The reform of the Open Pension Funds (OFEs) will result in their transformation into Specialized Open Investment Funds and the PTEs will be transformed into Investment Fund Companies.
The currently planned change, resulting from the government’s draft Act on amending certain acts in connection with the transfer of funds from open pension funds to individual pension accounts, provides for a complete change of the current system, which will result in the transformation of open pension funds into specialised open-ended investment funds (“SFIOs”), and universal pension fund companies (“PTEs”) managing them into investment fund companies (“TFIs”).
Challenge: Handling a SFIO created from a transformed Open Pension Fund requires specialized knowledge of how open pension funds and specialized open investment funds operate. There is also a need for appropriate software to handle SFIOs that also take into account the specifics of Open Pension Funds.
Solution: Metlife PTE entered into an agreement with Moventum Services and ProService Finteco to maintain a register of MetLife OFE members and MetLife DFE members.
Benefits: The Transfer Agent entrusted with the provision of services ensures appropriate technology and professional service. For PTEs, there will be no need to adapt their systems to support SFIOs. Moventum and ProService acquired a new client with over 1.5 million active accounts, over 10 billion assets, and over 450,000 transactions carried out per month.
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