The recent approval by the Tweede Kamer of the WTP proposal and following treatment in the Eerste Kamer has pushed the new WTP legislation significantly closer to becoming reality. During the past few years, pension funds have been talking at length about the implications, dilemmas, and preparations to be made – and many find themselves awed by the scale of the approaching changes. And understandably so.
At Lumera, we asked ourselves how we best can help pension funds manage a smooth transition to the new pension contract. A cornerstone in our response is a Digital Twin, which entails a parallel operation where the old and the new schemes can run side by side.
Digital Twin technology brings powerful new tools which enables funds to run new software in a secure test environment, giving a realistic view of how a modern policy administration system will perform at full scale. The actual implementation can then be executed step by step, making it more manageable while reducing risk as well as cost.
Read more about the Digital Twin and explore how to conduct a controlled transition from DB to DC pension schemes.