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Pension fund advisory
Reduce the complexity of your pension scheme and be ready for the new pension system
Acquisitions, mergers, changing tax frameworks: every pension fund knows that this results in many different schemes and types of pension. Additionally, the recently introduced pension system adds challenge to the execution of such a pension scheme . Therefore, it is necessary to reduce the complexity of all the different regulations and exceptions and to make the organization and administration ready for the transition (‘invaren’). Now is the time to look in detail at the current pension situation.
The pension world is always changing. Acquisitions and mergers take place or new tax frameworks are introduced. Every change leads to many different schemes and types of pension. Recently, the new pension system is an extra challenge for the execution of a pension scheme. This new system will affect your current pension situation. Decisions concerning this system have to be made on time in order not to be affected in an undesirable way.
The challenge is to transfer the current pension benefits in a controlled way and have a smooth transition to the new pension system.
For you as pension fund or provider it is important to know what to expect, in order to intervene if necessary. Deloitte has relevant experience in changing pension schemes and administration systems, reducing complexity and coping with legacy and with implementing new systems and the way of thinking. We have the right specialisms for various subprojects: lawyers, actuaries, communication experts, tax specialists and IT specialists. Therefore, we can help you assess your situation thoroughly and find suitable solutions.
Every pension plan, every type of pension and its exact implementation in the administration must be gone through in detail before the change can take place. Only in this way bad outcomes can be prevented in the future. By going into depth, fiscal, actuarial and administrative bottlenecks can be solved.
The change could only take place with broad support. The right cooperation is essential to realize the change. Employers, participants and representatives of former employees have to be informed early in the process and have to be involved where necessary. This will keep the change process open and transparent from the beginning.
These two building blocks are essential in delivering a new system and/or new pension scheme and therefore we focus on these first steps in much detail and are willing to invest together with our client. Taking this journey together for several years must be based on trust in each other and in the capabilities of Deloitte to support. We are ready, are you?