Service Level Agreement
Introduction
This document contains the services and applicable service levels the Foundation LifeSight (the Foundation) has agreed upon with the Administrator and that fall within the remit of the Execution Agreement. Therefore, services and the applicable service levels are the same for all employers that have chosen LifeSight as their pension provider.
This is the translation into English of the Dutch Service Level Agreement. This document has been prepared with the utmost care. However, in case of discrepancies between this translation and the original Dutch version of the Service Level Agreement, the Dutch Service Level Agreement will prevail.
Calculation method processing times of service levels
The internal processing times of the Administrator are the starting point for defining the service levels. External steps or waiting periods are not taken into account. Processing times are measured in calendar days. The Administrator’s response time starts as of the moment the Administrator has received all required data on time, in full and without error. If – with regard to specific services – the Foundation and the Administrator have agreed upon specific standards, the latter will be mentioned explicitly.
Services and service levels
1. Implementing and prolongation of agreements
Documenting, implementing and prolonging of agreements. The Foundation draws up a project plan containing the scope and planning of an implementation. The project plan will be shared and discussed with the Employer in advance.
2. Management of agreements
The management and maintenance of agreements between the Employer and the Foundation, including this Service Level Agreement (SLA).
3. Coordination of implementing decisions
Ensuring that decisions concerning the amendment of the Pension Rules will be implemented. The implementation of amendments will be considered as additional activities for which the Foundation will make a proposal to the Employer. Depending upon the impact the implementation will have, a project plan will be added to the proposal. The project plan will include the scope and planning of the project.
4. Sign up of Employers and maintaining Employer data
As of the moment the Employer has concluded an agreement with the Foundation regarding the execution of the Pension Scheme, it’s data will be entered into a client profile in the administration of the Administrator. Once the Employer’s client profile is entered into it’s administration, the Administrator – on behalf of the Foundation – will inform the Employer on how it’s data will be maintained.
| Service | Standard | Reporting period |
|---|---|---|
| Administrator will register the Employer’s contract and required data (name, address, city, registration number chamber of commerce, contact persons, names of persons authorised to sign on behalf of Employer), including – based upon an intake set – data of Participants. | Within 10 working days following receipt of the intake set in – as a minimum – 99% of cases. Quality = at least 97% of information included in the intake set will be processed accurately by the Administrator at the first attempt. | N/A |
| The Employer will inform the Administrator about changes in Employer data in a timely manner. Changes must be reported to the Administrator by email. The Administrator will verify if the reported change is correct and complete. | Within 5 working days, a minimum of 99% of reported changes will be registered in the Foundation’s administration. Quality = at least 97% of changes requested by Employer will be processed accurately by the Administrator at the first attempt. | Quarterly |
5. Sign up of Participant
The Administrator will – after the Employer has signed up and registered a Participant – act as follows:
- Provide user name and password that are needed to access Mijn-LifeSight.
- Provide – in writing – a welcoming letter to all Participants related to the Employer. The letter will contain information about the Pension Scheme that applies to the Participants.
| Service | Standard | Reporting period |
|---|---|---|
| A Participant file will be prepared within 5 working days after receipt of a complete and correct request for registration. Administrator will verify if the registration request is correct and complete. | Within 5 working days in at least 98% of all new registration requests. Quality = at least 98% of all new registration requests will be processed accurately at the first attempt. | Quarterly |
| Administrator will provide new Participants with login data for MijnLifeSight and welcoming letter. | Within 5 working days following registration in at least 98% of cases. Quality = at least 95% of all cases will be processes accurately at the first attempt. | Quarterly |
6. Data mutations by Participant
Participants can report mutations on Mijn-LifeSight, e.g. basic mutations concerning a change of contact details and address. But also mutations concerning equalisation as a result of divorce or end of registered partnership and choices made with regard to Value Transfers. On Mijn-LifeSight mutations can be made that have been included in the Production Calendar as a cyclical process – e.g. the collection of premiums that are the result of opting to participate (or not) in voluntary risk insurances or pension accrual or rebalancing as a result of changing the investment product or risk profile.
