Glossary

Glossary of the VB-PUO standard

96 terms from SIVI's manual, bilingual, with their meaning in the chain and the messages and attributes where each term lands.

A B C D E F G H I L M N P Q R S T U V

A

AFD 2.0AFD 2.0SIVI's All Finance Data catalogue, the data standard on which VB-PUO is technically based: VB-PUO's entities, attributes and code lists are AFD 2.0 definitions, delivered via AFD Online Samenstellen (AOS)..
Allocation policy (allocation rules)Toedelingsbeleid (toedelingsregels)The rules by which the collective return is distributed over cohorts and personal pension capitals: protection return per cohort, excess return by risk exposure, and the solidarity reserve.
APIAPIStructured interface through which applications communicate automatically via web services.
Asset manager (VB)Vermogensbeheerder (VB)Collective name for the parties on the asset side: fiduciary manager, operational asset managers, LDI managers, investment administrators and custodians.
Asset service providerAsset serviceproviderAnother name for the investment administrator: the independent party, often the custodian, that keeps the investment administration for the pension provider and plays the BA role in the standard..
AttributeAttribuutA unique data element of an entity, for example startAmount of the entity pension.cohort.

B

Bank Identifier Code (BIC)Bank Identifier Code (BIC)International bank code (for example ABNANL2A) that identifies the creditor's bank and, if applicable, the correspondent bank in message 14..
Book of records (ABOR / IBOR)Book of records (ABOR / IBOR)The accounting investment administration.

C

Chunking (sub-messages)Chunking (deelberichten)The Release 2026 processing protocol for large messages: the sender splits a message into numbered sub-messages with a shared currentChunkId, chunkSequenceNumber, totalNumberOfChunks and JMESPath references (chunkFragmentPaths); the receiver reassembles them..
Cohort poolCohortenpoolThe collection of investments of one cohort in the flexible premium arrangement, made up of units in investment pools.
CohortsCohortenGroups of participants that are combined for the allocation of return and risk, usually by age (age cohort) and participation status.
Collective payout phaseCollectieve uitkeringsfase (CVP / CVU)The phase in the flexible premium arrangement in which pension payments are financed collectively.
Consistency checkVerbandscontroleA check on the coherence between fields or messages that goes beyond the schema, for example: the cohort sum equals the scheme total, or exactly one of tradeAmount and tradeQuantity is filled.
CSV fileCSV-bestandData file with separated values.
CustodianCustodian (bewaarbank)The depositary that holds the investments in custody and determines an independent valuation and performance.

D

Data consistencyConsistentie van gegevensQuality dimension: data are free of contradictions, within a message and between messages.
Data exchangeData exchange (gegevensuitwisseling)Automated sharing of data between applications on the basis of agreed standards.
Data governanceData governanceThe system of standards and policies that assures data quality, security and accessibility.
Data groupGegevensgroepA logically related collection of data elements, in the messages an entity such as financialInformation.reportingPeriod..
Data itemGegevenFactual representation suitable for transfer, interpretation or processing; the value of an attribute..
Data portabilityGegevensoverdraagbaarheidThe ease with which data can be moved between interoperable applications.
Data qualityGegevenskwaliteit (datakwaliteit)The degree to which data meet the specified requirements and are fit for purpose.
Defined Benefit (DB)Defined Benefit (DB)Pension scheme with a pre-defined benefit.
Defined Contribution (DC)Defined Contribution (DC)Arrangement with a fixed contribution in which the benefit depends on the investment result.
Direct protection returnDirect beschermingsrendementThe actual return of one or more direct protection portfolios, allocated to the cohorts as protection return.
DNB annual statement asset-management costs (J402)DNB-jaarstaat kosten vermogensbeheer (J402)The DNB report in which asset-management costs are broken down into management fees, performance fees and transaction costs.

E

EntityEntiteitAn object with identity and descriptive attributes, denoted in AFD 2.0 as entity.entitytype (for example pension.cohort).
Excess returnOverrendementThe total return minus the allocated protection return (and the effect of changes in life expectancy).

