The German Company Pension Strengthening Act (Betriebsrentenstärkungsgesetz, BRSG) provides new incentives for company pension schemes to make them more widely used and to create a more comprehensive regulatory framework. The complexity is increasing for all parties involved, such as insurers, intermediaries, employers and employees. Automated processes help counter the rising need for administration and ensure that data is processed in a comprehensive manner and at high quality.
Part of the BRSG is mandatory – efforts and error rates must be kept in check
The mandatory employer contribution poses challenges for companies, because as of 2022 current pension schemes must be adjusted. Given the multitude of contracts, this will result in a high level of manual effort, which is likely to cause confusion and increased error rates. Digital selection and marking of contract groups brings added transparency and ensures that adjustments are carried out according to the requirements in a targeted and automated manner for each respective group. Digital applications also make it easier to check product requirements and identify the need for improvements.
Adaptations to the administrative systems and consulting tools will be necessary
The BRSG requires insurers to adjust the contracts and thus make adjustments to their IT systems used to manage the portfolio. Especially in the field of company pension schemes, the multitude of regulations frequently results in legal adaptations. Digital solutions ensure transparency, clarity and access for employers and employees. Sustainable and modular IT applications not only cover your current needs, but they also ensure that you can implement any necessary future adjustments at short notice. This means that your IT systems become adaptable at any scale not only today, but also tomorrow and the day after.