| Service | Standard | Reporting period |
|---|---|---|
| Participants will report changes in Participant details to the Administrator. These changes – received via MijnLifeSight – will be processed by the Administrator. | In at least 99% of cases STP-mutations will be processed realtime* in the Foundation’s administration. * realtime < 15 min Quality = in at least 97% of cases the mutations will be processed accurately at the first attempt. | Quarterly |
7. Data mutations by Employer
The Employer can report mutations on the web portal. Mutations can relate to basic data, core data, salaries or other data. Basic data are names, addresses, cities, core data are dates of birth, citizen service numbers (BSN), gender, nationality and names. Where possible, data will be cross-checked with Basis Registration Persons (BRP). BRP data will take precedence over data provided by the Employer. Other mutations are mutations that have been included in the Production Calendar as a cyclical process, e.g. the collection of premiums as a result of new Participants, changes in salary or part-time percentages.
| Service | Standard | Reporting period |
|---|---|---|
| The Employer will report changes in Participant details to the Administrator. These changes – once received via the web portal or UPA – will be processed by the Administrator. Findings or discrepancies with regard to reported changes will be reported back to the Employer. | In at least 99% of cases STP-mutations will be processed realtime* in the Foundation’s administration. * realtime < 15 min Quality = in at least 97% of cases the mutations will be processed accurately at the first attempt. | Quarterly |
| When participation in the Pension Scheme ends, the Administrator will provide the required documentation to the Former Participant. | Within 5 working days after reporting termination of participation in at least 99% of cases. Quality = in at least 95% of cases, service will be provided accurately at the first attempt. | Quarterly |
8. Collection of premiums
The calculation of accrual and insurance premiums will be based on the data provided by the Employer. The Employer can delegate the provision of required data to a salary administrator. The Employer will provide the necessary data in full and according to the timelines included in the Production Calendar and in the mandatory format.
| Service | Standard | Reporting period |
|---|---|---|
| Administrator will process salary data accurately, fully and on time. | According to timelines in Production Calendar in at least 99% of cases. Quality = in at least 98% of cases, service will be provided accurately at the first attempt. | Quarterly |
| Administrator periodically provides an invoice to the Employer on the web portal. | According to timelines in Production Calendar in at least 99% of cases. Quality = in at least 98% of cases, service will be provided accurately at the first attempt. | Quarterly |
| 1. In order to ensure timely payment, Administrator will send reminders according to timelines provided in the Production Calendar. 2. Premiums will be redirected once paid in full. | 1. According to timelines provided in the Production Calendar in at least 99% of cases. 2. In at least 99% of cases, accrual premiums will be redirected on the first regular trading date as mentioned in the Production Calendar. Insurance premiums will be redirected at the beginning of the next month after having been paid in full . Quality = in at least 98% of cases, service will be provided accurately at the first attempt. | Quarterly |
9. Administration of products
The Administrator administers the products of the Foundation, i.e.:
- The insurance products in the insurance administration. If the Pension Scheme contains optional choices, choices made by the Employer or Participant will be registered;
- The investment products including dividend pay-outs if any, rebates and costs in the unit administration and processes the rebalancing and switching requests for individual Participants offered by the Foundation.
