PIVOT: the recipe to combat pension apathy | KPMG | NL
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PIVOT: the recipe to combat pension apathy

PIVOT: the recipe to combat pension apathy

KPMG and Cegeka developed a blockchain-based concept solution that has the potential to empower pension providers to address the root causes of pension apathy.


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Meer inzicht, minder pensioenapathie

Generally, the history of innovation is not the tale of the brilliant visionary who invents something completely new. It is the story of a sector that takes advantage of an opportunity to resolve the challenges that clients face. Such an opportunity is now present in the pension industry.

The Dutch are apathetic towards their pensions. This comes as no surprise. They currently have no up-to-date insight into their pension situation, are unsure of what it means for them and, therefore, have no perspective for action. Pension providers can change this by using a blockchain-based concept that KPMG has developed with IT provider Cegeka: PIVOT.

PIVOT is made possible by two recent developments: EU Directive PSD2 (Payment Service Directive 2), which takes effect in 2018, and blockchain technology.

Firstly, PSD2 is paving the way for broader participation of non-banks in the payment industry. Although PSD2 only focuses on payment accounts, this directive will serve as a catalyst in the process towards greater transparency in the entire financial sector, including insurance and pensions. This incentive for open information exchange and improved transaction services will make pension information easier to share and to access. It will also enable value transfer between the different pillars in the Dutch pension system.

Secondly, blockchain technology makes it possible to share and integrate information from different parties in the pension sector and to calculate pension accrual automatically and reliably. You can read more about these two developments and how they form the basis for PIVOT in our comprehensive white paper: ’More insight, less pension apathy'.

Together, KPMG and Cegeka have developed a proof-of-concept for PIVOT. Thanks to blockchain technology multi-party pension information is available in real-time. Real-time data can be analysed for real-time advice using a mobile app. Once this advice is combined with PSD2-inspired transaction services, the following applications can become a reality:

  • when a client receives a salary increase, PIVOT can advise to put some if it towards the pension;
  • when a client marries, PIVOT can explain to him or her what the consequences for his or her pension will be;
  • if a client with an employment contract and supplementary pension decides to go independent, PIVOT advises on how a potential pension gap can be avoided.

PIVOT can assist the pension sector in breaking through public apathy with up-to-date pension information and a whole new means of interacting with clients. But opportunities are only true opportunities when they’re seized. We dare leaders in the pension industry to contact us to make the most of this opportunity.


Gys Hough
Senior consultant Digital Ledger Services
T: (020) 656 8515

Dennis de Vries
NL Lead KPMG Digital Ledger Services
T: (020) 656 7451

Pieter Kiveron
Lead Pensions Advisory
T: (020) 656 7632

Paul Koetsier
Senior manager PSD2 team
T: (020) 656 7627

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