Technological Developments - IORP II

For most Pension Funds, the existing technology platforms will need to undergo significant upgrades to comply with the enhanced governance, risk management, and member communication requirements, Prosperus was developed based on these fundamental pillars.

Prosperus vision was designed and developed to provide a seamless and user-friendly experience for Pension Funds that adapt to the regulatory needs in a cost-effective way.

Firms will need to ensure tech support for new Pension Funds that will have to be set up under IORP II to mitigate the impact of default on the member transactions infrastructure.

The reporting and distribution mechanisms that currently support the generation of pension statements will need to undergo modifications to comply with the new format and enable sharing with all the members as opposed to only active members under the existing regime.

Similarly, compliance with other provisions like remuneration policy, disclosure obligations, and seamless cross-border transfers will necessitate IT infrastructure enhancements.

Firms must also consider building the capabilities required to offer the European Commission's Pan European Pension Product (PEPP), a voluntary pan European pension scheme that offers members a new option to save for retirement and enable their cross-border distribution.

Offering a Pension Fund product backed with the most user friendly and transparent infrastructure could be the differentiator that attracts consumers, especially given the increased cross border mobility of European workers. A comprehensive quality assurance check spanning functional testing of front- and back-office systems and end-to-end testing of IORP provider applications must compulsorily form a part of the transformation program to ensure smooth operations.

Prosperus has undertaken significant testing throughout its development to make sure that the new app meets all the disclosure obligations and adheres to all the new stipulations. Other digital initiatives that pension funds can implement to achieve compliance with the investor communication and education provisions of the IORP II directive include:

Mobile phone access - Pension funds must develop the capability to send notifications and alerts on mobile phones to scheme members.

Real Time Holdings - Members should be able to see their real time pension holdings. This will enable them to easily meet the new information sharing obligations mandated by IORP II.

Improve the quality and effectiveness of your decision-making and benefit from a robust administration platform that provides the right information at the right time.

Prosperus uses a state-of-the-art Portal to communicate with all its members and stakeholders, so they can understand the choices they have to make and the benefits they are likely to expect.

And finally, Prosperus offers the choice between retirement plans that are suitable to your needs and expectations. Life staging or switching between plans is readily available.