| Service | Standard | Reporting period |
|---|---|---|
| Administrating choices made by the Participant with regard to investment and/or insurance products on time, fully and accurately. | Upon receipt of the choices made, choices are processed in the administration of LifeSight in at least 99% of cases within the timelines provided for in the Production Calendar. Quality = in at least 98% of cases, service will be provided accurately at the first attempt. | Quarterly |
| Based upon data provided by Employer, individual allocation ratios for NextGenDC Participants, switch-requests made by Partcipants, dividend pay-outs if any, rebates if any and administration fees, the Administrator will relay this information to the order processor on time, in full and accurately. The order processor will ensure the placement of investment orders – based upon the data received. | According to the Production Calendar in at least 99% of cases. In at least 99% of cases, specifications – following back reporting by the order processor – will be placed on the web portal according to the timelines provided in the Production Calendar. Quality = in at least 98% of cases, service will be provided accurately at the first attempt. | Quarterly |
10. Processing incoming Value Transfers
Incoming Value Transfers will be initiated upon a request made by the Participant on MijnLifeSight. Subsequently, the Administrator will send a request for information to the former pension provider. Upon receipt of the information, the Administrator will send the Participant an offer on behalf of the Foundation. If the Participant accepts the offer, the Administrator will send a request for Value Transfer to the former pension provider.
| Service | Standard | Reporting period |
|---|---|---|
| Upon receipt of a complete and accurate request for Value Transfer through MijnLifeSight, the Administrator will send a request for information to the former pension provider. | Within 10 working days following the receipt of a complete and accurate request, in at least 99% of cases. Quality = in at least 97% of cases, service will be provided accurately at the first attempt. | Quarterly |
| Upon receipt of information from former pension provider, Administrator will send an offer for Value Transfer to Participant via MijnLifeSight. | Within 10 working days following the receipt of a complete, accurate and approved information, in at least 99% of cases Quality = in at least 97% of cases, service will be provided accurately at the first attempt. | Quarterly |
| Upon receipt of the signed offer – uploaded onto MijnLifeSight – from the Participant, Administrator will send a request for Value Transfer to former pension provider. | Within 5 working days following receipt of signed offer from Participant, in at least 99% of cases. Quality = in at least 97% of cases, service will be provided accurately at the first attempt. | Quarterly |
| Administrator includes incoming value into Participant’s unit administration. | On the first subsequent trading date provided for in the Production Calendar upon receipt of the full incoming value, in at least 99% of cases. Quality = in at least 97% of cases, service will be provided accurately at the first attempt. | Quarterly |
11. Processing outgoing Value Transfers
Outgoing Value Transfers will be initiated upon the receipt of a letter from another pension provider on behalf of a Former Participant requesting the value of the latter’s Pension Capital accumulated with the Foundation. Subsequentely, the Administrator will contact the Former Participant and prepare an offer on behalf of the Foundation. Once the Former Participant has accepted the offer, this will be administered in the unit administration and the Pension Capital will be transferred to the other pension provider.
| Service | Standard | Reporting period |
|---|---|---|
| Upon receipt of a request for outgoing Value Transfer, the Administrator will send a reply to this request to the new pension provider. | Within 10 working days following receipt of a complete and accurate request, in at least 99% of cases. Quality = in at least 97% of cases, service will be provided accurately at the first attempt. | Quarterly |
| Upon receipt of required documentation by the new pension provider, the Administrator will request the pay-out department to transfer the accumulated Pension Capital. | Within 10 working days following the first subsequent trading date provided for in the Production Calendar – and under the condition that documentation provided by the new pension provider is complete, accurate and approved by the Administrator and selling orders, costs and rebates – if any – have been settled regularly, in at least 99% of cases. Quality = in at least 97% of cases, service will be provided accurately at the first attempt. | Quarterly |
12. Providing Uniform Pension Overview (UPO)
In line with pension legislation, Participants will receive an UPO on an annual basis. Former Participants and ex-partners will also receive an UPO on an annual basis. The Administrator will prepare UPO’s and make these available on MijnLifeSight.
| Service | Standard | Reporting period |
|---|---|---|
| Administrator will provide UPO’s to (Former) Participants – meeting the standards set in pension legislation – by the 1st of July of each year. UPO’s will reflect the accrued pension benefits as of 1 January of the same year. | Before the deadline that was agreed upon, in at least 99% of cases. Quality = in at least 97% of cases, service will be provided accurately at the first attempt. | Quarterly |
13. Reaching Retirement Date (retiring)
At least 6 months before reaching the envisioned Retirement Date or Target Retirement Date as mentioned in the pension rules, the Administrator will provide the (Former) Participant or ex-partner with information needed to request a life-long Retirement and/or Partner’s Pension. The pension can be acquired form the Life Insurer or an insurer chosen by the (Former) Participant. The Foundation does not provide pensions during the retirement phase.
