Four major pension providers, APG, Blue Sky Group, Nationale-Nederlanden and PGGM, are today launching Mijnwaardeoverdracht.nl. The new website is the result of a unique collaboration between platform developer Hyfen and the implementers. The joint initiative optimizes value transfers using innovative decentralized technology. Already about fifty percent of the participants can use the platform. In the near future, more pension providers will join the platform, which will further increase its reach.
A value transfer is the transfer of an accrued pension pot from a previous job to the pension pot of a new job. Until now, arranging a value transfer has been complicated and time consuming. With Mijnwaardeoverdracht.nl, this will change. The site connects the administrations of parties in the pension sector with decentralized technology. In this way, all the information is available at once to compare the various options and to transfer the pension.
The platform is one of the first blockchain-based applications available to the general public. The participating parties jointly designed the platform. Because all parties exchange the necessary information in realtime, they reduce the turnaround time of a value transfer from nine months to approximately thirty minutes. In a clear step-by-step plan, the pension saver compares the current and old pension scheme and can thus make a well-considered choice. The decentralized set-up also safeguards the privacy of users of the platform. This has been determined by independent auditors.
Hidde Terpoorten, manager of Hyfen: “We are proud that with this collaboration we are showing that you can speed up and simplify a process for the pension saver, while achieving efficiency at the back end. The success of this collaboration is inspiring: together we can do more for the pension saver.” We are investigating where this philosophy can be put to further use. For example, one of the following developments is proof of being alive (attestation de vita), which requires pensioners abroad to make an expensive and sometimes dangerous annual trip to an embassy. A digital app then makes it possible to provide this proof once. This can then be shared with the required parties, instead of the participant going through the currently lengthy process with each party separately.
Francine van Dierendonck, member of the APG Board of Directors: “Mijnwaardeoverdracht.nl is a fine example of innovative services. Participants of already affiliated pension funds can quickly and easily arrange their value transfer using a smartphone or a tablet. I am proud that Hyfen, as a spin-off of APG, has succeeded in establishing this unique collaboration within the pension sector.”
Luuk van Tol, Manager of Pensioenservice Blue Sky Group: “It’s great that we got to participate in an award-winning project. It is a win/win situation for both us and for the participant.”
Laure van Waardenburg: IT Manager at Nationale-Nederlanden:”This initiative has enabled us to create an innovation in a unique way, with other pension providers, in which we can support participants in making the right choices for a financially secure future as easily as possible. We are proud to be the first insurer to contribute to this.”
Alexandra Philippi, Chief Operations Officer at PGGM: “PGGM wants to make it as easy as possible for the participants of our clients to arrange their pensions. Including for making the transition to another pension fund. Mijnwaardeoverdracht.nl is a very useful and innovative platform for this, which we were happy to help develop. Pensioenfonds Zorg & Welzijn is the first of our clients on the platform and we hope that other funds will follow, so that even more people can benefit from it.”
As of today, anyone can use Mijnwaardeoverdracht.nl by logging in with DigiD. Half of the participants who are accruing pensions can already find his or her pension provider on the platform. In the near future, more pension providers will join the initiative, which means that more and more participants will be able to use the platform for their value transfer. Pension provider AZL is the next pension provider to join. The platform should soon be the preferred place to handle value transfers.
Hyfen is a spin-off of APG, which was positioned independently earlier this year: