Transitioning to the new pension plan: hit the brakes before you accelerate
'To improve this, instead of starting separate initiatives, it would be good if those involved first established an overarching architecture within which the various domains can work together.' - says Kees-Jan van Vliet, partner at Boer & Croon.
A recent survey by De Nederlandsche Bank (DNB) shows that a significant number of pension administration organizations are not well prepared for the transition associated with the new pension scheme. More than three-quarters of the surveyed pension funds have not yet identified the required knowledge and competencies. Moreover, the plans of action and progress reports lack sufficient indicators to effectively manage progress and results. In addition, pension funds' risk and impact analyses regarding the transition are inadequate. Furthermore, there are shortcomings in the area of data quality and a solid link between pension administration and asset management is lacking.
Hurry not to fall behind
This does not mean that these organizations started late. On the contrary, everything indicates that they are in a hurry not to fall behind the competition. This urgency is partly driven by the fear that the satisfaction of pension funds will decrease to such an extent that they will switch to other providers or take execution in-house. However, the current approach and agility is often inadequate to succeed in this huge change task.
Om hier verbetering in aan te brengen zou het goed zijn als de betrokkenen, in plaats van losse initiatieven te starten, eerst een overkoepelende architectuur vaststellen waarbinnen de verschillende domeinen met elkaar kunnen samenwerken. Door zo´n holistische benadering kan men gerichter organiseren, investeren en bijsturen. Dit geldt voor zowel de processtructuur, de IT-structuur als de dienstverlening.
Taking the throttle back
It is important for pension administration organizations to slow down. Such a comprehensive change process starts with critically evaluating the organizational structure and clearly defining responsibilities. This holistic approach enables pension administration organizations to implement the necessary changes more effectively and thus strengthen their competitive position in the rapidly evolving pension industry.
Cause: Vijf vragen over het nieuwe pensioen: potjes, premies en veertigplussers