The (Former) Participant chooses the pension provider and informs the Administrator of his choice by sending the latter a response form. The Administrator will sell the (Former) Participant’s investments on the Retirement Date. When the (Former) Participant has provided the Administrator with the required, accurate and full information, the Administrator will transfer the Pension Capital to the new pension provider. If the (Former) Participant has not provided the Administrator with the response form 10 working days before the Retirement Date, the Administrator will send a reminder to the (Former) Participant.
If the (Former) Participant has not responded on the Retirement Date, the Pension Capital will be transferred to the Life Insurer. Following the transfer of the Pension Capital to the new pension provider, the Administrator will send a confirmation letter to the (Former) Participant.
| Service | Standard | Reporting period |
|---|---|---|
| Before the Retirement Date, the Administrator will provide the (Former) Participant and ex-partner with available relevant information needed to request a life-long Retirement and/or Partner’s pension. | At least 6 months before Retirement Date, in at least 99% of cases. Quality = in at least 97% of cases, service will be provided accurately at the first attempt. | Quarterly |
| Administrator will ensure pay-out of (Former) Participant’s or ex-partner’s Pension Capital to chosen insurer or – if no insurer was chosen – the Life Insurer. Pay-out will take place following receipt of all required documentation with regard to pension choices made by (Former) Participant or ex-partner and following settlement of monthly investment selling orders, costs and rebates, if any. | Within 10 working days following the first subsequent trading date provided for in the Production Calendar and the receipt of full, accurate documentation that was approved by the Administrator and provided selling orders, costs and rebates, if any, are settled regularly, in at least 99% of cases. Quality = in at least 97% of cases, service will be provided accurately at the first attempt. | Quarterly |
14. Processing Equalisations
The (Former) Participant and/or the ex-partner will send the Administrator an ‘end of relation-request’. The Administrator may also receive this information from the BRP. The Administrator will register the end of a relation in its administration. The (Former) Participant and/or the ex-partner can request the Administrator to equalise the accumulated Pension Capital. Subsequently, the Administrator registers the agreements the ex-partners have made with regard to their separation. In case of equalisation, the investment units related to the equalised Retirement Pension will be earmarked in the unit administration of the divorced (Former) Participant. This will be done by maintaining a factor that indicates the part of the investments that belongs to the (Former) Participant and the ex-partner.
| Service | Standard | Reporting period |
|---|---|---|
| Administrator registers an ‘end of relation request’ and – if any – a subsequent request for equalisation by the (Former) Participant and the ex-partner. In addition, (Former) Participant and the ex-partner will be informed about the consequences of the equalisation. | Within 10 working days following receipt of a complete request by the Administrator, in at least 95% of cases. Quality = in at least 97% of cases, service will be provided accurately at the first attempt. | Quarterly |
| In case of equalisation, Administrator will ensure registration in the unit administration. | Within 10 working days following the receipt by the Administrator of the form “Verdeling ouderdomspensioen bij scheiding”, provided it was filled out in full and accurately, in at least 95% of cases. Quality = in at least 97% of cases, service will be provided accurately at the first attempt. | Quarterly |
15. Processing claims or pay-out of benefits
On behalf of the Foundation, the Administrator will receive notice of the fact that a (Former) Participant has deceased from the Employer, dependents (if any) or the BRP. If possible, a decease will be verified with the BRP. The data provided by the BRP take precedence over data emanating from other sources. On behalf of the Foundation, the Administrator will receive occupational disability notices from the Employer or UWV. If possible, such notice will be verified with UWV. The data provided by UWV take precedence over data emanating from other sources.
