Illustration of retirement scenarios by minPension – nominated for Digital Project of the Year
The nominated project, initiated by the independent pension information provider – minPension – has broken new ground in Europe. Based on an overview of all pension savings (national-, occupational- and individual pension), the individual retirement scenarios facilitate decision making regarding retirement planning and initiate pension payments.
The winners were announced on December 14th at the prestigious CIO Awards 2020. See the winners of the categories Digital Project of the Year, CIO of the Year, Sustainable Project of the Year and Digital Inspirer of the Year here.
Lower national pensions throughout Europe requires flexible retirement solutions and individual savings.
In Sweden, as well as in many other European countries, the net replacement rate is decreasing and therefore many soon to be retired feel unsecure regarding their economic future. A longer work life in combination with shorter days is one of many possible solutions to reduce the uncertainty.
minPension’s mission is primarily to support pension savers and pensioners – but also the pension industry – in such a way that it benefits pension savers. The mission towards the pension savers is to be an independent operator that provides comprehensible, individual and extensive pension information of high quality free of charge through secure services with high availability. Today, 4 million out of total 5.7 million pension savers are registered at minPension, performing 26.4 million pension prognoses during 2019.
For this project, a critical task was to perform a pension forecast based on the actual terms and conditions for all pension policies for an individual, including occupational pensions and individual savings. To support this, Itello initiated a collaboration with some of our customers, AMF being one, since they facilitate and automate to the greatest extent possible for their 4 million customers. Together, minPension, IT-partner S4I, Itello and some our customers, developed an interface to deliver pension forecasts in a secure and structured way. The information is compiled and graphically illustrated by minPension. The information is then used to create individual retirement scenarios for soon to be retired.
In addition, Itello developed new functionality in our Policy Administration System Inca for calculations of pension forecasts and support for other prognosis models. All our customers can now deliver detailed pension forecasts to minPension based on the functionality provided in Inca.