Swiss pension funds association ASIP and inter-pension, the organisation representing the interests of Swiss multi-employer pension schemes, have called on pension schemes to join digital platforms for the exchange of data in the second pillar pension system, as the country tries to come up with solutions to build a dashboard.
The associations are urging members that are “still undecided” to use the platform EASX and BVG Exchange.
EASX is a platform for “secure and efficient” data exchange between pension institutions through advanced end-to-end encryption (cryptotechnology), according to the association’s website.
BVG-Exchange, developed and run by the occupational pension scheme Stiftung Auffangeinrichtung BVG, or Foundation Institution Suppletive LPP, enables data exchange between Pensionskassen.
With the so-called ‘bridge’ functions, data can be exchanged between pension funds that are connected to both EASX and BVG Exchange of the Stiftung Auffangeinrichtung.
A considerable number of pension funds, accounting for approximately two-thirds of Swiss pension beneficiaries, are already using the platforms.
ASIP and inter-pension believe that is necessary “to work towards industry-wide coverage” of all beneficiaries to fully automate the process when members decide to switch pension funds.
“We therefore call on all members who are still undecided to join one of the two platforms — EASX or BVG Exchange,” they added.
The groups’ drive comes as projects are put forward to use existing platforms to develop a dashboard for first- and second-pillar pensions.
According to Andreas Dietrich, head of the Financial Services Management centre at the Lucerne University of Applied Sciences, very few institutions in the second pillar in Switzerland offer the possibility of transferring the relevant information to third parties digitally, even if the individuals give their consent.
Swiss Fintech Innovations (SFTI), an independent association of Swiss financial institutes, and its open pension working group have published a position paper – Open Pension – to promote digital access to retirement provision, outlining strategic options for opening the second pillar.
Swiss pension software developer companies aXenta, M&S Software Engineering, PK Softech and SwissPension have set up the association BVG-Digital to develop standards for data exchange in the second pillar pension system, partnering with with BVG-Exchange, eBVG, SFTI Open Pension working group.
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