Capacity challenge around Wtp

Date:July 4, 2024

The transition to the Future Pensions Act (Wtp) is approaching. Of the original more than 20 funds that were supposed to transition on 1-1-2025, only a handful remain. Recently, the Bakers’ Industry Fund, for example, announced a postponement of the transition to the new pension system, now scheduled for early 2026. A similar decision is expected from the confectionery industry fund later this year (source: PensionPro). The main reason for this postponement is a lack of capacity.

At the same time, the workload towards the transition is increasing sharply. Delay does not result in less workload, but rather in extra workload and less time towards deadlines. If you don’t adjust in time, on top of that you run the risk of key people dropping out and the process can thus slowly but surely slip out of your hands. From PUOs to software vendors, many stakeholders run into this challenge. Without timely preparation and thorough capacity planning, organisations run into the same problems during the transition phase.

Projective Group has appropriate solutions for capacity challenges.

Early preparation and flexibility

Experience shows that delay often leads to greater long-term challenges. Organisations should therefore start capacity planning and expert deployment now. This applies to both large administration organisations and smaller pension funds. Getting the planning right is a challenge. In addition, there are only a limited number of pension experts who can help in the transition. By starting early, you bring in the right talent and can ensure that the teams are equipped with the right expertise and skills to be ready on time later.

Capacity solution in three layers

According to Projective Group, the solution to the capacity problem that pension organisations (are) facing does not have one simple solution. Indeed, working with our Staffing solution from the Finance Club, part of Projective Group, we see the capacity solution in three layers. There are two different staffing solutions where experts help where needed for a short time, after which organisations take over themselves. The third solution is preparing talent to become the retirement experts of the future. We draw these solutions from years of experience in which we are used to deploying the right people at leading financial institutions.

What our talents have in common: they are each prepared in our own academy. We offer them a tailor-made training path that makes them ready for the job straight away. From administration to Wtp, all our people come with the knowledge already in their pockets. Only with well-trained experts and guidance from experts do you really tackle the workload issue. At the same time, our Happy Managers keep a finger on the pulse of our talents. This way, we ensure that they stay in place within the organisation for a long time and organisations can focus on the transition.

1. Capacity: temporary deployment and external expertise

With temporary consultants who can quickly respond to the organisation’s capacity needs, you quickly fill a gap towards the transition. These experts bring the necessary knowledge and experience to contribute directly to the transition process. At Projective Group, our own consultants are available, but we also recruit experts from the market who specifically fit the organisation’s needs. This offers flexibility and ensures that sufficient capacity is always available.

2. Conversion-Flex for continuity: from temporary to permanent

The conversion-flex model allows organisations to deploy experts for a pre-agreed period, with the option of hiring these experts on a permanent basis free of charge at the end of the period.

This provides both the right capacity at peak times and continuity and helps the organisation retain valuable knowledge within its own walls. Projective Group ensures that the pension experts are carefully selected and coached, giving them a flying start within the organisation.

3. Traineeships: investing in the future

Pension experts are not plentiful, but they are needed in the transition to Wtp, as well as into the future.

So why not work with us to train and prepare new experts for the future? That way, you will quickly have extra hands and expertise for the transition and rejuvenate the organisation in the long term. New, young talent creates new dynamics and energy. They come up with new ideas, challenge the status quo and have a digital-first mindset. This ensures you have the right pension experts within the organisation in the years to come.

Together, we define tailor-made traineeships. Projective Group’s customised pathway includes a combination of soft skills, content skills and industry-specific skills, drawing on our extensive academy with more than 150 training courses and offering them all our pension-specific training.

Our traineeships are designed to put the brightest people on an accelerated learning curve. In one year, these trainees reach the same level as someone with two years’ experience, thanks to intensive mentoring and training. This is how you create your own young pension experts who are directly tied to the organisation. A traineeship might feel like a big investment while experts are needed in the short term. Ideally, therefore, you let talents start right now, so that they are ready when the big work really comes.

Prepared for the transition with Projective Group

By thinking about the future now and taking the right steps, your organisation will not only be ready to face current challenges, but also ready for a successful transition to the new pension system.

We have in-depth knowledge and experience within various domains, from risk & compliance to data and from pensions & insurance to transformation. This expertise combined with our staffing solutions; means we have a solution for every Wtp issue.

Michiel van Brussel

PG Staffing Lead

Michiel van Brussel is the founder of the Finance Club, now part of Projective Group. Within Projective Group, he is our Staffing Lead, ensuring the right talent works in the right place.