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
- AFD 2.0 AFD 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.
- API APIStructured 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 provider Asset 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..
- Attribute AttribuutA 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 pool CohortenpoolThe collection of investments of one cohort in the flexible premium arrangement, made up of units in investment pools.
- Cohorts CohortenGroups of participants that are combined for the allocation of return and risk, usually by age (age cohort) and participation status.
- Collective payout phase Collectieve uitkeringsfase (CVP / CVU)The phase in the flexible premium arrangement in which pension payments are financed collectively.
- Consistency check VerbandscontroleA check on the coherence between fields or messages that goes beyond the schema, for example: an order fills exactly one of tradeAmount and tradeQuantity, or the cohort amounts in message 2 add up to the amount at scheme level (both laid down in the Release 2027 manual).
- CSV file CSV-bestandData file with separated values.
- Custodian Custodian (bewaarbank)The depositary that holds the investments in custody and determines an independent valuation and performance.
D
- Data consistency Consistentie van gegevensQuality dimension: data are free of contradictions, within a message and between messages.
- Data exchange Data exchange (gegevensuitwisseling)Automated sharing of data between applications on the basis of agreed standards.
- Data governance Data governanceThe system of standards and policies that assures data quality, security and accessibility.
- Data group GegevensgroepA logically related collection of data elements, in the messages an entity such as financialInformation.reportingPeriod..
- Data item GegevenFactual representation suitable for transfer, interpretation or processing; the value of an attribute..
- Data portability GegevensoverdraagbaarheidThe ease with which data can be moved between interoperable applications.
- Data quality Gegevenskwaliteit (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 return Direct 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
- Entity EntiteitAn object with identity and descriptive attributes, denoted in AFD 2.0 as entity.entitytype (for example pension.cohort).
- Excess return OverrendementThe 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 percentage AfdekkingspercentageThe 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 return Indirect beschermingsrendementProtection return determined via the interest-rate term structure (term-structure method) instead of from actual protection portfolios..
- Instruction date Instruction date (orderdatum)The date on which the pension provider sends the investment order or instruction; in the FPR monthly cycle that is T-4.
- Interface KoppelvlakThe set of agreements that makes data exchange between systems possible: messages, transport, security and feedback.
- Interoperability InteroperabiliteitThe 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 pool BeleggingspoolA collection of investments with common characteristics (for example global equities or an LDI mandate) in which cohorts participate through units.
- Investments method BeleggingenmethodeMethod 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..
- ISIN ISINInternational Securities Identification Number: twelve-character code (country code plus national number) that identifies a security worldwide.
L
- LDI manager LDI-managerSpecialist who manages the LDI mandate (liability-driven investment): the portfolio that hedges the interest-rate risk of the liabilities.
- LDI mandate LDI-mandaatA tailor-made portfolio that hedges interest-rate risk according to agreed guidelines; the source of the direct protection return..
- Leading investment administration Leidende beleggingsadministratieThe administration that counts as the primary source for the personal pension capital and supervisory reporting, usually the investment administrator's ABOR.
- Lifecycle LifecycleInvestment strategy in the flexible premium arrangement in which risk is reduced as the retirement date approaches.
- Local currency Lokale valutaThe original currency in which an investment instrument is quoted.
- Look-through LookthroughVisibility into the underlying investments of a fund or pool.
M
- Mandate MandaatInvestment assignment to an asset manager to manage a portfolio according to agreed guidelines.
- Message BerichtAn interface specification for exchange between applications.
- Message schema BerichtschemaThe formal definition of a message as JSON Schema (draft 2020-12 since Release 2027), including entities, attributes, obligation and code lists.
- Message structure BerichtstructuurThe hierarchy of entities and attributes in a message: commonTechnical, commonFunctional, party with pensionProvider, scheme, cohort, portfolio or pool underneath.
- Metadata Metadata (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.
- Netting NettenCombining investment orders in the same product, for example purchases for younger and sales for older cohorts, into one net transaction.
- Non-repudiation of data Onweerlegbaarheid van een gegevenNeither sender nor receiver can deny the transmission or receipt of a message.
P
- Participation value ParticipatiewaardeThe 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 fund PensioenfondsInstitution that manages and administers pension schemes for an industry, company or profession.
- Pension insurer PensioenverzekeraarInsurer that offers and administers pension schemes.
- Pension provider PensioenuitvoerderThe organisation that administers a pension scheme: pension fund, insurer, premium pension institution or general pension fund.
- Pension regulations PensioenreglementThe 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 scheme PensioenregelingThe agreement between employer and employees on pension entitlements.
- Plausibility of data Plausibiliteit van een gegevenThe degree to which data appear true and credible.
- Portfolio Portefeuille (portfolio)Collection of investments.
- Precision of data Precisie 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 agreement Premie-uitkeringsovereenkomstInsured arrangement in which the contribution is invested individually and the participant chooses between a variable and a fixed benefit at retirement.
- Projected pension payments Geprojecteerde pensioenuitkeringenThe expected future payments based on the accumulated pension capital, per payment date.
- Projection return ProjectierendementThe expected future return used to calculate a variable benefit.
- Protection portfolio BeschermingsportefeuilleThe 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 return BeschermingsrendementThe 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)..
- puvCode puvCodeThe pension provider code from code list AFDIDP (for example U0003 for Pensioenfonds Openbare Bibliotheken) that identifies party.pensionProvider in every message.
Q
- Quality requirement KwaliteitseisA standard, often quantified, that data must meet; expressed in the schemas as type, maxLength, multipleOf, obligation and code list..
R
- Rebalancing RebalancenPeriodically restoring the portfolio to its target weights, age-based (annually) or when bandwidths are breached.
- Reconciliation ReconciliatieComparing and explaining differences between administrations: pension administration, investment administration (ABOR) and shadow administration (IBOR).
- Risk-sharing reserve RisicodelingsreserveCollective 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.
- Semantics SemantiekThe meaning of terms and fields.
- Settlement date Settlement 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 reserve SolidariteitsreserveCollective reserve in the solidarity premium arrangement that shares financial gains and losses with future participants.
- Standard StandaardDocumented 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 method Rentetermijnstructuurmethode (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 date Trade date (transactiedatum)The date on which an order is executed; in the FPR 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.
- Transparency TransparantieThe degree to which stakeholders understand how data about them are used.
U
- Understandability of data Begrijpelijkheid van een gegevenQuality dimension: the degree to which data can be read and interpreted by users.
- Unit value UnitwaardeThe value of one unit of an investment pool; see NAV.
V
- Validity of data Validiteit van gegevensThe degree to which data conform to the expected structure and storage format.
- Valuation date Valuation date (waarderingsdatum)The date on which an investment pool is valued to determine the unit value; in the messages participationValuationDate..
- Value date Value date (valutadatum)The date on which a payment is settled; in message 14 the valueDate of the payment instruction..