Everyone is now looking for the same people
The transition requires experienced project managers, IT professionals, data experts and communications advisers. And virtually everyone within the sector, from pension funds and insurers to administrators and suppliers, is looking for the same profiles at the same time. At the same time these people have to tackle complex issues, such as data quality and system renewal. Vivian Minten, CEO of Circle8 Group, recognizes this urgency from her own experience: “From my background in financial services I know how profound changes in legislation and regulation can be. What we now see in the pension sector is a perfect storm: legislation, technology, governance and communication all changing at the same time. Without the right people you simply won't get that done.”
Data quality as a ticking time bomb
One of the biggest risks lies in data quality. Pension funds manage decades of employment and pension history, often with mergers, acquisitions and system migrations in the past. That data now needs to be completely correct before the transition to the new system. “If you move over with contaminated data, you'll immediately be at a disadvantage,” warns Peter Gerrits, recently appointed pension program manager at Circle8. “I witnessed up close at Blue Sky Group how important it is to put the right people on your data files from day one. That is labor‑intensive work. You need people who understand how pension administration works and how to validate complex data.”
New systems, new risks
Besides data quality, implementers also struggle with their system landscape. Most existing IT structures are not built to the requirements of the Wtp. There must be a switch to modern, scalable packaged software, including modules for participant communication, customer interaction and choice guidance.
“That's a technical and organizational issue,” Peter explains. “You have to make choices about architecture, data structures, interfaces, but also about the setup of your teams. And you need people who have done that before. Or who you can quickly train.”
Those professionals are scarce, so Circle8 trains them.
Circle8 recognizes that the ideal candidate with IT skills and pension experience hardly exists. That is why a collaboration has been started with training partner Lindenhaege. Together, professionals are being prepared in a short time to effectively contribute to Wtp implementations. “It is not just a matter of capacity. It is about people with the right mindset and the ability to quickly make complex subject matter their own,” said Peter. “I now know well which knowledge and expertise are needed in the different phases of the transition. And we are now actively transferring that knowledge to new people.”
Would you like to talk about your challenges around Wtp, data or IT?
Then make an appointment with Peter Gerrits right away. He is happy to think along with you. No standard story, but an approach that fits your organization.Schedule an introductory meeting via Peter.Gerrits@circle8.nl