Subsequently, the Administrator will collect the necessary documentation that will be registered and processed. The Administrator – in case of decease – will initiate the transfer of capital, if any.
In case of a claim related to decease or occupational disability and upon receipt of the required documentation, the Administrator will give notice to the insurer a claim has been made and provide the required data to the insurer.
In case of decease, the Administrator will adjust the unit administration. Upon receipt of the required documentation, the pay-out of Pension Capital to a pension provider will be initiated. Dependents will be informed by the Administrator.
| Service | Standard | Reporting period |
|---|---|---|
| Following decease, Administrator registers mutations and ensures follow-up steps – related to mutations – are carried out. In this regard, Administrator facilitates a direct coupling with BRP. | Within 5 working days after becoming aware of the date of decease, provided that the instructions are clear and dependents are known, in at least 95% of cases. Quality = in at least 98% of cases, service will be provided accurately at the first attempt. | Quarterly |
| Following occupational disability, Administrator registers mutations and ensures follow-up steps – related to mutations – are carried out. In this regard, Administrator facilitates a direct coupling with UWV. | Within 5 working days after becoming aware of the date of occupational disability, in at least 95% of cases. Quality = in at least 98% of cases, service will be provided accurately at the first attempt. | Quarterly |
| A claim request related to decease or occupational disability – provided the request is complete and accurate – will be processed by Administrator and forwarded to the insurer. | Within 10 working days following receipt of a complete set of documents, approved by the Administrator, in at least 99% of cases. Quality Participant critical mutations = 97% accurate. | Quarterly |
| In case of decease, Administrator ensures transfer of Pension Capital to pension provider. | Within 10 working days following the first subsequent trading date provided for in the Production Calendar and following receipt of a complete and accurate asessment by the pension provider that was approved by the Administrator and following the regular settlement of selling orders, costs and rebates, if any, in at least 95% of cases. Quality Participant critical mutations = 97% accurate. | Quarterly |
16. Providing service and information
Employer’s and (Former) Participant’s questions and request for information – related to the execution of the Pension Scheme – will be answered or dealt with by the Administrator.
| Service | Standard | Reporting period |
|---|---|---|
| Using webservices, Administrator supports a coupling with NPR and MijnLifeSight, where (Former) Participants can find information regarding their Pension Scheme. In addition, a web portal has been made available to Employer. Systemic errors will be resolved by Administrator, so that the web portal can be accessed unhindered by (Former) Participant and Employer. The Foundation will ensure the availability of MijnLifeSight and resolve any systemic errors of this webservice. | The Employer’s web portal and the couplings with Mijn-LifeSight and NPR will – except for during maintenance weekends – be available between 7.00-22.00 hours middle European (summer)time, in 99% of cases. The Employer’s web portal and the coupling with Mijn-LifeSight will – except for during maintenance weekends – be available between 22.00-7.00 hours middle European (summer)time, in at least 98% of cases. Said norms only apply if ensuring availability of said services lies within the remit of Administrator and third parties engaged by Administrator. | Quarterly |
| On behalf of the Foundation, Administrator will maintain a service desk for answering questions related to the execution of the Pension Scheme. The service desk is available for Employers and (Former) Participants. Questions related to the the content of the Pension Scheme, asset management and other specialist questions – the answers to which cannot be easily derived by consulting the administration system – will be forwarded to the Foundation by the service desk. | In at least 95% of cases: Availability service desk: 08.00 – 18.00 uur; Average response time service desk employee: less than 45 seconds; Processing email messages within 5 working days; Processing written communication within 10 working days after receipt. Said norms only apply if availability lies within the remit of Administrator and third parties engaged by Administrator. Quality = in at least 95% of cases, service will be provided accurately at the first attempt. | Quarterly |
17. Providing Service Level Agreement reports
Periodical information about the realisation of standards and services as set out in this Service Level Agreement. The Foundation will provide this report to the Employer on a quarterly basis (4 times per annum).
The report will be made available 30 working days after the end of each quarter at the latest.