The Dutch Future Pensions Act (Wtp) asks a lot of pension organisations. Administration is changing, data is moving and organisations are rebuilding their digital environments. But a major task remains after the transition too. Members need to understand their pension situation and make choices that suit their personal circumstances. At the same time, pension organisations want to keep control of data quality, compliance, suppliers and costs.
This is exactly where different disciplines meet. Reliable data forms the basis for accurate pension information. Technology makes that information accessible. Communication helps members understand what that information means for them and act on it. By bringing these disciplines together, Yellowtail focuses on the connection between what members need and what the organisation needs to provide it.
Choose where you start
The proposition consists of three parts: platform and administration, customer and communication, and data and migration. Pension organisations choose where to start: with data quality, the digital member environment, or communication and guidance. Where issues overlap, the disciplines work together.
According to Petra Maréchal, Senior Director Pensions & Wealth at Yellowtail Conclusion, that freedom of choice also matters when it comes to technology. “Our PensionSuite is modular by design. That lets you renew individual parts without rebuilding your entire IT estate straight away. It gives pension organisations more control over suppliers, investments and future choices.”
This becomes more relevant as the sector moves further into the transition. The digital environment isn’t finished once the move to the new system is complete. New member needs, changing services and technological developments call for adjustments after that too. A modular set-up gives organisations room to respond to those changes precisely.
From informing to guiding
Communication is changing focus too. During the transition, the emphasis is on explaining what’s changing. After that, guiding members comes more clearly into view. And that guidance calls for more attention to the differences between people.
Niels de Keizer, Partner at Faraday Conclusion, sees a clear task here. “A twenty-year-old member who’s just started work has different questions from someone who’s about to retire. Generic communication works less and less well. Personal communication that encourages members to take action requires close collaboration between communication, data and technology.”
That means communication doesn’t stand apart from the other parts. Data shows who you’re communicating with and what they need. Technology supports the digital service. Communication turns complex pension information into information members can act on.
Good service starts with reliable data
Reliable data sits underneath that service. The Wtp has put data quality firmly on the agenda, but data quality needs attention after the transition too. Members’ circumstances change all the time, and so does the data that administration, communication and guidance rely on.
That’s why, according to Cees van der Blom, Business Manager at DataTrust Conclusion, the focus is moving from one-off checks to ongoing control. “A one-off check of your administration isn’t enough. The focus is moving from ‘get clean’ to ‘stay clean’. You want continuous insight into the quality of your data, even when you’ve outsourced parts of your administration.”
Reliable data therefore forms the basis not just for administration, but also for member communication and future change.
The pension you’d want for yourself
With ‘The pension you’d want for yourself’, Yellowtail Conclusion brings these disciplines together from one starting point: the member. What does someone need to understand pension information and make choices that suit them? And what does that require from the data, technology, communication and organisation behind it?
The proposition has no fixed route. Pension organisations start with the issue that matters to them and use the disciplines separately or together. In this way, Yellowtail looks beyond the pension transition to the period after it: pensions that are understandable and accessible for members, built on a reliable and manageable foundation for pension organisations.
