act (Wtp), the need for clear communication towards participants has become even more explicit. Pension funds, large and small, must not only inform and provide insight, but also activate and guide their participants in making good choices regarding their pensions. Especially for smaller pension funds, this can be a tough task. Because how do you go about it?
What you need
The system you use as a pension fund must of course be compliant with the Wtp. But also with DORA, the European regulation for the digital resilience of financial institutions. You also want the system to be familiar with all schemes, i.e. the benefit scheme (DB), the contribution scheme (DC) and the two new contribution schemes: the solidarity-based and the flexible contribution scheme. Also useful: a knowledge and experience test (linked to ability to pay) to measure risk appetite among participants. And then there is choice guidance, an important part of the Wtp. You want to bring all this to your participants in an orderly way via a pension website, a pension portal that participants can log into via their DigiD, and a pension planner that offers financial insight to participants and shows their scenarios.
Activating participants
Having a pension website, portal and planner is great. But then there is still the clean task of getting your pension participants to actually use it. And this too can be a challenge for funds, because how do you make your participants aware of their (new) pension and let them make the right choices? So having a working system is a great step, but making it work is often a tricky one.
The work is already done
We saw the above challenges recurring at many pension funds and sparked a sense of urgency at Yellowtail Conclusion. Because how nice would it be if funds did not have to constantly reinvent the wheel to develop such a system, but were provided with a ready-made solution? And that is exactly what we have done by bringing together our experience in a variety of pension-related projects into a convenient all-in-one solution: the PensionSuite.
Members, pensioners and employers will find everything they are looking for in the solution. And we focus not only on the basic information, but also the module for choice guidance, for instance. And not just a fund’s own scheme, but all possible schemes. Do you want to move to a higher ambition level as a fund? That’s possible too, as the various ambition levels are already included in the solution. This is all possible thanks to the available back-end links. This allows a participant to retrieve additional data automatically or to enter it himself. Think of pension data, the mortgage, assets and/or partner data. This is all possible thanks to the available back-end links, including Ortec Finance’s OPAL calculation core and the various pension administration systems.
Discover what PensioenSuite brings to your fund
In short, using a complete solution for good digital communication to participants is neither expensive nor complicated, even for smaller pension funds. Our PensionSuite consists of various modules which can be perfectly interconnected. It is also possible to purchase modules separately. So you choose exactly the solution that suits your situation best. Yellowtail Conclusion is happy to help you make that choice. We do this in a short one-hour inspiration session in which we show you exactly how PensioenSuite works. And above all: what it benefits your pension fund and its participants.
Would you also like such an inspiration session at your pension fund? Or do you have any questions about PensioenSuite? Then feel free to contact me by e-mail or via +31(0)6 41 02 77 82.
Daniël Veenhoven
