Employee Benefits

  • Portfolio conformity with the Vandenbroucke law
  • Calculate the established entitlements of subscribers
  • Control the adequacy of pension plan provisions

What?:

You manage a group insurance portfolio or a pension fund:

  • Do they meet the requirements of the Vandenbroucke Law? Even for the most complex cases?
  • Are the calculations of subscribers' entitlements implemented according to this law, even for special cases(invalids, early retirees, those taking a career break.)?
  • Does the financing meet local (minimum financing) and international requirements (IAS 19 - FAS)?

Why?

  • To offer your client a quality management of their pension plan meeting all legislative requirements
  • To improve and simplify communication with subscribers
  • To automate calculations of subscribers' rights and solvency
  • To automate calls for extraordinary additional premiums where under provision is identified (IAS 19 - FAS - Local minimum provision)

For Whom?

Pension fund managers, back-office group insurance departments, and after-sales services of insurance companies.

How?

Analyse and classify your portfolio according to different criteria :

  • Defined benefits
  • Defined contributions
  • Cafeteria plan
  • Collective funds
  • Cash balance
  • All-In Budget
  • Types of guarantees offered: Retirement, Death, Survival, Orphans' benefit, Invalidity benefit, Exoneration of premiums

Collation and inventory of existing legal documents: regulations and endorsements

Portfolio screening: on the basis of an exhaustive check-list prepared by our services, detailed analysis of your legal documents, detection of points of non-conformity such as:

  • Affiliation conditions
  • Illegal distinctions based on gender, civil status, ...
  • Discriminatory pension formulae
  • Objective definition of calculus elements: remuneration, bonuses,...
  • Part time working
  • Early retirement
  • Prorogation
  • Improved anticipation
  • Information to subscribers
  • Settlement of benefits

We develop a report on conformity, pension plan by pension plan. We can, if necessary, prepare conformity endorsements for those plans which only require a few modifications. In more complex cases your commercial teams undertake to make proposals and to negotiate with the client. On the basis of these we will prepare the conformity endorsements and amendments to meet the relevant regulations.

Establish the terms of reference for calculation vested rights (benefits and reserves), financing calculations (minimum and IAS - FAS norms) of your defined benefitsplans , taking into account the different aspects and particular complex cases such as:

  • Income or capital pledges
  • Modification of the plan: dynamic management
  • Sleeping contracts
  • Early retirees
  • Invalids
  • Interrupted careers
  • Improved anticipation
  • Early retirement
  • Barber capital
  • Special programmes: minimum and maximum benefit, goals in terms of available elements of estates
  • Recognition of seniority

Testing calculations: we have developed tools and a methodology to test calculations of vested rights which allow us to easily control the outputs of your centralised computer applications.

Our teams can, if necessary, develop calculus tools to assist with testing..

The advantages of Elips Actuarial Services ?

Our experience

  • A team of actuaries with experience in this area
  • Several years' experience in the specific domain of Compensation and Benefits

Guaranteeing results

We offer undertakings on deliverables, budget and planning.

Project management

We can manage all the organisation, delivery and follow-up on a project

Know-how transfer - and training

We assure a joint project management approach with your specialised teams: at the end of the project your teams are able to maintain the systems and to adapt to future portfolio changes.

Elips Actuarial Services References

We have executed these type of missions for two of the largest actors underpinning the Belgian market.