Pensions are a hot topic. Many of us are concerned about our pensions, but few of us actually understand much about how they work. Enter BeFrank - a plain-speaking, low-cost PPI (premium pension institution) scheme which took less than one year to become a player of note in the staid pension market.
As its name suggests, BeFrank is an easy to understand, simple and transparent pension product, communicating openly with customers on the build-up of their pension, their investments and the costs and risks involved.
BeFrank, the first PPI in the Netherlands, combines Delta Lloyd’s pension knowledge with BinckBank’s online power. Establishing a PPI became possible after legislation governing the introduction of PPIs took effect at the start of 2011. Underscoring our commitment to innovation, the product was introduced soon after.
BeFrank’s innovative nature lies in its very simplicity and the ease with which people can access information on their pensions. Through on-line portals, employees can access their pension details whenever and wherever they wish. The pension planner offers individuals an immediate overview of their pension and the associated risks. By communicating in advance about the effects on their pension of choices such as saving additional amounts, retiring early or altering risk profiles, employees are empowered to make choices that suit them and the lives they lead.
Though relatively new to the Netherlands, the PPI pension model is here to stay - if accolades such as the award for ’best communications for a commercial party 2012’ from Pensioen Bestuur & Management are anything to go by.
BeFrank uses modern infrastructure and communications techniques, ranging from online portals, a mobile app with real-time insight in your pension’s savings and the pension community WeFrank. BeFrank also offers its infrastructure to third-party pension providers as a white label service.