Analysis · 2026-09-04

SIVI in the implementation plans: what pension funds wrote about their link with asset management

Every pension fund that transitions files an implementation plan with DNB. Many funds publish that plan. Reading them side by side shows how the sector applies the SIVI standard in practice: which parties connect, which deadlines apply and how testing is done. Below the passages about the link between pension administration and asset management, with source.

What the plans say

• PME (Metalektro)juli 2026Names the four SPR messages (SIVI message 1 pension capital per cohort, 2 cashflow, 3 pension projection, 4 return information) between MN and TKP, with deadlines: SIVI 4 by T+4, SIVI 1 to 3 by T+10. The processes were validated externally and independently; the fund steers on adoption of the SIVI standard.source
• Oak Pensioenfondsseptember 2025For the link between fiduciary (BlackRock), custodian (BNP Paribas) and pension administrator (TKP) an API for automated data exchange is being built, 'the so-called SIVI files'; the Target Operating Model with BNP Paribas describes the chain. Transitioned on 1 January 2026.source
• KLM Algemeen Pensioenfondsdecember 2024Uses the SIVI standard as the basis for information exchange; the chain partners have committed to follow it. The test plan includes end-to-end tests of the data exchange according to the SIVI standard, with two month-ends of testing expected for Q2 2025. Transitioned on 1 January 2026 with Blue Sky Group, Achmea IM and CACEIS.source
• Pensioenfonds MITTfebruari 2025The SIVI standard is the starting point for the link between AZL and MN; the technical link based on the SIVI specifications is called 'not complex', with a fallback option in the TOM. Transitioned on 1 April 2026.source
• Pensioenfonds KPNoktober 2025Describes an automated 'connecting function' based on SIVI's message standards, with TKP as administrator and Aegon AM as fiduciary. Transition planned for 1 October 2026.source
• Shell (SSPF)juli 2025With the asset manager (BlackRock) and the custodian (J.P. Morgan) the link is realised as drawn up by SIVI and the Pensioenfederatie; administration by Achmea Pensioenservices. Transition planned for 1 January 2027.source
• Provisum (C&A)maart 2026The Target Operating Model uses 'the nationally agreed SIVI standard' between the own administration (Lumera AxyLife), fiduciary Anthos, investment administrator CACEIS and custodian J.P. Morgan. Transition planned for 1 June 2026.source
• PNO Media2025A periodic data flow based on the SIVI standards between the own administration (project Atlas on Lumera) and the asset-management chain, with the note that the current SIVI standards are 'still very broadly defined'; the fund is deliberately not a first mover. Transition planned for 1 January 2027.source
• Pensioenfonds Cosunseptember 2025Data exchange with the investment administration according to the SIVI standard (called 'PB-VB' in the plan) between Appel (Lumera AxyLife), Van Lanschot Kempen as fiduciary, BlackRock as LDI manager and State Street as custodian; with a digital twin and FAT/GAT tests. Transitioned on 1 January 2026.source
• Pensioenfonds PGB2026PGB Pensioendiensten runs the administration on Lumera AxyLife (live since January 2024, FTK and Wtp) with Northern Trust as custodian and investment administrator. Transition planned for 1 January 2027.source

Patterns

• The sector says 'SIVI standard' and 'SIVI messages 1 to 4', not 'VB-PUO'.
• Deadlines are fixed per chain in the TOM: T+4 for return information and T+10 for the PUO messages are the usual agreements.
• Testing is bilateral with two month-ends of end-to-end tests; SIVI offers no test facility.
• Custodians act as investment administrator (Northern Trust, BNP Paribas, CACEIS, State Street, J.P. Morgan) and are therefore the counterparty on the VB side.
• Funds that transitioned in 2026 run SPR flows; FPR flows follow in 2027.