Financial & Employee Benefits (Febs) has opened an office in Winterthur, Switzerland, with the aim of administering mobile pensions for corporations on a pan-European basis.
Febs Switzerland is a sister company of Munich-based Febs Germany, set up last year. The two companies are owned by their management and have cross-shareholdings.
“Our aim is to be one of the first to administer a pan-European pension plan,” says Febs Switzerland sales director George Vozis, though he stresses that Febs is not yet in a position to provide such a service. “This is a process and may take a while.”
The Swiss operation has six staff who joined it following its management buy-out from XL Winterthur International. It does not yet have any clients. It aims to be able to get any solution up an running within six to eight weeks for clients, Vozis says.
It will operate under the banner “Affinity Group Services”. The Munich office already runs Febs’ other product lines: employee benefits, creditor insurance and financial solutions, mostly for the German market.
Users of the Febs service will be able to access their pension details and administer funds via the internet, subject to company rules and local regulations, Vozis adds.