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Ohpen and Ortec Finance join forces to bring innovation to pensions

Category:
News

Date:
21 May 2020

Fintech companies Ohpen and Ortec Finance announced a partnership to bring much-needed innovation to pensions solutions available in the market. By combining the Ohpen core-banking platform with Ortec Finance’s forecasting engine (OPAL), retail customers of financial services companies now have access to a comprehensive wealth forecast that includes all of their assets.

Due to the introduction of new individual retirement products like ‘Doorbeleggen’ (‘Continued Investment’) and options like lump sum withdrawal, those customers now also have the option to keep their assets invested after retirement age. For the average Dutch pensioner, choosing a ‘Doorbeleggen’ product for their individual pension over a traditional annuity, this could mean a possible pension increase of one third.

Ohpen’s platform will be used for the administration of investment accounts and Ortec Finance will provide a forecasting engine (OPAL) which can forecast customers’ wealth based on their investment products and income to extract from such investment products. Both the Ohpen platform and OPAL work cross-pillar, taking into account all of the customer’s assets – their government and workplace pensions, fiscal and unwrapped investments, and savings. This means that the first-time customers will have a comprehensive view of their forecasted pension income.

Iwan Schafthuizen, Partner Managing Director at Ortec Finance: “We see an increase in life expectancy and more responsibility for customers to arrange their individual pension. Customer research has shown that a better understanding of retirement and retirement options is key. Ohpen and Ortec Finance worked on a simple customer client journey which is accessible to this target group, alerts them to take action for their retirement, lets them play with options to retire and helps them achieve a better retirement with innovative individual pension products. We strongly believe in combining the core-banking technology of Ohpen with our best of breed OPAL calculation engine.”

Angelique Schouten, CCO at Ohpen – an NPM Capital portfolio company - explains: “Innovation has been long needed in this sector. Previously, customers have had little choice in investment options for their pension once retired. Traditional annuities, while still generating additional funds, are tied to low interest rates and not in line with the returns that investments in, say, equity and fixed income can bring. Our partnership with Ortec Finance, and this much-needed innovation, enables banks, asset managers and pension providers to fully support customers across all pillars, offering them a clear view of their monthly income for the first time.”

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