Capgemini has announced the “go live” of a digital pension solution and the provisioning of modern pension administration services for Pensioenfonds Detailhandel. This will be available to Pensioenfonds Detailhandel’s over 1.2 million participants as well as employers in the retail industry. To achieve this, a team of seasoned pension specialists at Capgemini designed and deployed a new digital pension solution, with Capgemini providing ongoing services.
Capgemini designed the solution for Pensioenfonds Detailhandel to ensure that pension administration can be carried out almost entirely digitally. This enables Pensioenfonds Detailhandel to provide better customer experience, capture cost savings, and to address new pension regulations enacted in the Netherlands. With deep experience in the pension industry, Capgemini optimized pension administration operations through its solution enabling high levels of Straight Through Processing on secure cloud technology. As a global services provider, Capgemini used economies of scale and reduced existing administration costs through innovation.
“Capgemini’s new solution enables us to innovate our services, with lower operational costs, and achieve our strategic objectives. We’re pleased that Capgemini can invest time and energy in personal contact with our participants and their employers, which is essential in an increasingly personalized pension system,” says René Upperman, Managing Director of Pensioenfonds Detailhandel.
With the advent of new pension regulations in the Netherlands, there is expected to be further consolidation over the coming years. In addition to the implementation of the new regulations, there are other drivers disrupting the pension administration market. These include the reconsideration of pension funds on whether to continue to operate independently, the changing requirements of participants and stakeholders, the need to reduce operational costs and customer’s desire for both traditional and digital services.
“The flexibility of Capgemini’s pension solution with its ability to accommodate various requirements of pension administration allows us to deliver digital experiences that regulators, participants, employers and pension funds are seeking,” said Jorge Sobrino, Head of Financial Services at Capgemini, Netherlands.