News & Insights

On Thursday 7 December 2023, organisations in the Dutch pension industry signed a Memorandum of Understanding (MoU) to improve data sharing in the sector. Collaboration to share pension-related data will make it easier and more affordable for companies to develop relevant digital pension services. These pension services will give people greater insight into their pensions and help them make better decisions about the future. Supported and steered by the Dutch Federation of Pension Funds, the Afsprakenstelsel Pensioenservices (Pension Services Scheme) is an initiative by and for the industry, aimed at creating frameworks for the sharing of pension-related data. INNOPAY is proud to have been asked to guide the scheme development process.

A person’s pension-related data is increasingly spread across multiple organisations in the pension sector. However, people expect to make decisions for their pension online and real-time, based on their entire pension situation. To optimally meet this need with relevant digital pension services, it is crucial that organisations in the sector collaborate to share data.

The Pension Services Scheme creates a framework for pension organisations to share data in a trustworthy way, with people’s consent. The scheme also explicitly includes the legal provisions of the GDPR. To safeguard trust within this collaborative partnership, a Scheme Owner will be appointed to ensure that all parties involved comply with the agreements. In the first version of the scheme, the data-sharing framework for a pension service called ‘Divorce’ will be developed. 

Maarten Bakker, Managing Partner at INNOPAY, comments: “The pension sector is becoming more and more data-driven, so sharing data will yield enormous value. Doing this through the collaborative Pension Services Scheme and without the involvement of BigTech and/or lock-in of commercial vendors ensures that value is captured by the pension industry participants themselves.”

For more information, please contact Christian van Ramshorst.