F

Fiduciary manager (FM)Fiduciair manager (FM)The integral director of asset management who implements the fund's strategic investment policy through several asset managers and LDI managers.
Flexible premium arrangement (FPR)Flexibele premieregeling (FPR)Premium arrangement in which the contribution is invested individually and the accumulated capital finances a variable or fixed benefit.
Foreign exchange rate (FX rate)Wisselkoers (FX-rate)The rate at which an investment value in foreign currency is converted to euros.

G

General pension fund (APF)Algemeen pensioenfonds (APF)A pension fund that runs several pension schemes of different employers in ring-fenced compartments (kringen).

H

Hedging percentageAfdekkingspercentageThe degree to which the interest-rate sensitivity of the expected pension payments is hedged with protection investments.

I

Identifier (ISIN, SEDOL)Identifier (ISIN, SEDOL)Unique key of an investment instrument.
Indirect protection returnIndirect beschermingsrendementProtection return determined via the interest-rate term structure (term-structure method) instead of from actual protection portfolios..
Instruction dateInstruction date (orderdatum)The date on which the pension provider sends the investment order or instruction; in the FPR model 2 monthly cycle that is T-4..
InterfaceKoppelvlakThe set of agreements that makes data exchange between systems possible: messages, transport, security and feedback.
InteroperabilityInteroperabiliteitThe ability of organisations to share information effectively with compatible systems and processes.
Investment administrator (BA)Beleggingsadministrateur (BA)The independent party that keeps the investment administration: positions, units and values per investment pool.
Investment order (investment instruction)Beleggingsorder (beleggingsinstructie)Instruction to buy or sell investments.
Investment poolBeleggingspoolA collection of investments with common characteristics (for example global equities or an LDI mandate) in which cohorts participate through units.
Investments methodBeleggingenmethodeMethod in which the protection return is determined outside pension administration on the basis of the actual interest-rate hedge (direct protection return), as opposed to the term-structure method..
ISINISINInternational Securities Identification Number: twelve-character code (country code plus national number) that identifies a security worldwide.

L

LDI managerLDI-managerSpecialist who manages the LDI mandate (liability-driven investment): the portfolio that hedges the interest-rate risk of the liabilities.
LDI mandateLDI-mandaatA tailor-made portfolio that hedges interest-rate risk according to agreed guidelines; the source of the direct protection return..
Leading investment administrationLeidende beleggingsadministratieThe administration that counts as the primary source for the personal pension capital and supervisory reporting, usually the investment administrator's ABOR.
LifecycleLifecycleInvestment strategy in the flexible premium arrangement in which risk is reduced as the retirement date approaches.
Local currencyLokale valutaThe original currency in which an investment instrument is quoted.
Look-throughLookthroughVisibility into the underlying investments of a fund or pool.

M

MandateMandaatInvestment assignment to an asset manager to manage a portfolio according to agreed guidelines.
MessageBerichtAn interface specification for exchange between applications.
Message schemaBerichtschemaThe formal definition of a message as JSON Schema (draft 2020-12 since Release 2027), including entities, attributes, obligation and code lists.
Message structureBerichtstructuurThe hierarchy of entities and attributes in a message: commonTechnical, commonFunctional, party with pensionProvider, scheme, cohort, portfolio or pool underneath.
MetadataMetadata (metagegevens)Data that describe the context, structure and management of other data.

N

Net asset value (NAV, unit value)Net asset value (NAV, unitwaarde)The value of one unit in an investment pool: the net value of the pool divided by the number of units.
NettingNettenCombining investment orders in the same product, for example purchases for younger and sales for older cohorts, into one net transaction.
Non-repudiation of dataOnweerlegbaarheid van een gegevenNeither sender nor receiver can deny the transmission or receipt of a message.

