SIVI standard · Release 2026 and Release 2027 (pre-release)
VB-PUO Knowledge Base: the SIVI standard for data exchange between asset management and pension administration
SIVI's and the Pensioenfederatie's VB-PUO data-exchange standard governs how pension administrators, fiduciary managers, investment administrators and custodians send each other capital, cashflow, projections, orders, unit values and payments every month. This knowledge base opens up the standard per message, entity, attribute and code, with samples validated against the official schemas at build time.
The messages of Release 2027
| Nr | Code | Message | Arrangement | Sender → Receiver | Timing | Status |
|---|---|---|---|---|---|---|
| 1 | 0001a | Capital | SPR (also for collective flows in FPR) | Pension administrator (PUO) → Fiduciary manager (FM) and investment administrator / asset service provider (BA) | Monthly (expected), at the start of the reporting period; implementation plans mention T+10 at the latest for SIVI messages 1 to 3 | active |
| 2 | 0001b | Cashflow | SPR (also for collective flows in FPR) | Pension administrator (PUO) → Fiduciary manager (FM) and investment administrator (BA) | Monthly (expected); prospective (expected flows) or retrospective (realised flows), depending on the chain agreement | active |
| 3 | 0001c | Pension projection | SPR; in FPR model 2 also as interest-rate risk profile to the LDI manager | Pension administrator (PUO) → Fiduciary manager (FM), investment administrator (BA) and LDI manager | Monthly (expected); in FPR model 2 at T-4 to the LDI manager | active |
| 4 | 00002 | Return on investment | SPR | Investment administrator / asset service provider (BA), possibly the fiduciary manager → Pension administrator (PUO) | Monthly (expected); implementation plans mention T+4 at the latest for SIVI message 4 | active |
| 5 | 00541 | Trade instruction | FPR model 1 (direct order model); also in model 2 | Pension administrator (PUO) → Broker, transfer agent or order desk (in model 1b via the custodian's or fiduciary's order platform) | Ad hoc, in the model 2 monthly cycle at T-4 | active |
| 6 | 00542 | Order confirmation | FPR model 1 (direct order model); also in model 2 | Broker, transfer agent or order desk → Pension administrator (PUO) | After execution; in the model 2 monthly cycle at T+3 | active |
| 7 | 00551 | Balance adjustments | FPR model 2 (layered order model) | Pension administrator (PUO) → Administrator of cohort and investment pools | Monthly (Release 2026) | discontinued |
| 8 | 00552a | Reconciliation information | FPR model 2 (layered order model) | Investment administrator (leading) and fiduciary manager (shadow administration) → Mutual, plus the pool administrator | Monthly (Release 2026) | discontinued |
| 9 | 00552b | PUO reconciliation information | FPR model 2 (layered order model) | Administrator of the investment pools → Pension administrator (PUO) | Monthly (Release 2026) | discontinued |
| 10 | 00553 | Control information investment pools | FPR model 2 (layered order model) | Pension administrator (PUO) and/or investment administrator (BA); issue #142 asks SIVI to clarify this → Fiduciary manager (FM) | T-4 (four business days before the transaction date) | active |
| 11 | 00554 | Rebalancing information | FPR model 2 (layered order model) | Administrator of cohort and investment pools → Fiduciary manager (FM) | Month-end (Release 2026) | discontinued |
| 12 | 00555a | Value information cohort pool | FPR model 2 (layered order model) | Administrator of the cohort and investment pools → Fiduciary manager (FM) and pension administrator (PUO) | Monthly (Release 2026) | discontinued |
| 13 | 00555b | Value information investment pool | FPR model 2 (layered order model) | Investment administrator (BA) → Pension administrator (PUO) and fiduciary manager (FM) | Preliminary at T-4, final (month-end NAV) at T+3 | active |
| 14 | 00556 | Payment information | FPR model 2 (layered order model) | Pension administrator (PUO) or investment administrator (BA); issue #142 asks for clarification → Fiduciary manager (FM) | T+3, after the final NAV; the manual also says 'month-start' for the withdrawals | active |
| 15 | 00557 | Corporate actions | SPR and FPR | The asset-management chain (investment administrator, custodian or fiduciary) → Pension administrator (PUO) | Ad hoc, event-driven | new |
| F | feedback | Feedback message | SPR and FPR (all messages) | The receiver of the original message → The sender of the original message | sync / async | active |
In practice the messages are called "SIVI messages 1 to 4" (SPR) and "SIVI 5, 6, 10, 13, 14, 15" (FPR). Release 2027 (pre-release July 2026, final expected September 2026) discontinues messages 7, 8, 9, 11 and 12 and adds message 15.
What you find here
Messages · 16
All 16 messages with structure, attributes, validated sample and rules
Entities · 21
The entities of the AFD 2.0 model and the messages they appear in
Attributes · 153
Every attribute with type, format, obligation per message and code list
Code lists · 14
AFDIDP (puvCode), AFDRES, ADNDNS, AFDCAE, ADNFUN, ISOVAL and the inline values
Errors and fixes · 48
Symptom, cause and fix per error, from schema error to correction protocol
Processes · 26
The monthly cycle of SPR and FPR on the T-day line, feedback, chunking and transport
Roles · 9
What PUO, fiduciary, investment administrator, custodian and LDI manager send and receive
Releases · 8
From v0.1.0 to Release 2027, with an automated diff per message
Glossary · 96
Terms from the manual, bilingual, linked to the attributes where they land
Ecosystem · 40
Administrators, fiduciaries, custodians and platforms; the transition calendar; SIVI in the implementation plans
Compare · 8
Build or buy, validator or monitoring, SPR or FPR, Release 2026 or 2027
VB-PUO Validator
Free, in the browser, against the Release 2026 and 2027 schemas plus the consistency checks from the manual. Your file never leaves your computer.
Who uses this knowledge base
- Pension administrator (PUO): The PUO keeps the participant and cohort administration and is the starting point of almost every information flow.
- Fiduciary manager (FM): The fiduciary manager receives the fund's positions, flows and projections, translates them into instructions to operational asset managers and LDI managers and keeps a shadow administration.
- Investment administrator / asset service provider (BA): The independent investment administrator, often the custodian, keeps the leading investment administration (ABOR).
- LDI manager: The LDI manager manages the mandate that hedges the interest-rate risk of the expected payments.
- Custodian: The custodian holds the investments, independently determines value and performance and settles the cash flows via SWIFT.
- Broker, transfer agent or order desk: The executing party in the direct order model: receives trade instructions (5), executes and confirms (6).