Swiss bank Credit Suisse and re-insurer Swiss Re have launched a PPI pensions vehicle for defined contribution arrangements in the Netherlands.
The companies said their PPI – dubbed i-PensionSolutions – would be the first with a “truly open architecture”, allowing a participating employer to opt for an asset manager of its own choice.
The employer will also be able to select an insurer if it chooses to insure additional risk, such as with a partner’s pension or in the event of labour disability.
However, before the employer can make a selection, the preferred asset manager or insurer must be affiliated with the “platform” of i-PensionSolutions, according to Credit Suisse and Swiss Re.
BNP Paribas and Kempen Capital Management are currently available as asset managers, but no insurer has yet been “linked up”, they said.
The PPI has contracted APG and its subsidiary InAdmin for pensions provision and communication.
According to Ronald Ketellapper, trustee at i-PensionsSolutions, Credit Suisse and Swiss Re have merely financed the PPI, and that their business model would focus on selling services to affiliated asset managers and insurers.
PPIs are an alternative pensions vehicle for low cost and transparent DC plans in the second pillar for employers.
No comments yet