P

Participation valueParticipatiewaardeThe value of a participation of a cohort or participant in a pool.
Pension administration organisation (PUO)Pensioenuitvoeringsorganisatie (PUO)The organisation that keeps the pension administration, on behalf of one or more funds or as a self-administering fund.
Pension fundPensioenfondsInstitution that manages and administers pension schemes for an industry, company or profession.
Pension insurerPensioenverzekeraarInsurer that offers and administers pension schemes.
Pension providerPensioenuitvoerderThe organisation that administers a pension scheme: pension fund, insurer, premium pension institution or general pension fund.
Pension regulationsPensioenreglementThe document in which the pension provider records the rights and obligations of participants, including the allocation rules that determine how the return from message 4 is distributed..
Pension schemePensioenregelingThe agreement between employer and employees on pension entitlements.
Plausibility of dataPlausibiliteit van een gegevenThe degree to which data appear true and credible.
PortfolioPortefeuille (portfolio)Collection of investments.
Precision of dataPrecisie van een gegevenThe degree of exactness: amounts with two or six decimals, percentages with twelve.
Premium pension institution (PPI)Premiepensioeninstelling (PPI)Financial institution that administers premium arrangements without bearing risk itself.
Premium-benefit agreementPremie-uitkeringsovereenkomstInsured arrangement in which the contribution is invested individually and the participant chooses between a variable and a fixed benefit at retirement.
Projected pension paymentsGeprojecteerde pensioenuitkeringenThe expected future payments based on the accumulated pension capital, per cohort and per payment date.
Projection returnProjectierendementThe expected future return used to calculate a variable benefit.
Protection portfolioBeschermingsportefeuilleThe part of the portfolio that generates the protection return by hedging the interest-rate risk of the expected payments, usually through an LDI mandate..
Protection returnBeschermingsrendementThe return allocated to a cohort to protect the nominal stability of the (expected) pension payments against interest-rate changes.
Provision for pension liabilities (VPV)Voorziening pensioenverplichtingen (VPV)The capital required to meet current and future pension liabilities; replaced under the Wtp by personal pension capitals, but still used in the term-structure method (shadow VPV)..
puvCodepuvCodeThe pension provider code from code list AFDIDP (for example U0003 for Pensioenfonds Openbare Bibliotheken) that identifies party.pensionProvider in every message.

Q

Quality requirementKwaliteitseisA standard, often quantified, that data must meet; expressed in the schemas as type, maxLength, multipleOf, obligation and code list..

R

RebalancingRebalancenPeriodically restoring the portfolio to its target weights, age-based (annually) or when bandwidths are breached.
ReconciliationReconciliatieComparing and explaining differences between administrations: pension administration, investment administration (ABOR) and shadow administration (IBOR).
Risk-sharing reserveRisicodelingsreserveCollective reserve in the flexible premium arrangement that shares financial gains and losses.

S

Self-administering fund (ZAF)Zelf uitvoerend fonds (ZAF)Pension fund that runs administration and asset management in-house.
SemanticsSemantiekThe meaning of terms and fields.
Settlement dateSettlement dateThe date on which an investment order is fully settled (T+1 to T+4).
Solidarity premium arrangement (SPR)Solidaire premieregeling (SPR)Premium arrangement in which contributions are invested collectively and the result is allocated to cohorts through allocation rules, with a solidarity reserve.
Solidarity reserveSolidariteitsreserveCollective reserve in the solidarity premium arrangement that shares financial gains and losses with future participants.
StandardStandaardDocumented agreements on information or processes from a recognised standardisation organisation.
Straight-through processing (STP)Straight-through processing (STP)Automated, sequential processing without human intervention.

T

Term-structure methodRentetermijnstructuurmethode (RTS)Method in which the protection return is determined theoretically from the change in the interest-rate term structure (indirect protection return), independent of the actual investments.
Total market value (TMV)Total market value (TMV)The net value of the investments; per investment pool the product of unit value and number of units (unitsSummedValueAmount in message 13)..
Trade dateTrade date (transactiedatum)The date on which an order is executed; in the FPR model 2 monthly cycle this is T, with the order at T-4 and the confirmation and final NAV at T+3..
Transfer agent (registrar)Transfer agent (registrar)The party that keeps the register of holdings in an investment fund and processes orders in that fund.
TransparencyTransparantieThe degree to which stakeholders understand how data about them are used.

U

Understandability of dataBegrijpelijkheid van een gegevenQuality dimension: the degree to which data can be read and interpreted by users.
Unit valueUnitwaardeThe value of one unit of an investment pool; see NAV.

V

Validity of dataValiditeit van gegevensThe degree to which data conform to the expected structure and storage format.
Valuation dateValuation date (waarderingsdatum)The date on which an investment pool is valued to determine the unit value; in the messages participationValuationDate..
Value dateValue date (valutadatum)The date on which a payment is settled; in message 14 the valueDate of the payment instruction..