Cross-border pensions are a challenging game. Smart players require a strategy that combines the needs for different stakeholders and users, a large set of different rules and several layers of requirements. Previnet’s way to make this challenge possible is to combine dedicated solutions on a country-by-country basis, taking advantage of a single administration platform.
REQUIREMENTS
- Plan Rules - the general terms of the pension plan
- Country Specifications - best practices can differ largely
- Employer Terms - different employers may have different needs and requirements
- Tax + Social & Labor Law as per local regulation - the greatest challenge…
- Different Languages - English always available, plus local languages
- Member Options - individual investment strategy, lifecycle, AVC, notifications, …
- Funds - several alternatives to choose from
- Currencies - contribution and investment currency may differ, need of FX,..
SOLUTIONS
- Tutorials - explaining “how-to” is now a must
- Uploading tools - sending data makes it easy
- Interactive Portals - full view and transparency, and several tools
- Central Reporting - consolidated reporting for better governance
- Single Hub - one admin platform to manage all the processes, all the members, all the countries
- Apps - mobile technology to enhance member experience
- Rules Engine - one engine governing each country’s requirements
- Projections - pension modelers adapted to local needs
- Data Analytics - Business Intelligence is the new frontier
STAKEHOLDERS
- Members and Beneficiaries internationally-based
- Employers and Payrolls
- Sponsors - Multinationals, Global Consultants, International Organizations,…
- Asset Managers and Insurance Companies
- Supervisory Authorities
- Custodian Banks
- Board Members
- Trustees
- Advisers - Auditors, Actuaries, Consultant, Compliance Officers, …
CHALLENGES 