Processes

Processes and information flows of VB-PUO

The monthly cycle of the solidarity and flexible premium arrangement step by step on the T-day line, plus feedback, correction, chunking, transport and release policy, with per step who sends what and which SIVI message belongs to it.

Solidarity premium arrangement (SPR)

The monthly cycle of the solidarity premium arrangement: four information flows togetherIn the SPR the PUO and the asset-management chain exchange four messages every month.
Message 1 Capital: opening capital per scheme and cohortAt the start of the period the PUO sends the total pension capital per scheme, broken down into cohorts.
Message 2 Cashflow: SPR route or FPR route, prospective or retrospectiveMessage 2 has two mutually exclusive breakdowns per scheme: per cohort (SPR route) or per investment portfolio (FPR route).
Message 3 Pension projection: weighted hedged payments per cohort or per portfolioThe PUO projects the future payments and weights them with the hedging percentage: the total under the scheme, broken down per cohort (SPR route) or, since the final Release 2027, per investment portfolio (FPR route).
Message 4 Return information: direct or indirect protection returnThe investment administrator reports the result per portfolio; optionally splits the return per cohort into protection and excess return.

Flexible premium arrangement (FPR): orders (messages 5 and 6)

Orders in the FPR: netting, trade instruction (5) and order confirmation (6)In the FPR the PUO nets participant mutations into orders per fund and sends them with message 5 to the investment administrator (BA), which confirms the execution with message 6.
Who processes the order: broker, transfer agent or order desk, with the same messages 5 and 6The party that processes an order can be a broker, transfer agent or order desk (manual section 4.2).
The switch convention: switchfrom, switchto, financialInformationRef and switchTypeSince Release 2027 a switch between funds is no longer a separate order type but a pair of two orders: a sale (switchfrom) and a purchase (switchto), coupled via financialInformationRef.
From trade instruction to order confirmation: the 00541/00542 cycleEvery trade instruction (5) gets an order confirmation (6) back that is coupled to the instruction via refKey and, for switches, financialInformationRef.
Lifecycle and cohorts: age-based and bandwidth rebalancingParticipants are grouped in cohorts per lifecycle phase, with a shared investment mix.

Flexible premium arrangement (FPR): investment pools and monthly cycle (messages 10, 13, 14 and 15)

The FPR monthly cycle: orders, investment pools and units from T-4 to T+3The final Release 2027 describes one FPR model (issue #124) with two parts: orders (messages 5 and 6) and investment pools (messages 10, 13, 14 and 15).
T-4 unit administration: trade instruction (00541) and preliminary NAV (00555b)Four business days before the transaction date the PUO sends the netted orders (5) and the investment administrator delivers the preliminary unit value per pool (13).
T-4 control information: 00553 to the fiduciary and 0001c to the LDI managerAt T-4 the fiduciary receives per investment pool the net buy or sell requirement (message 10) from the investment administrator, and the LDI manager receives the interest-rate risk profile (message 3).
T to T+3: execution on LDI and non-LDI portfoliosOn the transaction date the LDI manager executes on the LDI mandate (protection return) and the asset managers execute on the other portfolios.
T+3: final NAV (00555b) and payment information (00556)After settlement the investment administrator delivers the final month-end NAV per pool (13) to the PUO.
Corporate actions (00557): dividend, rebate, stock dividend and product changeNew in Release 2027: the asset-management chain reports events on investment products that have been processed in the asset administration but are not automatically visible in the PUO systems.
Collective payout phase, unitised variantIn the unitised variant accumulation and payout phases are combined through netting: the same order flows (messages 5 and 6) cover both phases and the collective payout pot participates via units in the same investment pools..
Collective payout phase, non-unitised variantIn the non-unitised variant the collective payout phase (CVP) is administered in euros.
Using SPR messages in the flexible premium arrangement (collective flows)FPR messages 5 to 15 only cover unitised flows.
Roles in the FPR: PUO, pool administrator, fiduciary, investment administrator and investorsThe FPR divides the administration over four roles.

Chain agreements: feedback, correction, chunking, transport, releases

Feedback: the six interaction patterns (synchronous, asynchronous and panic)The OpenAPI specification defines six fixed scenarios for handling a message.
Correction and resending: once accepted, never corrected unilaterallyAfter a rejection the sender may send a corrected message without consultation.
Chunking on the sender side: splitting a large messageSince Release 2026 a large message (typically message 3 with thousands of cohorts) can be split into sub-messages.
Chunking on the receiver side: processing and reassembling sub-messagesThe receiver recognises a chunk by the chunking block, stores the chunks per currentChunkId, checks that the series is complete (chunkSequenceNumber 1 to totalNumberOfChunks) and reassembles the message parts according to the JMESPath references before content processing starts..
Transport and security: REST, OAuth 2.0, mTLS, x-api-key and x-jws-signatureVB-PUO uses RESTful APIs over HTTPS only, in a push model: the sender takes the initiative.
Release policy and version management: annual cycle, three active releases and afdDefinitionVersionSIVI issues the standard in annual releases.