Illustration of retirement scenarios by minPension
- nominated for Digital Project of the Year
The nominated project, initiated by the independent pension information provider – minPension - has broken new ground in Europe. Based on an overview of all pension savings (national-, occupational- and individual pension), the individual retirement scenarios facilitate decision making regarding retirement planning and initiate pension payments.
The winners were announced on December 14th at the prestigious CIO Awards 2020. See the winners of the categories Digital Project of the Year, CIO of the Year, Sustainable Project of the Year and Digital Inspirer of the Year here.
Lower national pensions throughout Europe requires flexible retirement solutions and individual savings.
In Sweden, as well as in many other European countries, the net replacement rate is decreasing and therefore many soon to be retired feel unsecure regarding their economic future. A longer work life in combination with shorter days is one of many possible solutions to reduce the uncertainty.
minPension’s mission is primarily to support pension savers and pensioners - but also the pension industry - in such a way that it benefits pension savers. The mission towards the pension savers is to be an independent operator that provides comprehensible, individual and extensive pension information of high quality free of charge through secure services with high availability. Today, 4 million out of total 5.7 million pension savers are registered at minPension, performing 26.4 million pension prognoses during 2019.
For this project, a critical task was to perform a pension forecast based on the actual terms and conditions for all pension policies for an individual, including occupational pensions and individual savings. To support this, Itello initiated a collaboration with some of our customers, AMF being one, since they facilitate and automate to the greatest extent possible for their 4 million customers. Together, minPension, IT-partner S4I, Itello and some our customers, developed an interface to deliver pension forecasts in a secure and structured way. The information is compiled and graphically illustrated by minPension. The information is then used to create individual retirement scenarios for soon to be retired.
In addition, Itello developed new functionality in our Policy Administration System Inca for calculations of pension forecasts and support for other prognosis models. All our customers can now deliver detailed pension forecasts to minPension based on the functionality provided in Inca.
minPension provides a self-service service, which is mainly web-based, and gives pension savers a comprehensive picture of earned and saved pension. The service also provides pension forecasts based on information collected from the connected pension providers and their own assumptions about fund value increases, withdrawal duration, etc. For pension savers, this mean they can be informed and made aware of their entire pension situation.
More than 30 actors in the pension sector are now associated with minPension. Together they deliver pension information corresponding to 98 percent of total pension capital. 9 out of 10 pension savers can see their entire pension at minPension.
With SEK 661 billion (2020-06-30) in assets managed for approximately 4 million customers, AMF is one of Sweden's leading pension companies and one of the largest owners on Nasdaq OMX Nordic Stockholm. AMF is a limited liability life insurance company that is owned equally by the Swedish Trade Union Confederation (LO) and the Confederation of Swedish Enterprise. AMF's focus is on occupational pensions for both individuals and companies. All products are offered either as traditional life insurance or as unit-linked insurance.