SIVI standard · Release 2026 and Release 2027
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.
Final Release 2027 On 12 October 2026 SIVI published the final Release 2027, with the same version number 001.05 as the July pre-release. A message built on the pre-release can therefore state the right version and still be rejected. What changed per message.
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, and in the FPR for flows outside the unit administration (FPR route per investment portfolio) | 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 and FPR: in the FPR the interest-rate risk profile for the fiduciary and the LDI manager, per investment portfolio | Pension administrator (PUO) → Fiduciary manager (FM), investment administrator (BA) and LDI manager | Monthly (expected); in the FPR monthly cycle at T-4 | active |
| 4 | 00002 | Return on investment | SPR; in the FPR for collective parts administered in euros, such as the CVP | Investment administrator / asset service provider (BA) → Pension administrator (PUO) | Monthly (expected); implementation plans mention T+4 at the latest for SIVI message 4 | active |
| 5 | 00541 | Trade instruction | FPR: orders (messages 5 and 6) | Pension administrator (PUO) → Investment administrator (BA). The party that processes the order can be a broker, transfer agent or order desk; that does not change the data exchange (manual sections 4.2, 4.3.5) | In the FPR monthly cycle at T-4; ad hoc otherwise | active |
| 6 | 00542 | Order confirmation | FPR: orders (messages 5 and 6) | Investment administrator (BA): the party that processed the order reports the execution back (manual section 4.3.6) → Pension administrator (PUO) | After execution; in the FPR monthly cycle at T+3 | active |
| 7 | 00551 | Balance adjustments | Release 2026: FPR model 2 (layered order model); discontinued in Release 2027, which has one FPR model | Pension administrator (PUO) → Administrator of cohort and investment pools | Monthly (Release 2026) | discontinued |
| 8 | 00552a | Reconciliation information | Release 2026: FPR model 2 (layered order model); discontinued in Release 2027, which has one FPR model | Investment administrator (leading) and fiduciary manager (shadow administration) → Mutual, plus the pool administrator | Monthly (Release 2026) | discontinued |
| 9 | 00552b | PUO reconciliation information | Release 2026: FPR model 2 (layered order model); discontinued in Release 2027, which has one FPR model | Administrator of the investment pools → Pension administrator (PUO) | Monthly (Release 2026) | discontinued |
| 10 | 00553 | Control information investment pools | FPR: investment pools (messages 10, 13, 14 and 15) | Investment administrator (BA); the PUO only when it fulfils the BA role itself (issue #142) → Fiduciary manager (FM) | T-4 (four business days before the transaction date) | active |
| 11 | 00554 | Rebalancing information | Release 2026: FPR model 2 (layered order model); discontinued in Release 2027, which has one FPR model | Administrator of cohort and investment pools → Fiduciary manager (FM) | Month-end (Release 2026) | discontinued |
| 12 | 00555a | Value information cohort pool | Release 2026: FPR model 2 (layered order model); discontinued in Release 2027, which has one FPR 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: investment pools (messages 10, 13, 14 and 15) | Investment administrator (BA) → Pension administrator (PUO); the values are also available to the other parties involved | Preliminary at T-4, final (month-end NAV) at T+3 | active |
| 14 | 00556 | Payment information | FPR: investment pools (messages 10, 13, 14 and 15) | Investment administrator (BA); the PUO only when it fulfils the BA role itself (issue #142) → 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: the investment administrator, the fiduciary manager or another asset-management party, depending on the set-up → 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 (final since 12 October 2026, in use from 1 January 2027) 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, AFDCOA, AFDSWI, ADNFUN, ISOVAL and the inline values
Errors and fixes · 52
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 · 10
From v0.1.0 to the final Release 2027, with an automated diff per message and what the final release changed against the pre-release
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 consistency checks based on 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 party that processes orders: a broker, transfer agent or order desk (manual section 4.2).