In a significant development for the Dutch pension sector, key organizations within the industry signed a Memorandum of Understanding (MoU) on December 7, 2023, to initiate a collaborative partnership aimed at enhancing data-sharing practices. Orchestrated by the Dutch Federation of Pension Funds, the newly established Afsprakenstelsel Pensioenservices (Pension Services Scheme) is a collaborative endeavor within the industry to facilitate the sharing of pension-related data. This initiative is expected to streamline and make more cost-effective the development of digital pension services, offering individuals comprehensive insights into their pension plans and aiding them in making informed decisions about their financial future. The strategic guidance for the scheme’s development process has been entrusted to INNOPAY, a notable player in the digital transformation space.
As an increasing amount of an individual’s pension-related data is dispersed across various entities within the pension sector, the need for collaborative data-sharing becomes paramount. The end goal is to empower individuals to make real-time, online decisions concerning their pensions, leveraging a comprehensive view of their entire pension situation. To address this need and foster relevant digital pension services, the Pension Services Scheme establishes a robust framework for trustworthy data sharing, subject to individuals’ consent. Furthermore, the scheme explicitly integrates the legal provisions outlined in the General Data Protection Regulation (GDPR), reinforcing its commitment to data protection standards. The collaborative partnership will appoint a Scheme Owner, responsible for overseeing compliance with the agreed-upon terms among all participating entities. The initial iteration of the scheme will focus on developing the data-sharing framework for a specific pension service known as ‘Divorce.’
Maarten Bakker, Managing Partner at INNOPAY, emphasized the increasing reliance on data in the pension sector, highlighting the substantial value that can be derived from collaborative data-sharing initiatives. Notably, the collaborative Pension Services Scheme aims to ensure that this value is retained within the industry itself, avoiding the involvement of major technology firms (BigTech) and preventing the entrenchment of commercial vendors. By doing so, the initiative strives to keep control and benefits within the pension industry, reinforcing its commitment to a more self-sufficient and industry-centric approach.
In essence, the collaborative efforts within the Dutch pension sector signify a concerted push towards leveraging shared data resources to enhance digital pension services. By establishing a comprehensive framework for secure data-sharing and ensuring compliance with data protection regulations, the Pension Services Scheme aims to foster greater transparency, trust, and efficiency in the management of pension-related information. As the industry continues to embrace a more data-driven landscape, initiatives such as these are pivotal in harnessing the true potential of collaborative data-sharing for the benefit of both industry participants and individuals seeking to optimize their pension decisions. Read article here.
