The requirements for IT security and user-friendly platforms are constantly becoming more stringent. And, as the organisation responsible for the pension arrangements of many members, LD Pensions is also required to offer up-to-date and secure solutions to its members, ensuring, for example, that they are protected against cybercrime and the misuse of personal data.
The Cost-of-Living Allowance Fund, managed by LD Pensions, has just launched a new pension scheme for its 500 or so000 members who, since 1980, have had savings in the form of frozen Cost-of-Living Allowance funds held for ongoing management. It is therefore important to LD Pensions that the new pension solution is brought up to date with the latest digital technologies and the associated security requirements.
It must be safe to use the digital solutions we offer. The communication channel that is easiest for members to use must also be the most secure. We achieve this by using an up-to-date standard solution that is also used by others in the pensions sector.
The new pension system provides useful tools to assist members who contact member services. The pension system gives the member services team an up-to-date status and an overview, which reassures members.
Lower operating costs
The new pension solution has been successfully implemented in a very short space of time. Netcompany, in collaboration with Keylane, has delivered a solution based on the standard Plexus platform. The telemarketing agency Valeur, based in Aarhus, is responsible for the member services aspect. A thorough understanding of the needs of those involved in the project has made it possible to transfer 500,000 members with savings products in just one year.
The transition to the new pension scheme can be funded without increasing members’ administrative contributions. It is also expected that the pension scheme will result in lower fixed operating costs in the coming years, partly because an updated IT infrastructure will make it easier to adapt the business to new requirements.
LD Pensions' strategy is to outsource and collaborate with companies that can provide economies of scale and expertise. The new agreement follows a public tender process, in which the partnership between Netcompany and Keylane submitted the most economically advantageous tender, offering the best value for money.
