Bpf HiBiN, the sector pension fund for the building materials trade in the Netherlands, is adopting Lumera's AxyLife back-end pension administration solution and Digital Twin technology in preparation of new requirements under the Future Pensions Act (WTP) which taking effect from 2027.
The fund manager's Digital Twin strategy will duplicate the policy administration environment to allow for secure, full-scale simulation and testing, whilst ensuring a smooth and controlled transition to a new technology platform for up to 38,000 pension scheme members - with completion targeted for January 2024.
For this reason, Bpf HiBiN has assessed our current pension administration system and compared it with other available options in the market."
Jeroen Elbertse, Lumera Netherlands managing director, says: “Bpf HiBiN fits well with our policy of maintaining a diverse client portfolio serving pension funds and pension administration organisations (PUOs) regardless of their size.
We want to continually enhance our services to employers and participants, while maintaining our status as a low-cost provider
"What our clients have in common is a pragmatic, proactive approach to WTP transition and they observe the need for a future-proof digital platform that is equally capable of supporting their business today,”
Robert Hendrickx, Bpf HiBiN managing director, adds: "When selecting our future administration solution, the Bpf HiBiN board focused on providers that fit our organization in terms of size and culture.
We also preferred a proven SaaS offering, such as Lumera's AxyLife, as this easily allows for integration with other SaaS solutions.
Bpf HiBiN is actively open for pension funds that seek a new PUO, and this flexibility enables us to manage policy administration for other pension funds.”
