Wolters Kluwer pensions fund implements Lumera solution to modernize administration and prepare for major reform

Lumera, a technology company specializing in the digital transformation of the life and pensions industry, has successfully implemented a new policy administration solution for the Stichting Pensioenfonds Wolters Kluwer Nederland (SPWKN).

SPWKN is a pension fund for Dutch employees and pensioners of Wolters Kluwer, a global leader in professional information, software solutions, and services for the healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, and corporate performance and ESG sectors.

The fund has a total of about 7,400 participants and assets under management of €1.0 billion.

This investment by SWPKN is part of a key modernization initiative for more efficient pensions administration while enabling new digital services for the benefit of participants.

The new solution will also support adoption of the legislation which entails far-reaching changes to the Netherlands pension system, which has a major impact on pension funds.

“We had a need to update our administration platform and would have made this decision regardless of the new pension scheme. The transition ahead only made this more urgent,” says Krista Nauta, director of SPWKN.

Guided by a detailed RFP, SPWKN first explored the market for their new administration solution. The fund wanted a proven solution, based on modern technology, which offers functionality for supporting both the current pension scheme and the new system.

They also needed a capable implementation partner, working with the SPWKN team, to ensure a secure and swift deployment.

After thoroughly evaluating several available options, SPWKN selected Lumera AxyLife. The deployment was completed in early February, after a six-month implementation period.

Jeroen Elbertse, managing director, Lumera Netherlands, says: “We are honored to be selected by SPWKN to support their initiatives for modernizing policy administration and to address the pension reform.

“This testifies to the strength of Lumera’s offering, which rests equally on leading-edge technology and our solid industry experience.”

Nauta says: “We are very pleased with Lumera and how they delivered on our key requirements.

“This included a successful collaboration during the implementation phase and the outcome – a well-performing solution. Lumera has really delivered on our expectations.”

The Netherlands is regarded for having one of the best pension systems in the world, ranked 2nd by the Mercer Global Pension Index for 2022.

With assets totaling €1.71 trillion, the Dutch pensions sector also leads the European Union (2022 figures from the De Nederlandsche Bank).