Ohpen and TKP bring fully automated DC solution to 300,000 Aegon Cappital participants

  • Core Banking
  • 22.06.2021 12:50 pm

Following a partnership announced in January of last year, today, Ohpen and TKP announce that the integrated DC solution has successfully gone live. Since May, TKP has been using this DC solution to enhance its investment services to Aegon Cappital, Aegon’s premium pension institution. Now, many pension processes, such as investment transactions as a result of premium contributions or retirement on the accounts of individual participants, are handled fully automatically thanks to straight-through processing. This makes TKP the first pension administration organisation in the Netherlands with a fully automated DC solution.

The integrated solution (digital pension platform/investment platform) is built using Ohpen’s cloud-based platform, and is therefore highly flexible and scalable. The solution gives every participant clear and real-time insight into their personal pension, making it easier for participants to make choices for the future and have full control over their own investments. Now that the investment administration is fully automated from end to end, events and individual choices can now be executed on a daily basis, coming from a monthly process. For Aegon Cappital, this enables them to provide a better participant experience, capture cost savings, and quickly incorporate new pension regulations enacted in the Netherlands.  

Marianne de Boer, CEO of Aegon Cappital, explains, “This is another step in the transition to the new pension system. Pensions and investment are increasingly converging. This demands a lot from the underlying systems. The new, innovative DC street increases the agility of our asset management and enables us to introduce new investment propositions more quickly. In short, we are ready for the future.” 

Ohpen’s extensive track record in the administration of savings and investment accounts, and knowledge and experience of investment processes in highly regulated environments meant that they were the ideal partner for TKP. To ensure that the solution was flexible and future-proof, Ohpen delivered a powerful API setup to TKP, which TKP can configure as needed. This allows TKP to realise operational efficiencies and eliminate human errors with a 100% automated administration, while remaining compliant, and staff can focus their efforts on customers rather than repetitive manual administration tasks.  

Marjanne van der Werff, Product Manager at TKP, “We linked our own pension processes to Ohpen’s digital banking platform, so gained automated direct access to the financial markets. In addition, we have also automated all reconciliation and matching processes, so we not only offer efficiency and flexibility to our customers, but guarantee controlled administration. An additional advantage is that the solution is entirely cloud-based - which makes it easy for us to scale up.” 

Robin Peters, Head of Savings and Investments at Ohpen, adds, “Retirement security is becoming an increasingly important topic as parts of the world move towards an ageing population. Having the ability to see funds and balances in real-time, and make changes to your pension plan can help to make financial planning for the years ahead much easier. We believe scalable, flexible, reliable technology like this solution can be of huge benefit for participants at all stages of their retirement journey.” 

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