Yellowtail Conclusion and Lumera are joining forces to support pension funds and executors as they navigate the implementation of the Wet toekomst pensioenen (Wtp), or the new Dutch Pension Act. After fifteen years of adjustments and discussions within the political sphere of The Hague and the pension sector, the Wtp officially took effect on July 1, 2023. Pension funds, administrators, and employers now have until January 1, 2028, to adapt their pension plans to comply with the new legislation.
Although the Dutch pension system has long been regarded as one of the best globally, experts believe the current framework no longer meets the expectations of the labor market and society. This observation inspired the development of the new pension system, which aims to be more flexible, sustainable, and personalized for pension savers and retirees.
The shift to Wtp is significant, as it introduces major changes to how pension operations are conducted. Some experts describe this undertaking as the most extensive industry transformation ever witnessed in the country’s history. The partnership between Yellowtail Conclusion and Lumera seeks to provide comprehensive support during this transition.
Yellowtail Conclusion has existed as both advisor and IT system supplier within the pension market. The firm advises pension entities on structuring their organization, processes, and IT infrastructure. The company boasts various IT products, including the PensioenSuite, which offers solutions for pension communication through participant websites, portals, and planners intended for participants, retirees, and employers.
On the other hand, Lumera specializes in pension administration. It helps pension funds and executors efficiently manage complex administrative processes, including large-scale data migrations. By collaborating, both companies claim they can deliver what they are calling a “complete total solution” to the sector.
“The combination of our expertise with the PensioenSuite and Lumera’s flexible administration is what makes this partnership so powerful,” explained Robin Bouman, Managing Director at Yellowtail Conclusion. “This collaboration is not only ready for the Wtp, but also future-proof. I look forward to innovatively working together to provide participants with more insight and actionable perspectives.”
With these advancements and partnerships aligning, the transition to the new pension system is expected to pave the way for improved outcomes for both pension savers and the industry itself as they adapt to the new legal and operational frameworks.