A temporary postponing of the UPO deadline in the year before the rollover has been announced. But this requires getting active consent by Sept. 30, 2024. That gives an additional two months to send the UPO along with the transition UPO. Let's face it: that's for good reason. You don't want to confuse participants with conflicting or seemingly duplicate information. So you want to send out your UPO just before the value insertion, along with the transition information: one document, one message. That information about the pension transition has to meet quite a few requirements. So what does such a thing look like, the transition UPO?
The requirements from the AFM's Guideline Communication Plan for communication are fourfold: Correct, clear, balanced and timely. Correct is a clear concept: your information must be correct. There are clear requirements for both the implementation plan and the communication plan: each fund must check that their data is correct, before, during and after the transition. And there must be clear plans about how that data is checked in advance, corrected and then maintained correctly. The Pension Federation has developed an explanatory document that provides much guidance on the content of the communication.
As far as timeliness is concerned, there are two obligatory moments of communication: prior to entry and just after. But it is clear from the examples that that there are at least six time periods, each of which has its own form of communication. And the whole thing must fall within the deadlines set for the pension transition.
Balanced means, above all, that what you tell participants must fit the stage of life in which participants are. You have to communicate to your target group. You have to highlight things that are relevant to each target group. Differentiate by age, situation they are in, digital proficiency, reading ability, knowledge level, interest level. Individual information also means sometimes a little more, sometimes a little less.
Clear means the right level of language. Of course, language level should not detract from correctness. How to explain retirement in language level B1.
Clear also means putting old data and new data side by side. There is no doubt about that, that is an obligation from the guideline. But where are the dates of the old situation and the new situation? And is it realistic - given the timeline - to assume that those data are fully segmentable in a single database by the time the individual transition communications go out the door?
We at Rulecube work every day to bring together data from different sources. Based on that data, you can
- Make decisions, such as whether or not someone should be informed about survivor benefits
- Create workflows, such as whether or not someone should be called by the advisor to get some additional explanation, or instead receive an invitation to a webinar on a topic;
- Making calculations, whether they are complex actuarial calculations or simply how much higher or lower an amount is than before the transition
- Creating documents, showing the information in a manner appropriate to the participant.
So what does such a tranisition UPS look like? We created an example based on the guidelines. We are happy to share that with you in a personal demo. It's just a single example, but it's a starting point for a conversation. Schedule a demo today using the button below, and we'll show you how easy it can be.