With the Future Pensions Act, employers, employees, and the Cabinet have adjusted the pension system to make it fairer, more transparent, and more sustainable. The WTP means thinking differently about pensions than we have been used to. For pension funds, it means preparing for significant changes in the policy and implementation of pensions.
The Future Pensions Act includes a transition to new, more individual pension schemes, where a choice can be made between the solidarity or flexible scheme. For many pension funds, this means that the (conditionally) promised pension benefits (DB/CDC) make way for a system where the amount of the pension is more dependent on contributions and investment returns (DC). This shift provides pension participants and funds with more flexibility and transparency but also brings new challenges and dilemmas.
The pension product under the Future Pensions Act requires a complete reorganization of, for example, participant administration, communication, asset management, and risk management. Central to this is a financing structure that fits the financial objectives of the pension fund. More than ever, managing a pension fund balance resembles managing an insurer balance, where all costs, expected returns, and risks (financial, operational, and actuarial) must be viewed and managed in conjunction.
This is not unfamiliar territory for us; it has been our core business for years. We are therefore happy to assist pension funds with the reorganization and implementation of the financing structure and the transition from the current to the new pension system.
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