BELGIUM - Belgian industry-wide construction workers' scheme PensioB has appointed Hewitt Associates to design a tailor-made pension administration tool.
PensioB, set up on March 1 for roughly 170,000 builders under the new legal framework for pension funds (now called OFPs), said the consulting firm is in the process of designing and building an administrative tool and an application.
The application is built with the aim that the scheme will handle the administration itself, but will be able access the bespoke infrastructure built by Hewitt via a Web connection.
Daniel Vanhaeverbeke, project leader at the Belgian trade union for building workers, said: "Technically, individual savings accounts will be created into which members will have a percentage of their salary paid each quarter, with a return on investment guarantee."
The total saved amount will then be paid to the beneficiaries at the age of 65 - the legal retirement age in Belgium, he added.
Hewitt is hoping for more business of multinational companies that are considering implementing a pan-European pension fund, a spokesman said.