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Chapter 2: Principles

This chapter discusses the most important principles for the development, setup, and governance of the standard.

2.1 Reason

With the introduction of the Wtp, information needs will change and the frequency of exchange will increase. For the solidarity premium scheme (SPR), an entirely new data stream is required for both accumulation and payout phases. For the flexible premium scheme (FPR), the information need will largely align with current 'defined contribution' schemes.

2.2 Out of Scope

The following aspects are out of scope: * Contractual agreements regarding the overall asset management process. * Existing processes that do not fundamentally change, such as reconciliation between the fiduciary manager and the investment administrator. * Information used by only one party in the chain. * Policy documents like strategic investment plans. * Information on costs: It is expected that existing processes for compiling the DNB annual statement J402 will continue to form the basis for this. * "Lookthrough" information: Ad hoc requests for details on underlying investments are not part of regular exchange. * Specifics for insurer-based premium-benefit agreements. * Periodicity of the exchange: This is flexible and agreed upon by the parties. * Task/Role division: The governance model is not prescribed by the standard.

2.3 Principles of Data Exchange

  • The data standard is usable for any governance model.
  • An independent investment administrator receives the same information as the fiduciary manager to ensure independent reporting.
  • The fiduciary manager receives the necessary information to invest collective assets according to the investment policy.
  • The pension administration organization provides participants with insight into their pension assets.
  • Parties receive their data directly from the sending party.
  • Once-accepted messages are not unilaterally corrected. If a sender discovers an error, coordination with the recipient is mandatory before sending a corrected message.

2.4 Clarification of Principles

  • Data Model: Contains only the data necessary for the exchange.
  • Roles (not prescriptive): The roles described are illustrative; parties can combine or separate functions.
  • Periodicity: The mentioned monthly frequency is an example, not a requirement.
  • Language: The report is in Dutch, but variable names in the standard are in English for international understanding.

2.5 - 2.8 Technology, Governance, and Transport

Technology

The technical implementation uses RESTful Web services and JSON, conforming to AFD 2.0. Message processing is asynchronous. Security is handled via mutual-TLS and digital signatures.

Handling Large Messages (Chunking)

For messages over ~4 MB, a "chunking" mechanism is provided to split them into smaller, valid JSON parts, which are reassembled by the recipient.

Transport

The standard supports a RESTful API/webservice. Other solutions are considered bilateral and are not supported.

Governance and Releases

The standard is owned by the Pension Federation and managed by SIVI. It follows an annual release cycle (prerelease in June, final in September), with continuous development on GitHub. The two preceding annual releases remain supported.