Dutch consultant Montae is to adapt pension fund software from Swedish financial advice firm Söderberg & Partners for the Dutch market.

As part of the arrangement, Söderberg is to take a stake in Montae.

The consultancy firm said that the job involved adjusting software that enables freedom of choice for members of collective pension plans.

Söderberg, which employs 1,600 staff, is already active in Denmark, Norway and Finland.

In Sweden, participants have much more freedom of choice for their pension and can, for example, select their own investment funds for part of their pension assets.

Planned reforms in the Netherlands could mean similar flexibilities are introduced under a new pensions contract.

Mike van Engelen, Montae’s founder, said this meant Söderberg had significant experience developing and providing tools for employers and pension funds to assist participants making choices digitally.

“They have developed standard tools with the correct communication and education for participants,” he added.

According to Van Engelen, using Söderberg’s software would be cheaper than developing programs for individual employers.

He said: “Medium-sized and larger companies in particular are interested in this software, for example, if they intend to switch from defined benefit [DB] to defined contribution, and if they want to offer more choice within a DB plan.”

Montae, which has offices in Rijswijk and Eindhoven, is to open a new branch in Utrecht next year.

Montae focuses on pensions advice and board support. It serves approximately 20 pension funds.

Earlier this year, Söderberg took a stake in Dutch pensions advisor and communication company Floreijn Group .

At the time, Floreijn said it expected to benefit from Söderberg’s experience in robo-advice for individual workers in defined contribution plans.