BELGIUM - Hewitt Associates has been contracted by the Belgian construction sector to develop an administration system for its pension scheme, pensioB.
The 170,000 member strong pension scheme of the Belgian Fédération de la Construction has asked Hewitt to design and build a system, developed by Hewitt in Switzerland, capable of handling the needs of all members and allowing the scheme to self-administrate.
Project leader at the Belgian Fédération de la Construction, Daniel Venhaeverbeke, said: “The social partners of the pension plan “pensioB” have developed a pension system for its 170,000 members which exceeds the legal requirement and which takes into account demographic developments and the challenges that the Belgian authorities will face in the future to finance the legal pension system.
“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 be paid to the beneficiaries at the age of 65 – the legal retirement age in Belgium.
Hewitt Associates’ Marnik Van Impe commented: “This should be good news for multinational companies who are considering implementing a pan-European pension fund.”
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